PM on Bahamas Real Estate

The Bahamas government believes that land ownership and home ownership are effective means of economic empowerment according to Prime Minister Hubert Ingraham.
It's also one of the best sources of financial security and independence for most people.
“Not only is a home likely to be the largest purchase most people make in a lifetime, it is also likely to be the most important asset most people will ever own,” Mr. Ingraham acknowledged during an address to the Bahamas Real estate Association on May 31, 2009.
He said Bahamas real estate agents and brokers participate in important work that's not to be taken lightly.
Their advice and guidance helps buyers make informed and, hopefully, correct decisions. The advice, for example, would include not to over-extend financially and risk losing it all.
Bahamas real estate agents, said Mr. Ingraham, have an interest and a duty to safeguard the interests of both buyers and sellers, and to protect their reputation against unethical and unprincipled fraudsters.
He said real estate development is good business in the Bahamas. Bahamas real estate has long been, and continues to be, highly sought after in both the local and global markets.
A vibrant real estate sector, Mr. Ingraham added, is crucial to a healthy and vibrant construction sector.
He said it's fortunate that the Bahamas hasn't experienced the extremes of the downward trend as has North America. Bahamas property and home prices are relatively more stable, though high.
His government has worked with Bahamas real estate brokers to strengthen the industry.
Mr. Ingraham said this has been especially important for the luxury real estate market which has thrived particularly since his government introduced the International Persons Landholding Act in 1993.
At the same time, the government ended the discriminatory old practice that made non-Bahamians pay more in stamp duty.