Iona Henderson

The State of the Luxury Real Estate Market – Just Released Report

The Residential Luxury Market is poised to have a banner year as demand fuels growth at the top.

State of Luxury Real Estate Report from Luxury Portfolio International | Bahamas Realty

Luxury Portfolio International®  (LPI) has released a comprehensive, first-of-its-kind report, which delves into affluent consumer attitudes and trends across the globe.

The State of Luxury Real Estate Report revealed that of the 30 million+ households represented, more than 15.5 million will be in the market for residential real estate over the next three years.  However, the report also revealed that demand for purchase far exceeds the number of sellers in the luxury market, making it a clear seller's market. 

According to Mickey Alam Khan, president of Luxury Portfolio International®, this is a trend that will likely continue through 2021. "The ultra-luxury buyer perspective is that the current climate is getting stronger. In many markets, we see home values going up, and there is more interest in prime property,” he said.

The report details:

•             Affluent consumer attitude and behavior trends for 2021

•             Traditional Real Estate Companies vs. Disruptors

•             5 pillars in the Luxury Buyer Mindset

•             Luxury Real Estate Market Update

•             Luxury Buyer trends in Asia Pacific, North America and Europe

 

View the full report at https://resources.luxuryportfolio.com/whitepaper/  

 

More: State of the Luxury Market: The Caribbean

Bahamas Realty Director, Andrea Brownrigg was recently featured in an exclusive podcast from Luxury Portfolio International for members around the globe with an update on what's happening in high-end island markets and how COVID-19 has affected the demand for luxury properties. Click here to learn more.

 

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Caves Corporate Center Now Fully Leased by NAI Bahamas Realty Commercial

 

NAI Bahamas Realty Commercial, a leading full-service independent commercial real estate firm, announced today that the Cave’s Corporate Center West is now 100% leased. The NAI Bahamas Realty Commercial exclusive listing is a newly constructed Class A office building located on West Bay Street and Blake Road. 

Caves Corporate Center - Newly built corporate office building in Nassau with afternoon sun

 

The Caves Corporate Center West has been highly sought after since its ground breaking in 2019,” said NAI Bahamas Realty Commercial’s CEO, Donald Martinborough. “We are thrilled to see the project near completion and to have represented the developers, Mosko United Construction Company, in the successful negotiation of the lease of the final remaining spaces.” 
 

The Caves Corporate Center West is comprised of 25,000 square feet of Class A, Build-to-Suit office space. The three-story Class Abuilding is designed to offer spectacular ocean views and is ideally situated within minutes to the international airport and the Bahamar Resort. 
 

NAI Bahamas Realty Commercial previously announced the lease of 18,000 sq. ft. of the building to anchor tenant, Ernst & Young. The remaining 7,000 sq ft. will be occupied by Trident Trust Group, also represented by NAI Bahamas Realty Commercial, and Banco Santander Intl. 
 

NAI Bahamas Realty Commercial specializes in the sale, lease, and management of Build-to-Suit properties. These buildings represent the newest and highest quality buildings in the Bahamas commercial market. They are well located, feature top of the line construction, and possess high-quality building infrastructure. As a result of this, they attract the highest quality tenants. 
 

“We’re seeing a greater demand in this type of commercial development as it becomes the industry standard in international markets,” said Martinborough. “Looking ahead, we anticipate the demand for professionally managed properties with Build-to-Suit options increasing, as tenants are attracted to spaces designed and tailored specifically to their needs.”

 

About NAI Bahamas Realty Commercial.

 

NAI Bahamas Realty Commercial, an exclusive member of NAI Global, is a corporate real estate services company dedicated to offering the finest commercial real estate and property management services in The Bahamas. It is the commercial division of Bahamas Realty Limited, a full-service real estate company established in 1949 offering a full range of services for both residential and commercial properties.

To learn more about our Commercial Real Estate Services Click Here

 

Bahamas Realty Sees Major Boost In Website Traffic, Predicting Market Bounce-back

Bahamas Realty, a full service Bahamian real estate firm specializing in residential and commercial property across The Bahamas, is seeing a major increase in website traffic and inquiries, a change which the company predicts is an indication that interest in Bahamian property is rebounding after the initial industry slowdown seen during the Covid19 pandemic.

