By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A prominent realtor yesterday urged Bahamians to “revisit their lifestyle and savings” habits if they wish to fulfill their home ownership dream with high-end residential properties now being marketed for up to $50m.

Mario Carey, principal of Better Homes and Gardens Real Estate MCR Group Bahamas, told Tribune Business that while affordability concerns and fears that Bahamians are being “priced out” of the property market remain legitimate issues it is also a two-way street where persons have to prepare themselves to qualify for home ownership.

“Demand is sure surpassing supply,” he said of real estate inventory. “Unfortunately, the lower-tier Bahamian has difficulty in participating in this real estate opportunity that exists. How do you change policies to appeal to that? I don’t have that solution. At that level there are a lot of layers, but Bahamians themselves need to revisit their lifestyles and savings if they want to be part of it.

“It’s their choice how they save and spend their money, and how they qualify for a home. How do I put it? It’s not only that Bahamians are being priced out of the market. You have to work for it and plan for it. You have to speak to professionals to help you.

“We have a Bahamian diet combined with a US diet, and that caused health issues. We have a Bahamian lifestyle combined with a US lifestyle, and that pulls back on savings. Real estate requires discipline and financial prudence to participate in that space. Financial discipline and lifestyle has proven to be the way.”

Mr Carey spoke out as Ryan Knowles, founder and chief executive of Maison Bahamas Real Estate, confirmed that his firm is currently marketing a beachfront Lyford Cay residential property for sale at a $50m purchase price. “That’s the new market,” Mr Knowles told Tribune Business.

“In the past five years we’ve really seen the high-end market lead the way, and there have been numerous properties sold for over $30m, single family homes. One closed recently at close to $50m. It’s the new normal for billionaire buyers.

“If you compare it to Palm Beach, Miami, where purchasers are spending well over $100m to buy prime properties, $50m may look a lot but if you compare it to globally and what is happening next door in Miami it’s not an unreasonable asking price for prime beachfront property in The Bahamas.” Mr Knowles said Maison Bahamas has already been showing the $50m property to “qualified buyers” including at least one billionaire.

Acknowledging the high-end inventory shortages, which have resulted in buyer demand outstripping available-for-sale properties and keeping demand high, he said the emergence of new properties such as the Ocean Club Four Seasons Residences on Paradise Island, Aqualina’s second tower and GoldWynn’s phase two will provide much-needed new product.

“I think it’s going to be a stronger year for sure,” Mr Knowles said of 2025. “Hopefully we’re going to see a little more inventory go on the market. But, as far as deal volume, I think we’re going to be up 5-10 percent over the last year. We don’t have the [election] uncertainty.

“We are seeing some demand and interest from [UK] non-domiciles. We’re seeing them come over and go back to us. With people making good money, and things going well, that will sustain the spending on discretionary products. To the extent that continues to happen, we will be poised for a very strong year.

“We barely have time. When you forget to eat lunch and are staying in the office until 6pm-7pm at night you know you are busy,” Mr Knowles continued. “Our website has been on fire from so many inquiries. We’ve been getting 200 a month and that’s above normal. Our normal was 80 or so per month. They’ve more than doubled.

“It’s been a good start to the year and let’s hope it continues. There’s so many knock-on effects when you have more activity in the real estate sector. It helps the stores, pool companies, landscapers. It helps everyone. The better the real estate market does, the better for everyone, not to mention all the taxes paid to the Government.”

Noting that Bahamian real estate is largely “insulated” from global geo political strife, such as the war in Ukraine, since this nation was seen as a relative safe haven, the Maison Bahamas chief argued that “the one thing that will spur” the market and US economy on even more will be the timing and extent of further interest cuts by the Federal Reserve.