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THURSDAY, APRIL 20, 2023
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‘Cooling off’: High-end real estate sales drop 20-25% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
• 2023 ‘pause year’ after ‘record shattering’ 2022 A BAHAMIAN realtor yesterday disclosed that high-end sales vol- • $47m New Providence umes “cooled” by 20-25 percent during the 2023 high for single family first quarter following a “record-shattering” year for single-family home • Elbow Cay at $14m; prices on several islands. Eleuthera ‘watershed’ Ryan Knowles, founder and chief executive of MAISON Bahamas, told Tribune Business the market will likely take “a pause” this year following the “crazy, frantic” buying frenzy that was sparked post-COVID. This, he added, will allow available sales inventory to replenish after numerous properties were acquired over the past two years and also permit buyers and sellers to eliminate their “disconnect” over prices. Speaking as MAISON teamed with Forbes
Global Properties to release an “outlook” for the world’s high-end real estate market, Mr Knowles said while “the spike has come down” - with prices dropping on average by 10-15 percent following the post-pandemic - the market is merely catching its breath and is poised to resume “accelerated growth” yet again in 2024. In a message to clients in the Forbes Global Properties report, he added that
The Bahamas remained an in-demand destination with 2022 seeing several records for high-end single family home sales. One New Providence-based property fetched $47m, while Elbow Cay in the Abacos saw a $14m sale closing, although neither home or buyer/seller was identified. “The luxury property market in The Bahamas enjoyed another stellar, and in many ways, historic
THE BAHAMIAN Contractors Association’s (BCA) president yesterday said the industry is “absolutely not enthused at all” over signs that the Government may “go back to the drawing board” on legislation to regulate it. Leonard Sands told Tribune Business the Davis administration simply needs to “lock it down” by resetting the “grandfathering in” period for all contractors under the Construction Contractors Act, plus appoint the Board to
LEONARD SANDS oversee the self-regulating legislation, rather than seemingly moving to reinvent the wheel. Alfred Sears, minister of works and utilities,
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Sir Franklyn hails golf tie-up as ‘world first’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN ELEUTHERABASED resort community’s principal developer yesterday hailed its “world first” in being able to offer two golf courses separately designed and branded by some of the sport’s biggest names. Sir Franklyn Wilson, Jack’s Bay’s chairman, told Tribune Business that it had “never happened before” where a mixeduse resort featured golf courses created by Tiger Woods and Jack Nicklaus plus their respective design companies.
SIR FRANKLYN WILSON Speaking after the $20m, 18-hole course to be created by Nicklaus Design was unveiled at a ceremony featuring Prime Minister Philip Davis KC and several Cabinet ministers, Sir Franklyn asserted that the
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GB residents ‘up in arms’ over water hike process • Gov’t told: ‘Act now’ on regulatory conflict By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
RYAN KNOWLES year in 2022,” Mr Knowles wrote. “Buying trends continue to demonstrate that luxury home buyers from around the world are particularly attracted to the warm climate, accessibility to other global hotspots, tax-friendliness, high quality of life and variety of luxury property options in The Bahamas as compared to other Caribbean destinations.
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Contractors fear return to Act ‘drawing board’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
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THE Government “must act now” and directly intervene to prevent the Grand Bahama Port Authority (GBPA) “regulating itself” over imminent water rate hikes, the Opposition’s finance spokesman charged yesterday. Kwasi Thompson, the east Grand Bahama MP, told Tribune Business his constituents are “up in arms” over the Grand Bahama Utility Company’s proposed increases and view the approval process as “ridiculous”. This is because the GBPA, as the regulator which will make the final decision, enjoys the same ownership as GB Utility - the very entity it is supposed to be providing independent oversight for - via the Hayward and St George families.
KWASI THOMPSON Pointing out that the GBPA’s “first legal obligation” is to its owners, and not Grand Bahama’s water consumers, Mr Thompson argued that the rate approval process is “tainted” by the obvious conflict of interest stemming from the common ownership. As a result, he asserted it was “impossible” for any decision to be viewed as fair
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