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BREA: Increase in VAT Okay, Give Buyers Top Notch Service


BREA: Increase in VAT Okay, Give Buyers Top Notch Service
Christine Wallace-Whitfield, BREA President
 
The leadership of the nation’s largest professional association said they would ask their clients to swallow a higher Value Added Tax rate on real estate purchases if that increase came with action – an improvement in ease of doing business including speedier application processing.
The somewhat surprise reaction came from the president of the Bahamas Real Estate Association after an urgent electronic caucus of a sample membership and followed within hours of the government’s introduction of the 2021-2022 budget on Wednesday, May 26th, raising the VAT on real estate sales from 10% to 12% on sales of $2 million or more. Sale of properties for $100,000 or less will not be touched. That VAT rate will remain at 2.5%. ....

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HOUSING MARKET DISPARITY: High-end real estate "booming"; local real estate, not so much – Eye Witness News


(PHOTO: MIKE FOCUS VIA SHUTTERSTOCK)
NASSAU, BAHAMAS The country’s high-end real estate market is ‘booming”, according to Bahamas Real Estate Association (BREA) President Christine Wallace Whitfield, who noted the segment appears to be outperforming pre-pandemic levels.
Wallace-Whitfield, in an interview with
Eyewitness News, noted: “It’s the high-end market that is doing very well. That market is booming. It’s crazy. The high-end market here in New Providence and the Family Islands is doing very well.
Christine Wallace-Whitfield. (PHOTO: BAHAMAS HEADSHOTS © 2018 LYNDAH WELLS)
“Given the circumstances, it’s kind of better than it should have been.
“With the high-end market, the majority of the buyers are cash buyers. They don’t need financing. They’re looking for peace of mind, a place to escape amid what’s going on globally with the pandemic, and that’s why I believe we are seeing this influx.” ....

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