http://www.melissaprimm.com/private-islands-for-sale-bahamas/
Real Estate – Why More Canadian Snowbirds & Real Estate Investors Are Buying Bahamas Real Estate & Making The Bahamas Home
Bahamas real estate is proving to quite the draw for Canadians snowbirds as more and more are buying property for Bahamas home to escape the Canadian winter. And not only snowbirds but Canadian Real estate investors as well.
All fueled by what may have been the officially popping of the Canadian real estate bubble. Signaled by:-
- A housing market stalled in July when Canada’s housing sales dropped by 30 percent from the same month a year ago.
- Indications from economist that the sector is poised for a 10 percent price correction in the next several months of 2010 and
- Projection of several years of stagnation of price growth at the rate of inflation, in order to bring Canadian house prices back in balance with values.
And this influx of Canadian real estate investors looking to purchase Bahamas property are interested in not only enjoying their Bahamas home during the winter months, but also a Bahamas property that give them the property value appreciation no longer available at home and that will generate a consistent flow of rental income when their vacation is done.
And for this group, private homes and condominiums in gated communities which offers a community lifestyle and opportunities to meet new people and build lifelong relationships as well as demonstrate a healthy rental history are proving to be the ideal Bahamas home for them.
And the Bahamas’ investor friendly legislation and in particular International Persons Landholding Act of 1993, which automatically grants approval to purchase residential property, provided the property being purchased is smaller than five acres on a single island is welcoming to these Canadian snowbirds.
However, there is an exception to this automatic approval as properties that occupy more than half the land area of a small island or cay, and property that includes an airport or a marina do require governmental approval from the Bahamas Investment Authority before the purchase can be made.
There is also another attractive benefit for Canadian investors, as the International Persons Landholding Act of 1993 exempt them from paying real property tax for up to two years on any vacant land that is purchased for the expressed purpose of building a home as long as construction starts during the first two-years.
There is further good news for Canadian looking to invest in a Bahamas real estate as there are currently more than twenty new gated communities being developed on New Providence Island the home of the nation’s world famous capital Nassau.
And these upscale luxury developments are promising to take island living to another level with their second to none listing of amenities.
About the Author
Here is your resource for the finest Bahamas Luxury Real Estate, listing only the most Luxurious Beachfront Bahamas Property, Bahamas Home and condominiums for Sale, Rental and providing you with personalized Bahamas real estate service – By Glenn S. Ferguson
Bahamas Home For Sale