A leading Bahamian realtor reports that interest in private islands for sale is at a five year high, with several high-end island estates set to be snapped up soon.
After suffering something of a downturn throughout the global recession, the private island market is showing signs of recovery, according to the vice-president of H.G. Christie Real Estate, John Christie.
Specializing in Caribbean islands and estates, the international real estate brokerage company has enjoyed considerable success within the private island sales segment, including some “very large sales on private islands”. And with reports of a USD 29 million dollar island deal set to close in the coming weeks, it looks like the good fortune could well continue into 2014.
Citing a direct correlation between the recovering US economy and the improving real estate market, the experienced realtor is both cautious and optimistic, adding that whilst the conditions are “steadily improving”, they’re still not quite up to figures posted pre-recession. He added: “As the US moves more and more out of its recession, people will get more confident in buying.”
According to Mr. Christie, the traditional markets have picked up considerably, with buyers from the likes of Europe and the United States registering a lot of interest in the company’s private island portfolio. Several high-end islands in the USD 30 million price-bracket were purchased during the course of the year, with the sale of a further island – the USD 29 million valued Children’s Bay Cay (Exumas, Bahamas) – set to close imminently.
“The private island market, which was quiet for a few years, has strongly picked up this year. There has been a lot more interest. People are confident and they are buying,” said Mr. Christie. And as the global economy stabilizes, this upward trend looks set to continue.
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