Real Estate in Bahamas

How do I find a place to live in Bahamas?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"Saw a variety of places in the West on a prior visit and gave realtor an idea of what I liked. Recommendation from local contacts was to look out West as traffic from East into town was terrible and job was in town," said one person in Nassau.

"The security was very important to us. We live in a gated community. Not too far from my husband's office, airport and school. Through a real estate agent," said one expat who made the move to Nassau.

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What is a typical expat home or apartment like in Bahamas?

"I live in a gated community with a pool. It's a townhouse style condo and the complex of 20 units is made up almost entirely of expats," said one expat who made the move to Nassau.

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What is the average cost of housing in Bahamas?

If you are thinking about moving to Bahamas, cost of living in probably a key consideration. Expats commented about the cost of housing:

"Most of the answers on this forum are from people living on New Providence. Look at other islands. You don't need to live in a gated community on Grand Bahama Island. Rent is reasonable compared to large urban areas in the US. The biggest difference is the taxes. No Income tax, no real estate tax (to a point), no inheritance tax. The VAT (10%) is about what most people pay for sales tax in the US. Duty on imported goods can be high, but that is the only downside that I have encountered," explained one expat living in Bahamas.

"Rent is about the same but utilities far surpass what we were paying in UAE. That says a lot. I'd say average power bill is $500 month with summer months peaking at $750 and water bills average $150. We do have a private small pool which adds to the cost of both," said one person in Paradise Island.

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Should I buy or rent a home in Bahamas?

If you have not spent a lot of time in Bahamas, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"Deciding whether to buy or rent a home in the Bahamas depends on a variety of factors. These might include a homebuyer's budgetary constraints, anticipated length of stay, and lifestyle preferences. Buying a home generally involves long-term, hefty investment of time and money, however it can provide a secure base of operations and potential investments benefits. Conversely, renting a home can be a more cost-effective and oftentimes less time-intensive option, making it ideal for those who intend to stay in the Bahamas for a shorter period. Ultimately, which option is best depends on the individual's needs and preferences," said one person in Bahamas.

"We rented at first to make sure we were happy here. We later bought a home and both options work well. For the residency documents you can use either a rental lease or a property deed but the minimum value has changed over the years," said one expat who made the move to Coral Harbour.

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What do I need to know when buying property in Bahamas?

When we asked expats what advice they would give a foreigner before buying a property in Bahamas, they said:

"When purchasing property in the Bahamas it is important to seek legal advice from a real estate attorney or lawyer who is familiar with the laws and regulations in the country. It is also important to be familiar with the zoning regulations in the particular area which you are interested in purchasing as certain locations may be restricted for use for certain activities. You should also be sure to obtain all necessary approvals from local authorities before making any commitment to purchase a property. It is also important to obtain a proper survey of the property before entering into a contract. You will want to be sure to obtain title insurance to protect your investment. Additionally, it is important to be aware of any income, capital gains and other taxes that may apply when purchasing a property. Finally, you should familiarize yourself with the market prices in the area in order to avoid paying an inflated amount for the property," remarked one foreigner who made the move to Bahamas.

"Above all I suggest renting when you first arrive and take the time to learn the island and make contacts before buying into anything. You will discover that some areas are much more desirable than others. The maintenance cost can also be drastically different depending on where you are located, remember that Nassau is subject to hurricanes and hurricane insurance is quite expensive," explained one person living in Nassau, Bahamas.

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Are foreigners allowed to own property in Bahamas?

When we asked expats what advice they would give a foreigner before buying a property in Bahamas, they said...

"Yes, foreigners are allowed to own property in the Bahamas. The process of purchasing property in the Bahamas is relatively straightforward and open to foreign buyers. The government has put in place a number of measures to ensure that foreign buyers are able to purchase property in the Bahamas without any difficulty. Foreigners are required to obtain a permit from the government before they can purchase property in the Bahamas. The permit is issued by the Ministry of Immigration and is valid for a period of one year. Once the permit is obtained, the foreign buyer can proceed with the purchase of the property," explained one expat in Bahamas.

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What appliances are typically included in a rental?

We asked foreigners in Bahamas what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"A rental property in the Bahamas typically includes a refrigerator, a washing machine, an oven, and a range. Other appliances such as a dishwasher, a microwave, and a dryer may also be supplied depending on the property. High-end rental homes may come with air conditioning units, additional storage, and larger appliances like a wine cooler," said one foreigner living in Bahamas.

"Most rentals are completely furnished with all the main appliances necessary to live. It was hard to find a rental property where we could put our children's room set. Many of the properties are set up for vacationers so much of the furniture is whicker and cheap. A well furnished home is out there, but must be looked for," explained one expat living in Nassau, Bahamas.

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Additional Information about Searching for a Home in Bahamas:

We asked foreigners in Bahamas what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"Expats can search for homes in the Bahamas by looking online for real estate listings, contacting local real estate agents, and researching the local housing market. They can also look for expat-specific resources, such as expat forums and websites, to get advice from other expats who have already gone through the process of finding a home in the Bahamas. Additionally, expats can attend local events and meet-ups to network and learn more about the local housing market," explained one expat in Bahamas.

" Thre are a lot of real estate companies here. Some of the better ones I have dealt with are: Adam Duncombe of ERA Dupuch Real Estate Marilyn Ayearst-Hartley of Bahamas Islands Realty Gavin Christie of C.A. Christie Real Estate and Claire Thackray of Mccarroll Real Estate Of course that is not to say the rest are all no good but I have come across some shady ones and so prefer to stick with the ones I know are honest and helpful. If you are looking to rent, you probably better off just asking around. Everyone knows people with homes for rent to expats and you will get a better deal not going through a real estate agent, just make sure you have a qualified person look over the lease agreement. If you want to build, speak directly with the builders, ask around to get the names of good ones. If you plan on building in a gated community the association can normally help you with finding a good builder as they don't want poorly developed homes in their community. ," explained one person living in Nassau, Bahamas.

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