Real estate companies are facing a shortage of high-end homes to sell, Better Homes and Gardens Real Estate MCR Bahamas Managing Partner Tim Rodland told Guardian Business yesterday, adding that while there are properties on the market, the “good stuff” has been sold.
Rodland said the pandemic brought about a boom in the high-end housing market that has been so successful, inventory is low.
He said that while the Family Islands have been popular for purchases recently, New Providence remains a top choice for buyers.
“Post-pandemic a lot of homes were sold, particularly in the high-end market,” said Rodland. “And what’s happening is that there’s a lack of good quality inventory. We are experiencing lower inventory than usual, especially for the high-end properties.”
According to Rodland, high-end homes can go for $750,000 and higher.
Island Living Real Estate agent Andre Bowe revealed in a statement last week that the COVID-19 real estate boom in The Bahamas has driven up home prices in the Exumas and has also left realtors with a shortage of inventory on that island.
Bowe said in a statement that there has been a “drastic uptick in demand” for homes in the Exumas.
“There is a shortage of inventory,” said Bowe. “I don’t see where that will change anytime soon, as expats and Bahamians are looking, but very few people are of the mind to sell.”
Bowe said the focus has now shifted from home sales to vacant land sales. He said vacant land is now being offered with the hope that purchasers will want to build.
Rodland said even though vacant land remains popular, the current challenge is the high cost of construction brought on by supply chain issues and inflation.