By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A well-known real estate developer has urged prospective Bahamian buyers to purchase within the next three-four months, warning that land prices could “skyrocket” by over 30 per cent.

Tennyson Wells, who has led the development of communities such as Lyford Hills and South Seas, said an uptick in economic and construction activity, coupled with major foreign direct investment (FDI) projects coming in stream, will drive a spike in real estate prices.

“Anyone interested in buying land, now’s the time to do it,” he warned. “I don’t have the intention of doing anything before the end of March, but all the discounts and that sort of thing are gone.

“Anyone looking to purchase land, if you don’t get in within the next three-four months, you’ll find prices will go up seriously by mid-year. It would be wise for them to get in between now and March.”

Mr Wells estimated that land prices would rise by up to 31.25 per cent, with lots currently selling for $80,000-$90,000 set to increase in value to $100,000-$105,000.

Explaining that he had seen an increase in construction activity by lot owners at several of his developments, including Yuma Estates, Lyford Hills and South Seas, Mr Wells said such activity would attract more buyers and put further upward pressure on prices.

“Entrepreneurs like myself look back at land and say: ‘Boy, I could have bought that for a pittance’,” he told Tribune Business.

“I was driving past the other day and looked at land on the sea at Cable Beach. I could have bought lots out there for $10,000-$15,000, but the same land today is now $300,000-$400,000.

“That is what I think is going to happen when Baha Mar starts hiring. Albany is moving forward with extra amenities, and if we do this project at Coral Harbour and South Ocean moves forward, the next couple of years are going to be very good for people in real estate.”

Mr Wells added that the ‘open house’ staged by Lyford Hills on November 30 was “the best I’ve ever done in terms of all my subdivisions”, and said: “I think this year is going to be a good year, and last year was better than the year before.”

He told Tribune Business the channel for South Seas was now being cut, with plans to finish the development’s “entire infrastructure this year, apart from the marina” and that access route for boats.

As for Lyford Hills, electricity and all the utilities are set to be tied in this month.