Western New Providence’s real estate segment continues to benefit from what is sometimes referred to as the ‘Baha Mar’ effect.
The multi-billion high-end resort along the popular Cable Beach strip is said to be driving a ‘huge upswing’ in the executive rental market.
Mark Moyle, one of our very own sales associates notes: “There has definitely been a huge upswing in demand for the executive rental market out west. A lot of new senior management at the resort are being brought in from all over the world, from places such as the UK, Dubai, Las Vegas. They typically get a respectable “housing” allowance as part of their remuneration package and have been happy to spend that on nice accommodations.”
But there’s more he says.
“At the other end of the scale we are seeing the banks starting to re-engage with the thousands of original staff who were in limbo with regard to the resort’s unscheduled closure. I can’t tell you what the percentages are but from an industry perspective we are transitioning from hardly any loans getting approved, to a respectable amount being approved. This in turn is translating in to a very active middle class housing market,” Mark says.
Sara Parker, also a Bahamas Realty sales associate and broker notes: “Showings for our spacious house on the 18th hole of the Baha Mar golf course have picked right up. The key is practically smoking.”
You can find out more about that amazing listing HERE
The $4.2 billion Baha Mar resort development is the largest single-phase real estate development in Caribbean history. The resort is operated by Hong Kong-based conglomerate Chow Tai Fook Enterprises Limited (CTFE).
Baha Mar includes three global brand operators in the Grand Hyatt, SLS, and Rosewood – with over 2,300 rooms, 20 restaurants and lounges, the largest casino in the Caribbean, a state-of-the-art convention center, an 18-hole Jack Nicklaus Royal Blue Golf Course, the Caribbean’s first and only flagship ESPA spa, as well as over 30 luxury retail outlets.