President of C.A. Christie Charles Christie explained to Guardian Business that property values have been on the rise as a result of a continued stream of foreign direct investment (FDI) in The Bahamas.
Christie said The Bahamas has always enjoyed the benefits of welcoming foreign investors who in most instances would purchase real estate, driving the value of properties up.
“It is happening... the values have been increasing,”he said.
“We had an interruption in 2008. The economy is rebounding. It is not where it was in 2008, but it is very close now.”
He pointed out that homes in the medium to lower-end market are “coming along”, but that market has seen better days. “It’s getting better by the day,” he said.
Meanwhile, Christie also sought to address the fear that Chinese or other foreign investors could eventually flood various sectors of the country.
He noted that there would be some Chinese coming in based on substantial investments coming on board such as the $200 million Pointe development and the $4.2 billion Baha Mar mega-resort.
“You can assume that some of their friends or associates would be coming over and they would be looking for investments,” said Christie.
He stressed, however, that foreign investors help to boost the economy.
“This phobia, I have never been able to wrap my head around it,” he said.
“I don’t know what the phobia is.
“The adage is whenever you are in the house, close the door.
“It makes no sense to me. People take it to an extreme.”
He asserted that there would not be a takeover by the Chinese.
“That’s not going to happen,” said Christie
“Yes, you will have Chinese coming in and buying properties and houses.”
He said hopefully the government does not give investors any difficulties.
“The country needs the money and since we are immigrants, what’s the problem?”
He argued that if Americans come over then the Chinese should be able to.
“We need to be integrated into the world,” Christie added.
(Source-The Nassau Guardian)