Wednesday, August 21, 2013
By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
A well-known realtor yesterday said international visitors had more than doubled their share of ‘hits’ on his website, after he expanded into the luxury market within the last six months.
Matt Sweeting told Tribune Business that international visitors to his site had increased to 10 per cent of the total for the 2013 third quarter to-date, compared to between 3-4 per cent for the first half.
And, explaining the rationale for broadening his portfolio into the luxury market, the Bahama Islands Realty sales associate said he was expecting a change in the real estate “landscape” that would be driven by the $2.6 billion Baha Mar project and a Europe emerging from recession.
“Two things that are very important for us in the real estate market here are the promotions that Baha Mar is doing,” Mr Sweeting said, noting that the developer’s sales offices in London, Dubai and elsewhere were also pushing the Bahamas’ name into regions where this nation previously had little presence.
And, with Europe starting to shake off the worst effects of the post-2008 financial crisis, Mr Sweeting said the Bahamas offered an attractive domicile as a lifestyle, tax planning or real estate investment choice.
Combined with Baha Mar’s late 2014 opening, Mr Sweeting said: “That’ll be an attraction for people coming out of this recession, looking to move some money offshore that is not tied to investments in the European market.”
He added that Baha Mar was promising real estate investors guaranteed returns of 6 per cent for the first two years, and he was now making preparations to drive home the Bahamas’ attractions in Europe.
“What I’m going to do now is invest heavily in talking about the benefits of offshore purchases, moving money offshore,” Mr Sweeting said, “reiterating to Chambers of Commerce in Europe that the Bahamas should be well in the conversation when it comes to tax planning.”
Mr Sweeting is not alone when it comes to targeting European buyers. William Wong, a former Bahamas Real Estate Association (BREA) president, previously told Tribune Business of his plans to do exactly that, while Nick Damianos, of Damianos Sotheby’s International Realty, last year said higher taxes at home were driving many Europeans - especially French ones - to look at the Bahamas and other locations as their main domicile.
Mr Sweeting said a further attraction were the numerous Swiss-owned and other European private banks and wealth management specialists based in the Bahamas.
Describing a European recovery as having “far-reaching implications for our market”, he told Tribune Business: “People plan differently, try different things, and hopefully with the tax structure we have some of that trickles here.
“I have a pretty interesting tracking system on my website, and I’ve seen an increase in international interest.
“I get around 7,000 hits a month, and while international hits were a bit more than 4 per cent for the first two quarters this year, that has increased to close to 10 per cent.”
And Mr Sweeting said further: “I’ve added a luxury portfolio over the last six months to cater to the international market, so I can offer luxury islands and luxury buyer representation. The content is driving people.”
Properties at Baha Mar, Albany and Old Fort Bay have been added to his portfolio, and Mr Sweeting added: “The interest is very, very evident, and the indications are that we’re going to have an influx of buyers.”
With Baha Mar casting its net far and wide to fill the extra 400,000 airline seats it needs for a 2,100 net room inventory increase, the realtor told Tribune Business: “That means our market is going to change in the next 12-24 months, as we’re going to have an influx of so many buyers from different locations, and this is a new destination for them to come to.
“I think our landscape is going to change. I’m excited at this point in time with so many developments going on.”
Comments
UserOne says...
Will this drive up the cost of real estate even more? Average Bahamians can't afford homes as it is.
Posted 21 August 2013, 1:41 p.m. Suggest removal
concernedcitizen says...
many 'average Bahamians " don,t build wealth and credit ..By the time there 30 they got a 500 dollar cell phone in there hand ,the kids got samsungs and the bank owns them for car and vacation loans , plus their main investment strategy is a dream from God for a number ,,My old man who built good personal wealth didn,t buy a new car untill he was 45 and paid cash ,,our generation don,t sacrifice we want 'shiney things" now
Posted 21 August 2013, 1:59 p.m. Suggest removal
FACTSPOLICE says...
Why boast here on this Forum about your Private Business. Its all good and well, but remember, we are being forced by International influences to change our tax system, so that it does exactly the opposite, deter foreigners from investing here, because the Foreigners will say, why should I go to the Bahamas, they are now taxing their poor citizens, and levying higher taxes overall, even to second home buyers. I say to this Gov't DO NOT LET OR ALLOW THEM TO CHANGE OUR SO CALLED 'TAX FREE" Status TO "TAXED JURISDICTION". We are playing right into their hands. And do not forget what kind of corrupt Gov't we have in power in now....whose to say the new taxes they are trying to levy on poor Bahamians will ever make it to the wider society, but rather in their pockets. Just look around you, we are all paying all kinds of taxes now..but yet we drive on pot holed roads, still today, the Gov't buildings are a disgrace and embarrassment, so too are the schools, etc. total waste of tax payers dollars, do not think for one moment that this Gov't will use the new tax monies they are expecting to make this country any better. Today, folks still cannot get running water 24 hours a day! The Ministry of Tourism run the People to People program, and yet we Bahamians have to be embarrassed when the water is cut off right in the middle of entertaining their Guests'!! This is what is happening in this country. You have to hold your head down in shame when electricity is cut off and the water supply is cut off at 10pm at night.....thank God for those who have rain water tanks, but yet again once the electricity is cut you are up the S*$% creek!
Posted 21 August 2013, 3:42 p.m. Suggest removal
concernedcitizen says...
And you know certain firms will charge Vat ,but none will go to the treasury ,,the same ones that took NIB out of peoples check from 2002 to 2007 and none went to the treasury ..Poor Cargill made the mistake of making ,tiger ,jones ,rithcie pay up ,,,
Posted 21 August 2013, 5:01 p.m. Suggest removal
isabella says...
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Posted 10 March 2015, 7:01 a.m. Suggest removal
leonardo85 says...
He has done the right thing by expanding his base to the luxury property market. However, he should also start covering other areas to boost up his business. These days people have to rely on a good real estate agent to find their dream property, for instance, if they need a <a href="http://www.pipingrockre.com/nassau/latt…">Lattingtown real estate</a> property then they have to contact a good agent there.
Posted 12 March 2015, 5:38 a.m. Suggest removal
karina says...
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Posted 19 March 2015, 6:46 a.m. Suggest removal
leonardo85 says...
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Posted 25 March 2015, 7:21 a.m. Suggest removal
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