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HOUSING MARKET DISPARITY: High-end real estate "booming"; local real estate, not so much – Eye Witness News

(PHOTO: MIKE FOCUS VIA SHUTTERSTOCK)
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.
Christine Wallace-Whitfield. (PHOTO: BAHAMAS HEADSHOTS © 2018 LYNDAH WELLS)
“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.” ....

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Arrest, court case prompt BREA to urge: "Use a licensed agent" – Eye Witness News

(PHOTO: TINNAKORN JORRUANG VIA SHUTTERSTOCK)
NASSAU, BAHAMAS The recent arrest of the 31-year-old CEO of a business called Rent2Own Bahamas prompted Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield yesterday to “urge and beseech prospective real estate clients to use a BREA-licensed broker or BREA-licensed salesperson for their own peace of mind and financial protection”.
Wallace-Whitfield’s plea to rely on licensed professionals followed the late December arrest of Andre Moncur. The Gleniston Gardens resident was charged with three counts of fraud by false pretenses after he allegedly took deposits from three victims to buy houses he reportedly neither owned nor had permission to sell. ....

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Increase in demand for commercial rentals - The Nassau Guardian

Increase in demand for commercial rentals
Although the local real estate market is being hampered by slow mortgage approvals by commercial banks, Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield said commercial rentals are seeing an uptick.
Wallace-Whitfield said the reopening of the tourism sector has also ushered in increased demand for foreign residential rentals and second home purchases.
“I have noticed a lot of local customers looking for rentals mainly for commercial and fewer residential. As businesses continue to reopen, mainly the hotels and the service industries, you will see an increase for more foreign rentals. There are definitely strong numbers from second home buyers, especially now that the borders have opened and activity is starting again,” she said in an emailed response to ....

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