Invest in Grand Bahama Island Real Estate
There’s no bad time to invest in Grand Bahama Island real estate, but there are degrees of good – and those in the know generally agree that now is one of the best times to buy that piece of beachfront property that you’ve set your heart on.
Indeed with prices steadily appreciating, while being at the still reasonable range, there’s no better time than now to grab a piece of Grand Bahama Island real estate. With the economy booming and much infrastructural development in the works (some have just been recently concluded), the world’s attention is once again on the Bahamas’ second most popular island.
There’s nothing second-best about today’s Grand Bahama, however. Indeed, if its rate of development goes on in the coming years it could possibly outstrip that of Nassau’s. Developers are now looking at all the potential spots on the island’s 96-mile long and 17-mile wide (at its widest point) land area.
New Providence Island, where Nassau is, is smaller in comparison, measuring 21 miles long and 7 miles wide. Nassau’s population of more than 200,000 – four times that of Freeport/Grand Bahama’s approximately 50,000 – also makes it much more congested. Unlike most of the other island in the Bahamas, Grand Bahama also has a natural water supply that can comfortably support around 250,000 residents. This underground aquifer certainly makes it easier to access fresh water, especially when you compare it to Nassau which frequently has to get water for its resorts from Andros.
Most of the growth in Grand Bahama in recent years has naturally been concentrated along the coastal areas. The Grand Bahama Development Co. (half of which has been acquired by Hutchison Port Properties) has projects that include the construction of new casinos and luxury resorts on Lucayan Beach that could give Nassau’s Paradise Island a run for its money. Residential communities are likewise being developed in and around the area, most of which are similarly geared towards exclusivity. Whether commercial or residential, it’s clear that Grand Bahama Island real estate is some of the hottest property today.
Vacant Freeport land for sale can be found along the beach or on the beach itself; inland; near golf courses; and on the canal. As this list clearly shows, there’s still undeveloped Freeport land to be had. The lots are selling pretty quickly, however, so if you’re interested in investing in Freeport land, then you had better start putting your plans into motion.
Freeport real estate as a whole is poised to be the next hot property, and this time it looks like the boom isn’t going to go bust – and even if the market does fluctuate, real estate has proven time and again to be a good investment choice.
There are some things a foreign national has to know before purchasing Freeport land for sale or any other form of real estate, however. Like any country, the Bahamas has rules on foreign ownership, though it certainly has a lot less laws on it than most others.
There are no restrictions on foreign ownership in the Bahamas, since the government wants to attract foreign investors. If you’re buying a permanent home, then you have to qualify for permanent residence (without the right to work). If the home you’re purchasing is valued at more than $500,000, then you won’t find it hard to get an approval. (As a whole, however, it’s quite easy so long as you are a person of good character – that is, no criminal records, etc.) Also, take note that though there is no property tax in Freeport, the government will levy a one-time stamp duty for every real estate transaction. This stamp duty is generally split equally between the buyer and the seller.
Buying Land
Believe it or not, notwithstanding the many glowing reports of development in the area, there’s still some Grand Bahama Island land for sale. What’s more, you can still get it at a relatively inexpensive price. Beachfront property on the island still goes at lower rates when you compare it to similar property along the Florida coast.
In any case, it’s usually easier to bargain the price down when you’re talking about vacant land. It’s much easier than with a developed property with a shop, house or condo already standing on it. If you’re a good negotiator – or if your agent is – then you’d be surprised at how low you can actually get the price to go. In some instances, however, prime waterfront property with ideal positioning often goes for full price. But remember, in many cases, everything is negotiable.
There are still good buys to be had on Grand Bahama Island. Though there has been a certain amount of inflation in recent years, this hasn’t affected the general trend – for the moment, in any case. No one can predict for certain what will happen to the real estate market, but certainly prices here haven’t risen to Floridian or Californian heights as of yet. Of course, the wise investor wouldn’t wait for that to happen. If you want to get a good deal Grand Bahama Island land for sale, you better get your hands on some before the price appreciates too much or a developer snatches it up before you can say woulda-shoulda-coulda.
