It might be a buyer’s market, but beachfront lot prices as a whole are showing no signs of decreasing anytime soon, which is why a leading realtor is now urging Bahamians to consider buying property in the Family Islands.
“I’ve been saying for a long time that Bahamians need to start pushing their way towards the Family Islands and get away from New Providence,” said William Wong, president of William Wong & Associates Realty.
“They keep complaining that they can’t get any beachfront lots in Nassau because it’s too expensive. Listen, stop whining about it because it’s not going to change. New Providence is a prime location for people wanting lots on the beach and most Bahamians don’t have that kind of money.”
He continued, “Stop whining about it; stop blaming the foreigner because you can’t change that. But, you have a second chance – go to the Family Islands.
Mr. Wong said Bahamian entrepreneurs in particular should consider establishing businesses on one of the Family Islands.
He noted that many islands, which boast beautiful natural resources, would serve as ideal locations for boutique hotels.
Late last month, the government announced that a new, $30 million boutique hotel is being built just outside Lyford Cay, a gated community in western New Providence.
The hotel is the brainchild of Bahamian businessman, Mark Holowesko, who also owns the Mahogany House Restaurant.
“Instead of all of these foreigners who want to have all of these hotels and boutique hotels, maybe they can start bed and breakfasts. Start with that,” Mr. Wong said.
“And for those people who have those hotels now, the government needs to step in and help them; give them some benefits. I know they have the hotel items with everything duty free. But, sometimes you need a bit more than that. The government needs to do some promotion and help the people along.”
Mr. Wong continued, “But, people in the financial services sector and in the hotel need to band together as a unit and go to these trade shows or start a trade show and let the tourism officers and the foreign entities that we have around the country organise it. It’s time for us to go to them. The phones aren’t ringing anymore, so let’s go to them. We need to be more proactive than reactive.”
