It was 2 years ago when I posted about the Government of The Bahamas raising the cost of Stamp Duty (real estate transfer tax) by 2%. There was a significant outcry from the Bahamas real estate community as well as the general public! How could the government take an already fragile economy and increase the cost of settling real estate transactions!? Is real estate not one of the pillars of any economy? While there may have been a justification for such an increase it certainly didn't "stimulate" any positive movement in the Bahamas real estate sector. Although the increase was small and the upside of investing in a downward adjusted market big, we didn't pull anyone off the fence...we only added to it!
In an effort to resuscitate the Bahamas real estate sector and encourage more local and foreign buyers into the fold, the government has reduced the Stamp Duty by 2% for purchases over $100,000. This is big news for the real estate sector and the economy in general! Buyers are now feeling that the dream of owning their own piece of paradise is within reach. As the country moves forward with the completion of the New Providence Road Development Project, which is a monumental feat and an enormous upgrade to our infrastructure, the completion of the Lynden Pindling International Airport (LPIA), and Bahamar, The New Riviera of The Caribbean, continuing in its quest to be the next mega resort in the region, The Bahamas real estate market is poised for steady and unprecedented growth in the next several years!
To learn more about real estate opportunities in The Bahamas feel free to contact me. I am always happy to share my knowledge of the islands and my intimate understanding of The Bahamas Real Estate market.