Waterfront prices rise at a rate of 10 to 50 percent per year, depending on the property and area. Grand Bahama has not felt the slowdown in their real estate market that the US has. Here, development and real estate are booming.
Building Your Dream Home in Paradise
Grand Bahama Island land for sale is perfect for those who want to build their own homes. After all, if you’re going to live in a house, why not have some say on how it’s going to look? Fortunately, all the vacant land out there hasn’t been bought up yet, so those interested in Grand Bahama Island land for sale can still grab a piece for themselves.
Building a house – or, more correctly, having it built – is neither a simple nor easy process, not even when you’re in your own neighborhood where your familiar with everything. So then having it done in a foreign country would be twice as complicated, right? Well, not when you’re talking about the Bahamas.
Folks on Grand Bahama speak standard English (as well as more colorful Creole variations of it known as a Goombay Lilt) and they’ve been exposed to Western and American culture for generations so you won’t have a problem making yourself understood. There’s a wealth of excellent architects and contractors on the island who will take care of the details and make the process easier for you.
It usually takes around 8 months for a standard-sized home to finish construction, and it will cost you around $100 to $250 for each square foot, depending on the finishing material that you choose. Homes that require more unique architecture and finishing will be as high as $475. Still, despite the untold stress that building a house from the ground up will bring, when everything is finally in it’s place there’s no feeling quite like the pride and happiness you’ll feel – and to top it all off, you don’t even have to pay taxes.
Grand Bahama Condos
Development on Grand Bahama isn’t restricted to commercial and industrial areas, there’s also a lot going on in residential real estate. In fact, several housing communities – a lot of them gated – have sprung up in and around the Freeport/Lucaya area.
If you don’t want to sink your money in a house, then why don’t you try out a Grand Bahama condo? Community developments here include Bell Channel Club & Marina, Oceanview, Bahama Reef, Port of Call, Grand Bahama Yacht Club and Club Nautica. Club Nautica on Bell Channel Bay is a mere five minutes’ stroll from Port Lucaya and is just across the Reef Golf Course. Some of the new developments breaking ground late this year are Azur Resorts, Marina Cove and Terra Nova condominiums.
Most luxury Grand Bahama condos are conveniently located, and have direct access to the beaches and to the water. What’s more, despite the price appreciation, they’re still much less expensive than similar buildings along the Florida coast.
Also, let’s not forget that the country as a whole is tax-free. There’s no sales tax, income tax, capital gains tax, property tax, or inheritance tax on Grand Bahama Island and the rest of the Bahamas. It’s this, apart from the natural attractions, that makes this such an ideal place to live.
Waterfront Homes
Among the many perks that living on Grand Bahama offers is the close proximity of practically anything to the water. You can walk to the beach most of the time and marinas are easily accessible, but if you want guaranteed 24/7 access to the ocean then there are still many Grand Bahama dock properties available on the market.
Boating aficionados will love the homes on the canals. In the Freeport area of Grand Bahama are miles and miles of interconnected canals with homes right on the water. Boats can be docked right in front of homes, and residents can even go swimming in the canals (the water there is clear enough for it). The price of a canal home can range from $375,000 to $3 Million.
Community developments that feature boat dockage include Emerald Bay, Marina Gardens, the Grand Bahama Yacht Club, Old Bahama Bay, Club Nautica and Bell Channel Bay Club. Within the luxurious confines of these exclusive, gated neighborhoods are some of the best Grand Bahama dock properties for sale today.
West of the Casuarina Bridge, Emerald Bay has both canal and interior lots. Prices here range from $30,000 for interior single-family residential lots to $350,000 for impressive commercial lots.
You can also find excellent Grand Bahama dock properties in the elite Marina Gardens. The community only features eight single-family homes with three or four bedrooms and area sizes of 3,307 – 4,096 square feet. With spacious interiors and an even roomier patio and dock, the homes here are perfect for families and for those who want to live in a secluded and intimate setting. The original development was sold out years ago, however, you might be lucky to find a resale occasionally.
