Engel & Völkers, which provides services related to real estate transactions, celebrated the one-year anniversary of its official opening over the weekend. The Bahamas license partner Colin Lightbourn said the company has been seeing positive trends in its first year. "We have seen growth in all aspects of our business from the increase in advisors to an increase in sales and listings.” He feels 2019 is gearing up to be a strong year for the Bahamas real estate market with a number of new, high quality developments and significant capital injections into the sector.
One of those trends includes the successful pre-sales of new developments popping up across The Bahamas. Lightbourn pointed to projects like Goldwynn, Sterling Global’s proposed development at Hurricane Hole, The Pointe in Downtown Nassau and the interest in the old Ginn Sur Mer property on Grand Bahama, among others. "Pre-sales for new developments have seen their highest levels in 10 years, indicating that confidence in The Bahamas’ real estate market has returned," he adds.
“Everything seems to be moving pretty fast. One thing we’re experiencing now that we haven’t seen in a decade is a certain level of pre-sales after the pre-sale marketing strategy went very quiet for a while.” He said 10 years ago several developments tried the pre-sale model and failed, but now developments are having a “certain level of success with their pre-sales”. “As far as real estate goes, the confidence level is back. If you can achieve a certain level of pre-sales it significantly reduces the amount of capital you need to raise and increases a developments profits. When you see a market like this, developers jump in.” Lightbourn said banks also seem to be getting in on the action and are actively supplying mortgages to the market.
“The brand itself is one of the fastest growing international real estate companies,” said Lightbourn. "We are now celebrating 40 years of growth with the recent opening of our global headquarters in Hamburg, Germany." He cites the implementation of new technology platforms, the increase in global referral networks and the expansion of the brand into key international markets as primary growth contributors to The Bahamas in the next few years.