According to data provided by Ms. Ansell’s agency, the average sale price across the Bahamas in 2020 was $359,079, with 3,179 homes listed for sale. In the first six months of 2021, the average price was up to $628,887, with 2,244 homes listed, a spike that reflected the surge of pent-up demand after transactions lagged for so long.
Mr. Christie said desirable developments in Nassau include Old Fort Bay, Lyford Cay, Albany and Ocean Club Estates. Harbour Island, known for its long pink beach off New Providence, is also drawing high-end buyers. Prices at the top can reach up to $50 million, he said.
Even though pickings are increasingly slim, there are still opportunities for middle-tier buyers. “Even on New Providence, you can get waterfront properties for under a million,” Mr. Christie said. On some of the archipelago’s outer islands, waterfront properties are available for $500,000. Small ocean-view lots on Eleuthera start at $25,000, and on Eleuthera and Exuma, beachfront homes start at around $800,000, he said. In Nassau, upscale condos start at $700,000.
On the remote Abaco islands, north of Andros and New Providence, several planned developments are expected to expand supply, but it remains scarce, Mr. Newell said. Vacant lots and canal home inventory “is down to 10 percent of what it was pre-Dorian,” he said. Fixer-uppers, he added, “are all gone now. We sold the last one last week.”
The Bahamas’ outer islands are desirable because of their remoteness and low density, Mr. Newell said, noting that buyers aren’t just reacting to one crisis, but preparing for the next. “Everyone’s of the opinion that this is not going to be the first pandemic,” he said. “If they can afford it, they’re looking out for their families and adding a second place to go to.”