ITM/Royal Caribbean deal could lead to real estate market surge, says agent
Grand Bahama could see a surge in its real estate market as word of the ITM Group/Royal Caribbean International letter of intent for the purchase of the Grand Lucayan resort and redevelopment of the Freeport Harbour spreads globally, real estate advisor with Engel & Volkers Chiara Petrucci said in a statement yesterday, adding that the market has already experienced an uptick in activity.
Petrucci said with social media abuzz with the “speculation that there will be an economic surge in Grand Bahama”, the increase in hotel room inventory, flights to the island, visitors and employment opportunities should drive interest in Grand Bahama properties.
“Our market has bottomed out and sales are definitely on the rise, with a number of properties that had been sitting on the market finally selling and they’re selling fast at the moment,” she said.
“Grand Bahama offers some of the best prices for waterfront condos and homes.”
According to Petrucci, properties at Fortune Bay on Grand Bahama are 10-20 percent cheaper than those at Old Fort Bay in western New Providence.
“Now is the time to buy on Grand Bahama,” Petrucci said.
“You have to consider the position things were in with the property (Grand Lucayan). If this completes, it will be a significant feather in the government’s cap and will definitely be a confidence boost for foreign direct investment.”
According to Petrucci, she has listed 12 properties in the last six weeks, five of which are now under contract.
“Sales have increased rapidly over the past six months, with properties that were sitting on the market for two years now finally starting to sell,” she said.
“The speculation is that Royal Caribbean will be developing a home port for its cruise passengers. This will increase flights, amenities and tremendous international press coverage for the island itself. The benefits should trickle down in many ways to many people and help to present more opportunities to develop new amenities and services.”
Education: Florida International University, BS in Journalism