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News: Brits blitz the Bahamas

Mon, 03 Sep 07

The Bahamas is proving the most popular overseas choice for new home buyers, according to research from SmartNewHomes.co.uk...

This new development is being fed by a trend which has seen homeowners cashing in on their UK homes and buying abroad.

In fact, Britons spent £20 billion on overseas property in 2006 alone, according to a new report from the Association of International Property Professionals (AIPP).

Increasingly popular

David Bexon, Managing Director of SmartNewHomes.com said: “Previously dominated by American buyers, the Bahamas are now increasingly popular with Britons looking to invest overseas. Recent research on our site has found that the Bahamas is by far the most searched for destination by new home buyers.

“Although offering a more mature market, the Bahamas is proving a fashionable attraction, led by its popularity among well known celebrities and the **current tax exemptions for those investing in property there.

“Typically, the Bahamas has been one of the most established locations for second-home buyers in the Caribbean and offers some of the most advanced facilities when compared with neighbouring islands such as St Kitts, which is currently much less developed.”

Widening the appeal

Tourism currently makes up over 60% of GDP in the Bahamas, which to date has been very focused on US visitors. However, the Bahamian government is keen to widen its appeal to a worldwide audience, and as a result, it has made improvements to the existing airport, extending the runway and improving infrastructure to enable the airport to welcome visitors from long-haul destinations.

Significant new development is currently taking place in New Providence and Nassau. Major developments include the Baha Mar at Cable Beach and the Albany Golf and Club resort on the south coast, which have had a largely beneficial effect on local property prices, which are steadily on the increase.

Hugely accessible

Bexon concludes: “Prices in the Bahamas vary, from affordably priced bolt holes to million pound properties making the area hugely accessible for a range of buyers.

“Holiday rentals in the area are typically very good, ranging from £400 - £1000 a week depending on location and style of property, making it a good investment for those looking to capitalize on the growing tourist market.”

For more information and to search the database of new homes overseas visit: http://www.smartnewhomes.com/overseas

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