The economic rebound underway on the island of Grand Bahama is resulting in a shortage of housing on the island.
Minister for Grand Bahama, the Hon. Ginger Moxey recently spoke to ZNS News about the need for more housing options. She said, “Grand Bahama, and even especially in the city of Freeport as well, it’s designed to accommodate up to 250-300 thousand people. We right now our population is 47,000 and it once stood at 60,000. And so there’s room for expansion, there’s room for development, there’s room for growth.”
Real estate agents on the island are advising Grand Bahamians to invest now as foreign and domestic investors are seizing the opportunity. Local Real Estate Agent, Alex Thompson said, “reach out to an agent. You can do a virtual purchase. You can come and take virtual tours of the property. So you can’t wait until you’re here, you can start now. We still have available apartments for sale. We still have land which is, of course, very much available and very affordable in Grand Bahama. And so we’re inviting those persons, start today.”
Thompson also addressed the many dilapidated buildings in Freeport revealing that many of them are under offer or contract. “These things take time because these aren’t $10,000, $30,000 arrangements. You’re talking about hundreds of thousands, millions of dollars of property that is being transferred with title.”
Minister Moxey has stated that she has been encouraging Grand Bahama residents who moved away seeking employment and other opportunities to return to the island for the past two years.
