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As the old ax goes, "The three most
important elements in real estate are location, location, location." These days,
anywhere in the Bahamas or Turks & Caicos archipelagos seems to meet those
criteria.
After taking office in 2002, Bahamas Prime Minister Perry
Christie developed an anchor-property concept. Designed to rejuvenate the
lagging economy of the 100,000-square-mile island chain and create opportunities
for its population, the plan encourages resort developers and
foreign investors to build high-end properties on the inhabited Out Islands
(islands other than Grand Bahama and New Providence). Concessions and
incentives—such as rebates, relief from customs duty and tax rebates relative to
casinos—are being offered to developers who construct properties beneficial to
the Bahamas.
"The projects intend to conserve, as opposed to use up, what we
have. We are assuming the responsibility to improve the space," says David
Johnson, deputy director-general of the Bahamas Ministry of Tourism.
 Port Lucaya Marina is expanding under
new ownership. (Click image to enlarge)
Part of Johnson’s task is to find suitable, capable and willing
builders and to make it easier for them to get through governmental red tape.
Proactive, not reactive, is more the style these days, and Johnson says, "The
process is working smoothly."
The Bahamas obviously possess the natural amenities to attract charter
yachts. With the government’s commitment, will it become an alternative to the
Caribbean? Larry Ebbs, director of operations for International Yacht
Collection, says that while relatively few yachts charter exclusively in the
Bahamas, that could change. "We need more land bases for the big boats, then the
market will mature." This is happening. Johnson says that $11 billion in new
projects—approximately 40 developments—are committed and under way in the last
24 months; about a dozen include marinas.
 Grand Isle is a villa residence
community on Great Exuma. (Click image to enlarge)
Fraser Yachts Charter Manager Pat Saks-Codere says the company
has seen an increase in requests for Bahamas charters. She says
La Dolce Vita,
a 109-footer, did so well in the Bahamas last season
that it won’t be returning to the Caribbean anytime soon. Merle Wood & Associates was among the first big-boat
charter companies to support the Bahamas, operating an office at Nassau’s
Atlantis Resort since the property opened in 1998. According to Merle Wood’s
John Cohen, the company keeps two or three vessels in the country year-round.
"The Bahamas used to just be a nice place to visit, but nobody stayed. Atlantis
changed that. Atlantis made Paradise Island a destination; it set the bar,
establishing a standard that everyone else aspires to."
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