Bahamas real estate a supply and demand issue

Bahamas real estate was the topic of discussion on Love 97s ‘Issues of the Day” programme between Carmen Massoni, a broker with Coldwell Banker Lightbourn Realty, and talk show host Wendell Jones this week.
Jones asked Massoni about the phenomenal increase in the price of real estate in Nassau, Bahamas, over the last couple of decades and wanted to know why prices in the Bahamas haven't slumped as they have with U.S. real estate.
Massoni explained that ‘supply and demand' has driven prices up. Approximately two thirds of the population of the Bahamas resides in Nassau, but Nassau accounts for only two percent of Bahamas real estate.
Also, the banks in the Bahamas, for the most part, have adhered to prudent lending practices and do not provide mortgages on overpriced homes.
Even though many homes are advertised at inflated rates that don't reflect the true value – often at the insistence of the owner – the vast majority of homes end up selling at market value.
Massoni said it's her experience that buyers are smart. They shop around and make comparisons.