Bahamians and residents looking to invest in property on Grand Bahama are being cautioned to buy now, “if it’s not already too late”.
Grand Bahama Chamber of Commerce President Gregory Laroda said in the few weeks since the government’s announcement regarding a new cruise port for the island, there has been a “definite” uptick in real estate interest.
“I have spoken to some people in the real estate market and persons who have been keeping their eyes on it, who feel like now would be a good time, if it’s not already too late, now that the announcements have come out,” he said in an interview with Guardian Business.
“You would expect prices would go up, because there would be a lot of persons showing interest in real estate on Grand Bahama.”
The average sale price for a vacant lot on Grand Bahama in 2018 was between $80,000 and $90,000, according to a recently released report by real estate company Engel & Volkers, which compiled data from The Bahamas’
multiple listing service (MLS).
The report also showed that the average sale price of a single-family home on Grand Bahama in 2018 was just below $250,000.
Laroda, who only recently took the helm at the chamber in November, said the prospects for Grand Bahama are finally looking up.
“It’s been busy and interesting at the same time. I think this board that I have to work with is very talented, and I think we actually came in at a very good time for what’s going on, and we want to see how best we can play a role in facilitating some of this activity,” he said.
Paige started working as a business reporter in August 2016.
Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News