Not just a marina, the Grand Bahama Yacht Club (Lucayan Marina Village) situated in Bell Channel Bay also houses a community featuring a mix of townhouses, condos and private residences. Included among the amenities are fitness and medical centers, a water taxi to Port Lucaya and a private beach club for members’ use that is currently under construction. With prices ranging from $979,000 to $12 M, the lavish homes here are the epitome of fine marina living.
Handled by Ginn Resorts, Old Bahama Bay is in West End, 45 minutes from Freeport. Now managed by Ginn Resorts, it’s called Old Bahama Bay at Ginn Sur Mer. Adjacent to it is Ginn Sur Mer, a 2,000 acre resort community that is still being developed. The community will feature homes with canal fronts and/or waterfront views; there will also be a central area for fine dining and shopping that will also offer a Monte Carlo-style casino, spas and activity areas for children. The 380 slip megayacht marina and private airport – both with their own Customs – will redefine the term “easy access.” The Jack Nicklaus and Arnold Palmer-designed golf courses will be icing on the cake.
Renting on Grand Bahama
If you’re not yet ready to take the plunge into Grand Bahama real estate, then why not rent first and explore the possibilities? There’s a wide assortment of Grand Bahama rentals available, from beachfront villas to condos with docking areas. Rates will vary, depending on the property you want to rent and the services you want to go with it. Some small studio-type spaces can go for $500 a week; while more luxurious villas and such can come at more than $10,000 a week.
Some communities, like Club Nautica in Port Lucaya, have flexible options. You can rent two or three-bedroom units here for the short term (weekly and monthly), or you can rent for the long term. The complex comes equipped with a deep-water marina, a barbecue area and a pool. Rental rates are seasonal though (as they are in all rentals in the Bahamas), so expect some fluctuation in the price.
Most visitors to the island put up at any of the three large-scale oceanfront resorts along the coast – the Westin, Sheraton and Wyndham. If you want to strike out on your own, but still would like resort-like amenities, then you’re in luck. Many Grand Bahama rentals come staffed with maid, housekeeping and chef services. Some are located near the resorts themselves, so you’ll also have access to amenities like fine dining, spa services, health clubs and tennis courts.
More savvy vacationers opt for timeshare resorts and condominiums. Whether you invest in timeshares, or rent in a timeshared resort or development, you’re likely to get excellent value for your money. Timeshared properties are usually fitted-out well since timesharing allows developers to spend more on the rooms and their facilities.
If you’re thinking about relocating to Grand Bahama for work or you simply like living here but don’t want to spend too much, then you might want to look into long-term Grand Bahama rentals. Whether you’re single, a couple or a family, you’ll find something that will suit your needs, from single-family homes to apartments to luxury condos. What’s more, long-term Grand Bahama rentals usually have fixed terms so there will be no seasonal fluctuations. Whether you’re looking for a home, a condo or a beachfront property, you’ll definitely find what you need on Grand Bahama Island.
As you can see, Grand Bahama rentals are no rinky-dink beach cottages. With tourism the number one industry, Bahamians and the government try to make sure that guests are always comfortable and that the amenities are on par with the spectacular scenery.
When all is said and done, however, a great place to stay in wouldn’t really mean much if it weren’t set in the middle of stunning views and fantastic beaches. People don’t go to the Bahamas to stay indoors, not when there’s so much to do outside. The water offers innumerable opportunities for recreation, from swimming to diving to sports fishing to yachting.
As for those who prefer to stay closer to land, they have a lot of options to choose from. The more nature-minded can explore the island’s three national parks. If you want to see a different kind of wildlife, then wait until the sun sets and the nightclubs get going. Shopping opportunities also abound, choice spots would be the Arts and Crafts across the Our Lucaya Resort and Freeport’s International Bazaar.