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Bahamas: HOUSING MARKET DISPARITY: High-end real estate “booming”; local real estate, not so much

NASSAU, BAHAMAS — The country’s high-end real estate market is ‘booming”, according to Bahamas Real Estate Association (BREA) President Christine Wallace Whitfield, who noted the segment appears to be outperforming pre-pandemic levels.

Wallace-Whitfield, in an interview with Eyewitness News, noted: “It’s the high-end market that is doing very well. That market is booming. It’s crazy. The high-end market here in New Providence and the Family Islands is doing very well.

“Given the circumstances, it’s kind of better than it should have been.

“With the high-end market, the majority of the buyers are cash buyers. They don’t need financing. They’re looking for peace of mind, a place to escape amid what’s going on globally with the pandemic, and that’s why I believe we are seeing this influx.”

In contrast, however, Wallace-Whitfield noted the local market is not performing nearly as well.

“There appears to be movement in the local market, but it just seems like the local market has slowed down,.” she said.

“The focus has really been on the high-end market. The local market is what really helps to sustain us and keeps us going in the long-run. We need that continuity in the local market.”

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