The annual research from CIRE is just out with some tasty tidbits. One of the big surprises is that Victoria BC tops the luxury second home market segment worldwide. Well, IMHO they obviously haven’t heard of Abaco – but maybe that is good thing? Maybe we want to keep this little corner of the world secret?
Locally, the agents and brokers in Abaco have seen a huge uptick in sales activity for the first half of 2018. The issue for the second half of 2018 is that there will likely be a shortage of reasonably priced property for sale. This may lead to a slow down in activity but start to push up prices. It is my view that real estate in Abaco has not see any significant appreciation in value between 2009 and 2018. It is also my view that we will likely see this year, 2018, post some strong appreciation and I expect values to go up by 10% by the end of the year. After that, it is anyone’s guess if real estate will go up down or stay the same. Current trends worldwide may lead to a slow down in the market in Abaco – fuel is set to $6 per gallon at the pumps, inflation and rising cost of goods, higher Bahamas taxes, and possible trade war between USA and China could have direct impacts on the real estate market here. This week, the British Pound hit a 5 month low which is bad for British buyers, but good for British sellers.
Market commentating aside – Abaco is still the best little secret, therefore only tell your best friends about THE pocket of paradise!
Details of the Luxury Real Estate Report from Christie’s can be found at this address:
The segment on the Second Home Market is here: