If the warm temperatures, crystal-clear water and proximity to the US are not good enough reasons to consider a move to the Bahamas, a community of like-minded people should be. Luxury gated communities in the Bahamas may offer not only a round of golf or cocktails at sunset but a shorthand for a club of folks sharing the same interests. But how much for the ticket to this exclusive club? Today, the most expensive home situated within the gated community of Lyford Cay, Nassau, comes with a price tag of $45,000,000 while the most affordable apartments in Nassau costs about $490,000. In this article, we help you navigate through residential areas, property listings, prices, and real estate market trends in the Bahamas.
Who buys property in luxury gated communities in the Bahamas?
While the Bahamas consistently attracts visitors and home buyers from all over the world, the largest number of people looking for vacation homes tend to be from the United States, Eastern Canada, Western Europe and the UK.
With an increase in new direct flight routes from Canada, the U.S. and Europe, the Bahamas is extremely easy to get to, making it a top destination for the second- and third- home market.
Property experts predict that real estate in luxury gated communities in the islands will continue to be in demand. Thanks to limited inventory, amazing lifestyle, currency tied to USD and ease of access with international flights.
Today buyers can choose not just from traditional colonial estates or Caribbean-style villas but also contemporary properties with access to five-star resort amenities.
According to real estate experts, an average house price in upmarket segment of the Bahamas is around US$ 2.5M. At the same time, the highest and the lowest prices might reach US$ 25M (for a 12 bdrm. villa with 246 feet of beach) and $US 1M (for a 2 bdrm. condo in a new resort-style development).
Lyford Cay: the most expensive gated community with the world-famous golf course since 1950s
- Considered one of the world’s wealthiest and most exclusive residential areas, Lyford Cay is an ultra-private, gated community featuring an exclusive club with its own security service that caters to a diverse cross-section of prominent social and business leaders from around the world.
- Likened to “playing golf in a magnificent tropical garden,” the ultra-exclusive Lyford Cay Club was built in the late 1950s, refurbished in 2006 and today remains one of the most elite golf courses in the Bahamas.
- Encompassing an 18-hole golf course, championship tennis facility, marina, and world-class restaurants, the Club also has guestrooms and meeting facilities.
- The community is also home to Lyford Cay International School, one of only two schools in the Bahamas to implement the International Baccalaureate curriculum schoolwide.
Old Fort Bay: one of the top waterfront communities with picturesque canal views
- Tucked away along the northern shore of New Providence just east of Lyford Cay and approximately 10 minutes from Lynden Pindling International Airport, Old Fort Bay is one of Nassau’s premier private waterfront communities.
- Landscaped with picturesque canals surrounded by native mature trees, this luxury residential enclave reflects elegant Bahamian living at its best.
- Residents of Old Fort Bay are eligible for membership at The Club at Old Fort Bay, which includes a restaurant and gym and a swimming pool, as well as access to Old Fort Beach, arguably one of the best beaches on New Providence.
- Nearby schools include the prestigious Lyford Cay International School, the only school on New Providence to implement the International Baccalaureate curriculum schoolwide; and, Windsor Preparatory School which offers a curriculum based on the Cambridge system.
- The community is a short drive from some of Nassau’s finest dining such as Island House, Sapodilla and Cocoplum Bistro.
Albany: the best place to buy a property in the Bahamas for yacht owners
- The exclusive club development of Albany opened October 2010. Today it offers homeowners an unparalleled array of amenities unique not only in the Bahamas but among the world’s most renowned luxury communities.
- Residents of Albany enjoy access to a state-of-the-art marina which can accommodate vessels as large as 91 meters or 300 feet in length, tennis courts, a lap pool, full spa facilities and an ultramodern gymnasium and workout facilities.
- On-site dining options include gourmet cuisine and hand-selected wines at Aviva; seasonal chef dinners at WAVE; small plates at Azul; French pastries at Bisou Bisous; and, casual poolside dining at Footprints. And Albany’s Golf Clubhouse is one of three golf courses situated on the west coast of the New Providence.
- Nearby schools include Lyford Cay International School, Windsor High School and Windsor Preparatory School. The community is also a short drive to airfields and Lynden Pindling International Airport offering non-stop flights daily to major U.S. and international cities.
Ocean Club Estates: golf at Atlantis Resort and Spa at Four Seasons Resort
- Ocean Club Estates is the epitome of worry-free luxury living. Not only do homeowners get the ultimate turnkey experience when they purchase a home at Ocean Club Estates due to its exclusive affiliation with The Ocean Club Bahamas, a Four Seasons Resort, but they have access to a host of amenities at Atlantis Resort and its outstanding golf course.
- Direct access to the Tom Weiskopf-designed golf course located at Atlantis is one of the community’s biggest selling points. Stretching over 7,100 yards of beautiful coastline, The Ocean Club golf course is an 18-hole, 72-par championship course that features breathtaking signature holes and seaside greens.
- Residents can also take advantage of the property’s private beach club and restaurant, tennis courts, mega-yacht marina and concierge services.
- The resort is set along a five-mile stretch of natural, white-sand beach. Its lush tropical grounds offer seclusion and relaxation. And award-winning restaurant Dune serves up French-Asian creations by chef Jean-Georges Vongerichten.
Paradise Island: small island charm with chic urban amenities and new gated communities
- Paradise Island is one of the most globally recognized islands in the Bahamas due to the world-famous Atlantis resort. It’s a popular choice for boaters and yachters looking for waterfront homes and condominiums.
- It combines small island charm with chic urban amenities. The island is accessible via toll bridge. So residents are within walking distance (or a short golf cart ride) to a multitude of entertainment venues.
- Fine dining options include Nobu, Dune and Cafe Martinique. And more casual environments can be found at Margaritaville and Pirate Republic Brewing Company.
- Paradise Island also offers some of the best luxury brand shopping in The Bahamas. There are Tag Heuer and Versace, Rolex and Salvatore Ferragamo shops located at the resort and its neighboring Marina Village.
Luxury gated communities in the Bahamas: a market overview
“2018 was a very strong year for the tourism segment in the Bahamas”, says Lana Rademaker, Chief Brokerage Officer of Damianos Sotheby’s International Realty. “The final three months of the year experienced the highest quarterly growth in air arrivals to New Providence in the past 28 years. This is an encouraging indicator for the economy in the Bahamas.”
According to the Central Bank Economic Report released in March, vacation home bookings in the Bahamas increased 34.9% in January 2019 compared with the same period in 2018, with Nassau gaining an increase of 23.7%.
“This naturally impacts the strength of our real estate market,” says Rademaker. “The second- and third-home buyer market has created an entire market segment we didn’t have a few years ago.”
The Bahamas’ clear tax-free advantage with no income, capital gains or inheritance taxes over many other destinations in the Caribbean attracts wealthy people from all over the world. Landlords renting out their properties are not liable to paying tax either.
And the future? It’s looking positively bright. With record tourism numbers, prices are holding very steady as is the trend in that market. The Bahamas’ sunny capital Nassau – has limited supply of available properties so the values are always steady. Interest in the islands of Abaco, Eleuthera and Exuma have seen significant increase in 2018 and 2019. Beachfront homes that work for vacation rentals are in strong demand on all of the main islands.
Should you wish to invest in a new property in the construction phase, look no further than the current residential developments include GoldWynn, Hurricane Hole on Paradise Island and Albany.