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Savvy North American and European investors spur Bahamas development boom

Oceanfront development Caves Heights reports swift first-quarter sales

NASSAU - Resort property developments throughout The Bahamas have reported a huge boost in sales in the first quarter of the year as investor confidence returns, with some developments expected to sell out by the summer.

One such case releasing its second phase due to overwhelming success, is the oceanfront Caves Heights condominiums in Nassau, where North American, Canadian and European investors are showing keen interest in the island nation’s real estate.

The Bahamas is experiencing a more aggressive turnaround due to the recent revitalization of Nassau, which has been fast-tracked as an accessible, modern and luxurious vacation and second-home destination in the Caribbean,” said Gustaf Hernqvist, sales & marketing vice president of the private, residential, community.

North Americans are turning a longstanding dream of living the island lifestyle into reality as the US economy stabilizes and the risks inherent in such investment decisions have markedly minimized. The government has spent millions on new infrastructure, including the new airport and roadworks, to turn West Nassau into a vibrant, super-modern yet relaxing destination with all the creature comforts.

Add to this foreign investments, like the $3.5 billion Chinese-backed Baha Mar mega-resort development, which is creating vital jobs for Bahamians and expected to turn West Nassau into the most-visited part of the country by end-2014 when it opens.

Caves Heights is doing brisk business, selling nine units with a total sales volume of $7 million last year, while the first quarter of 2013 has already seen 10 sold at a total of $9 million. Three-bedroom units, ranging from $800,000-1 million, have proven the top sellers and there’s only a handful left.

“They are very well-priced, spacious at 1,855 to 2,439 sq ft and offer outstanding ocean views as well as over-sized balconies to maximize the indoor-outdoor living experience,” Hernqvist says. “We also have a few penthouse residences left, starting at $1.95 million. We expect to be sold out by end 2014, early 2015,” he notes.

About 95% of phase one has been sold in the last three years, while about 20% of phase two - 38 units due to be completed in June - have been purchased.
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