It’s almost time to retire and you have been saving for years. You maybe be looking to buy a vacation or full-time some place warm, maybe the Bahamas. The archipelago is just south of the sunshine state and has an overlooked, but stable and easy to enter housing market. It could be the paradise you plan to live in indefinitely or just visit when it is too cold to stay home.
The population of the Bahamas is just under 400,000 with most of the population living in the capital, Nassau leaving room for new developments and expat real estate owners. Generally speaking, housing costs between $250 to $400 per square foot. The luxury housing market costs anywhere from $750 to $2500 per square foot.
Most people moving to the Bahamas live in Nassau, Grand Bahama and the less populated Eleuthera. The average cost of a house is Nassau is just under $600,000. A home on Grand Bahama will set you back $258,223 on average. The more secluded Eleuthera has homes with an average price of $992,788. The home buying process can take around 2 months.
The Bahamas is a diverse collection of islands that offers ideal housing for anyone. If you are looking to buy a property to rent out, buying in Nassau would be the most ideal. The rental laws in Bahamas are pro-landlord which is a bonus. You will get the best luck in the Lyford Cay and Old Fort Bay neighborhoods. Your Bahamian home may be your permanent residence, in which case you could live anywhere. Nassau is a great choice to be in an active area and Eleuthera for a more private and quieter lifestyle. Timeshare properties are also an option and are most popular in Nassau and Freeport. Lastly, you might be more family oriented and be looking for a home that you can visit and have children and grandchildren come to visit as well. As Nassau is the hub of the Bahamas, a home there would probably best suit you and all of your visitors.