Words by Tim Rodland
Among the affluent Americans, Canadians, Brits, and other Europeans, The Bahamas is quickly becoming a popular travel and pied-à-terre destination. In 2003, roughly four million tourists visited The Bahamas every year. Fast-forward two decades and the number of annual visitors jumped 125 per cent to 9.7 million. This tourism boom is accelerating, with visits increasing by one-third in 2023, compared to just the previous year, according to the country’s Ministry of Tourism, Investments and Aviation.
The growth is the result of a concerted effort on the part of the Bahamian government which has made significant infrastructure investments and strides to create a business-friendly environment, as well as of the country’s private sector business community.
The Bahamas are in the spotlight like never before. Bahamians and visitors alike have access to branded residences, five-star hotels, Michelin-starred chefs, and exclusive shopping at an unprecedented level.
In the last five years, the multi-billion-dollar Baha Mar Resort in Nassau completed its phased opening, delivering three global hotel brands, Grand Hyatt, SLS, and Rosewood Baha Mar, including the largest casino in the Caribbean, cementing The Bahamas as a leading destination for global travel and luxury hospitality.
Top airlines have added direct flights from the United States and Canada, including Los Angeles and San Francisco, and have even increased the frequency of those flights. In late 2023, Delta Airlines expanded service from its hub at Atlanta’s Hartsfield Jackson Atlanta International Airport to four different islands in the 700-island archipelago and added a new nonstop route between Miami and Nassau’s Lynden Pindling International Airport.
As more high-net-worth individuals and families experience the relaxed Bahamas lifestyle – pink sand beaches and turquoise water – and witness its economic development, many are choosing to investment in second, or third homes on the archipelago.
Similarly to the United States, the housing market inventory is tight, with sellers having the upper hand. For luxury residential real estate, the average price per square foot ranges from roughly $900 to up to $2,500 in some of the most exclusive communities vying for parity with several US markets.
This surge in demand has been fueled by foreign buyers attracted to the convenience of living and visiting The Bahamas, notably the conveniences of English being the official language and the local currency being interchangeable with the U.S. dollar.
Finally, owning property in The Bahamas comes with a plethora of tax benefits. The Caribbean nation does not have income tax, inheritance tax, or dividend tax.
Furthermore, The Bahamas has been a stable parliamentary democracy and a constitutional monarchy since its independence from the United Kingdom in 1973. Today, the political system closely resembles that of the United Kingdom where the country has regular elections, a multi-party system, and a commitment to overarching democratic principles.
However, those looking to purchase property continue to find it difficult to navigate the market’s nuances. Whether it’s HNW individuals and families looking to purchase a home, or investors looking to acquire a development site, the process can be opaque.
Not to mention, real estate advisory services on the archipelago can often feel commoditized.
To address this gap, my brokerage, which operates throughout The Bahamas and specializes in luxury communities of Lyford Cay, Old Fort Bay, Ocean Club Estates, Sandyport and Cable Beach, in addition to private islands, places an emphasis on aiding newcomers who might be relocating or seeking a vacation home to add to their property portfolio. We address the missing element of understanding and curation for the buyer, focusing not just on providing world-class service, but also on being connectors and guides.
As one of our services, verified clients gain access to a password-protected private portal through which they can access off-market, non-MLS listings at $2 million and up. This portal brings together discerning buyers and sellers, who value discretion above all else, into a private and secure virtual space that isn’t offered anywhere else in The Bahamas.
Finally, our offering includes a service we call private island advisory. There are numerous misconceptions about island ownership as well as complexities involved in acquiring and developing private islands. This is where Rodland Real Estate comes in to provide local expertise and the connections to make private island ownership and development a reality. Whether it’s for commercial purposes or creating a private family enclave, our advisory team helps clients realize their vision by working side by side to navigate the market’s bureaucratic processes. While knowledge is important, it’s the connections that truly make a difference in the Bahamian real estate market.
In essence, The Bahamas’ popularity is unlikely to diminish. The real estate market will continue to evolve with the addition of new luxury offerings, and it’s my hope that tailored approaches to real estate can be part of the market’s forthcoming success.
Tim Rodland is the founder, chief executive officer and broker at Rodland Real Estate, a luxury residential brokerage in The Bahamas. Rodland, a Bahamian-American real estate veteran with over 15 years of experience, established the brokerage to offer clients a seamless and sophisticated real estate experience.
All imagery credit: Rodland Real Estate