The pandemic has brought with it unprecedented disruption, impacting economies and industries globally, of which Real Estate is no exception. According to economists from The Leading Real Estate Companies of the World®, an invite-only organization encompassing some of the world’s top real estate firms, of which Bahamas Realty is a member, the silver lining is the prediction of a firm recovery of the industry. In a recently released Global Market Update, the organization stated that while the contraction has been sharp, “the recovery is expected to be sharp as well … this outlook is due to the cause of recession, which is not fundamental or economic, but rather public health. In short, the demand for products and services is just stalled”.

Disruption to the Bahamian market is consistent with global trends; however, Bahamas Realty’s website data shows a major uptick in users visiting the website since June 1, with visitors to the site increasing by more than 60% over the prior six weeks, and 130% over the same period in 2019.

The increase in web traffic has also been accompanied by a steady increase in property inquiries, according to Bahamas Realty’s CRM (Client Relationship Manager) software. New inquiries through the website were up 125% in the recent period, and nearly 50% year over year.

“This data is incredibly positive for our business,” said Donald Martinborough, CEO of Bahamas Realty. “We see it as an encouraging sign for the Bahamian real estate industry as a whole”, adding that the rebound in property inquiries may well lead to a market recovery at levels “better even than pre-pandemic levels” over the next couple of years.

 “We’re seeing major increases in web traffic, particularly from the United States,” said Iona Henderson, Marketing Coordinator at Bahamas Realty. “The U.S. is typically our largest audience demographic, with visitors originating in The Bahamas coming in second, but we have seen U.S. visits increase by more than 250% in the last six weeks, accounting for 70% of our traffic.”

Ms. Henderson believes there are several factors driving this change, most notably The Bahamas’ swift action during the early stages of the pandemic. “There seems to be a link between The Bahamas’ response and interest in property from offshore buyers, particularly from the U.S. where they have, sadly, seen cases steadily increase.”

“The Bahamas has always been a draw for the American buyer because of our close proximity to the U.S., and the relative ease of doing business,” said Mr. Martinborough. “However, this pandemic has highlighted one of our other major appeals: the safety, privacy, and seclusion that many properties on our beautiful islands offer.”

 

Bahamas Realty Represents Home Featured in HGTV's Ultimate House Hunt

HGTV’s 9th annual Ultimate House Hunt contest, featuring listings exclusively from Leading Real Estate Companies of the World® and Luxury Portfolio International® members, is officially underway! The annual contest curates the world’s most stunning real estate listings. The 2020 HGTV Ultimate House runs from June 30 through August 4th. During the contest period, consumers are invited to vote for their favorite homes in the US in eight different categories and tour featured Global Homes from 13 alluring locations around the world.

This year, we’re honored to announce that a property listed with Bahamas Realty has been selected for Global Feature by editors of HGTV.com based on its extraordinary features and inspired design, captured by striking photography. The sprawling estate, named La Cieba, is located in the exclusive beachfront and golf community of Ocean Club Estates on Paradise Island.

“We are delighted that this estate has been included in the HGTV Ultimate House Hunt,” said Bahamas Realty CEO, Donald Martinborough. “It’s an extraordinary home that represents the best of Bahamas living. It’s like a secluded private island retreat with access to world class amenities.”

Listed with company director and estate agent, Andrea Brownrigg, La Cieba is currently the most expensive property on the Bahamas MLS at $39.5M. The ultra-exclusive property is a serene oasis obscured from view on all sides and has water features, waterfalls, ponds, two swimming pools and 300’ of spectacular beachfront.

“La Cieba is the epitome of luxury island living,” said Brownrigg. “Between the spectacular beachfront main residence and exquisite stone walled guest cottages nestled amidst lush tropical landscaping, it’s the ultimate retreat for family to come together to create cherished memories.”

Ocean Club Estates homeowners benefit from the added privilege of a private Beach and Tennis Club, optional golf membership, access to the wide array of recreation venues at Atlantis and exclusive membership in the Four Seasons Ocean Club to enjoy the pools, spa, gym, tennis courts, beach and restaurants.

Click here to view the listing and take the 3D virtual tour!