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.”