
In an age where stock market, money
market, trading in foreign currency and other assets
vulnerable to outside forces make and break fortunes,
one constant remains – the solid strength and value
of real estate.
That is why Money magazine devoted its entire cover
story to it ( HOW REAL ESTATE REALLY BUILDS WEALTH,
June 2003) and introduced the article with these words
to the wise reader:
“Prices have soared on the home front in recent years,
buttressing real estate’s reputation as a cornerstone
of financial security…”
---- Money magazine
If real estate is a stalwart investment in North America, the United Kingdom
and Europe, with values increasing by 25% and 35% even as tech stocks fell and
rebounding markets remained tremulous, real estate in The Bahamas has shown even
greater returns.
And nowhere in The Bahamas have those returns skyrocketed faster than they have
in Exuma, the new mecca of discretionary income real estate
investment where a luxury condo villa that sold for $900,000 less than a year
ago is valued at $1.3 million today and beachfront lots are commanding prices that are more closely
associated with property in places like Provence, Hong Kong and Monaco. Yet,
good property is available but those who act quickly will find the best investments.
Understanding why the appeal for property in The Bahamas, and especially in Exuma,
is so great is simple.
Warmth: Sunny days, balmy nights year-round in an island nation that lies between
the hot and steamy tropics and the cold of North America where a single sweater
is all the ‘winter’ wardrobe you are ever likely to need
Lack of taxation: No income tax, no capital gains, estate, sales or other taxes
and only a nominal real estate property tax. The government raises the money
it needs through Customs duties on imported items, business licenses and other
fees.
Accessibility: Commercial, scheduled charter and private charter flights land
and depart from Nassau, Grand Bahama and Exuma all day and evening long from
every destination imaginable through busy international airports with the added
convenience of US Customs and Immigration pre-clearance. Award-winning fixed
base operations accommodate the most luxurious private jets and planes. Every
major commercial airline in the world serves the island nation.
Currency: With the Bahamian dollar on par with the US dollar, and with the ability
to repatriate funds should a purchaser ever wish to sell, funds are safe and
the system, monitored by a very strict Central Bank, is solid and sound.
Political stability: The Bahamas is often cited for being the longest-reigning
stable political system in the Western Hemisphere. With more than 250 years of
parliamentary government behind it, the country has enjoyed peace through its
entire history and has never suffered political upheaval.
Communications & Technology: Because the financial services industry constitutes
the second-largest sector of the economy, telecommunications and other technology-related
facilities are state-of-the-art.
Language: Although The Bahamas is an English-speaking country, many residents
speak several languages and a surprising number of professionals in banking and
hospitality, including dive companies, speak Italian, German, Swiss, Japanese,
Spanish and other languages. The attempt to please when it comes to language
is so great that most offshore financial institutions make concerted efforts
to hire those who are multi-lingual. And Dillycrab Realty, through its affiliate
arrangement with Bahamas Realty Ltd., has agents who speak more than eight languages,
including Portuguese.
Yachting capital: Year-round warmth with crystal clear waters and so many inviting
anchorages have made Exuma the yachting capital of the region for years. Hundreds
of small islands, many uninhabited with virgin beaches to stroll and explore,
offer constant variety. Sailing events draw hundreds of boats a few times a year
– a contrast between the quiet, secluded and remote coves and the lively picturesque
harbours.
Today, Exuma, long known as the yachtsman’s paradise, is the land of luxurious
gated communities, island cottages and magnificent residences. If practical matters
alone did not drive up the cost of property, the brilliance of the clear, sparkling
waters and marine life would be enough to make any investor want to sigh the
sigh of Paradise Found, drop anchor, unpack bags and call it home.
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