(PHOTO: TINNAKORN JORRUANG VIA SHUTTERSTOCK)
NASSAU, BAHAMAS The recent arrest of the 31-year-old CEO of a business called Rent2Own Bahamas prompted Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield yesterday to “urge and beseech prospective real estate clients to use a BREA-licensed broker or BREA-licensed salesperson for their own peace of mind and financial protection”.
Wallace-Whitfield’s plea to rely on licensed professionals followed the late December arrest of Andre Moncur. The Gleniston Gardens resident was charged with three counts of fraud by false pretenses after he allegedly took deposits from three victims to buy houses he reportedly neither owned nor had permission to sell.
Increase in demand for commercial rentals
Although the local real estate market is being hampered by slow mortgage approvals by commercial banks, Bahamas Real Estate Association (BREA) President Christine Wallace-Whitfield said commercial rentals are seeing an uptick.
Wallace-Whitfield said the reopening of the tourism sector has also ushered in increased demand for foreign residential rentals and second home purchases.
“I have noticed a lot of local customers looking for rentals mainly for commercial and fewer residential. As businesses continue to reopen, mainly the hotels and the service industries, you will see an increase for more foreign rentals. There are definitely strong numbers from second home buyers, especially now that the borders have opened and activity is starting again,” she said in an emailed response to
ykemp@tribunemedia.net
The Bahamas Real Estate Association s (BREA) president yesterday backed the Prime Minister s drive to offer cut-price land to first-time buyers in western New Providence.
Christine Wallace-Whitfield told Tribune Business that she “hopes that it comes to fruition”, and that “all persons applying for an opportunity to purchase land in this community do get their proper title deeds and are able to enjoy what is promised to them. I hope that government has consulted the real estate community to make sure the proper valuations were done to justify the pricing. I also hope that our young professionals do get a chance at owning Bahamian land as it is important, she added.