Top Local Real Estate Agencies in The Bahamas

Published on and written by Cyril Jarnias

The Bahamas, with their white sand beaches and crystal-clear waters, attract numerous real estate investors from around the world. Whether you’re looking for a luxury second home or an investment opportunity, it’s crucial to rely on a reliable and experienced local real estate agency. In this article, we’ll explore the best real estate agencies in the Bahamas, help you choose the one that best suits your needs, and inform you about the management fees to expect.

Key Players in the Bahamian Real Estate Market

Here is a selection of the most reputable real estate agencies in the Bahamas, along with their strengths and weaknesses:

1. Bahamas Sotheby’s International Realty

  • Prestigious international network
  • Wide selection of luxury properties
  • Expertise in high-end transactions
  • Potentially higher fees
  • Less suitable for modest budgets

2. Damianos Sotheby’s International Realty

  • Strong local presence for over 75 years
  • In-depth knowledge of the Bahamian market
  • Personalized and attentive service
  • Primarily focused on the main islands
  • Limited offerings for more affordable properties

3. HG Christie Real Estate

  • Oldest real estate agency in the Bahamas (founded in 1922)
  • Extensive coverage across the entire archipelago
  • Wide range of properties for all budgets
  • Sometimes slower transaction process
  • Less intuitive website than some competitors

4. Coldwell Banker Lightbourn Realty

  • Recognized international network
  • Good balance between luxury properties and more affordable homes
  • Modern technological tools for property search
  • Less specialized in ultra-luxury properties
  • Less prominent presence on some secondary islands

5. Engel & Völkers Bahamas

  • Expertise in prestige real estate
  • International network attracting foreign buyers
  • High-end customer service
  • Limited offerings for entry-level and mid-range properties
  • Presence concentrated in the most touristy areas

Good to Know:

Each agency has its specificities and strengths. It’s important to clearly define your search criteria and budget before choosing the agency that will accompany you in your real estate project in the Bahamas.

How to Find the Perfect Gem Among Bahamian Real Estate Agencies?

To find the ideal real estate agency in the Bahamas, here are some tips to follow:

1. Do your online research

Check agency websites, customer reviews, and their social media presence. This will give you a good overview of their professionalism and reputation.

2. Verify accreditations

Make sure the agency is a member of the Bahamas Real Estate Association (BREA) and adheres to its code of ethics.

3. Ask for recommendations

If you know people who have already invested in the Bahamas, don’t hesitate to ask for their advice and inquire about their experience with local agencies.

4. Evaluate local expertise

Choose an agency that knows the area where you want to invest perfectly. Each island in the Bahamas has its particularities, and in-depth knowledge of the local market is essential.

5. Meet with several agents

Don’t hesitate to contact several agencies and speak with different agents. This will allow you to compare the services offered and find the one you feel most comfortable with.

6. Assess responsiveness and communication

A good agency should be responsive to your requests and able to communicate clearly, especially if you’re a foreign investor.

Good to Know:

The quality of the relationship with your real estate agent is crucial. Choose someone you feel comfortable with and who truly understands your needs and investment goals.

Decoding Real Estate Management Fees in the Bahamas

When investing in real estate in the Bahamas, it’s important to understand the associated management fees. Here’s an overview of the main fees to expect:

1. Transaction fees

Real estate agent fees when buying or selling a property are typically between 6% and 10% of the sale price. These fees are usually shared between the seller and the buyer.

2. Rental management fees

If you decide to rent out your property, rental management agencies typically charge between 15% and 25% of rental income for their services, which include finding tenants, managing contracts, and property maintenance.

3. Maintenance fees

Budget approximately 1% to 2% of the property value annually for maintenance and routine repairs.

4. Insurance fees

Home insurance in the Bahamas can be expensive, particularly due to hurricane risks. Expect between 1% and 3% of the property value per year.

5. Property taxes

Property taxes in the Bahamas vary depending on the property value and its use (primary residence, secondary home, or rental investment). Rates can range from 0.75% to 2% of the property value per year.

6. Condominium fees

If your property is part of a condominium or residential complex, expect monthly fees for common area maintenance, security, etc. These fees can vary considerably depending on the services offered.

Good to Know:

Although real estate management fees in the Bahamas may seem high, they are offset by the absence of income tax and capital gains tax on real estate in the country. It’s crucial to calculate all these costs before investing to ensure the profitability of your project.

Conclusion: Make the Right Choice for Your Investment in the Bahamas

Investing in real estate in the Bahamas can be a rewarding and potentially very profitable experience. By choosing the right local real estate agency, you ensure you have a reliable partner to guide you through the subtleties of the Bahamian market.

Take the time to compare different agencies, evaluate their services and expertise, and don’t hesitate to ask all your questions regarding management fees. A well-prepared and well-supported investment is the key to success in Bahamian real estate.

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About the author
Cyril Jarnias

Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.

On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.

Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.

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