Buy into Land Now says Better Homes & Gardens Realtor, Mario Carey

By Dana Malcolm 

Staff Writer

#TheBahamas, April 17, 2023 – ‘Stepping on gold,’ it’s not just a line out of an old hymn anymore, one real estate broker says as the US banking industry tries to regain its footing, now is the time for residents to buy into the coveted goldmine under their feet: Land.

Speaking in the context of The Bahamas, Mario Carey, founder of Better Homes and Gardens MCR Bahamas says, “A bank run that barrels along like tumbleweed gaining momentum can destroy what has taken decades to build.

With the exception of threats from climate change, land will always be there — solid, permanent, real. The strongest ‘currency’ of all is the earth you stand on,” he added.

In a press release regarding the bank collapses in early March and the collapse of FTX before that, he maintained that while local banks appeared to be solid, investors might be wary. That won’t shake the value of land even on the family islands which is proving to be stubbornly resilient.

It’s a conversation increasingly applicable to the Turks and Caicos, arguably the Bahamas’ closest neighbour; the value of real estate is at a record high in the country. Sales were upward of $765 million dollars in 2022, a $200 million dollar increase on the previous record year; 2021. Six hundred and three sales were made, the majority coming from raw land, but condos and family homes were nothing to scoff at, they sold hundreds.

The Government is rushing to reclaim all the crown land currently occupied by squatters, a yet unidentified amount, the Informal Settlement Unit has told Magnetic Media, but valuable (and scarce) enough that it must be recovered.

“Local properties ranging from small lots in middle income neighbourhoods to luxury residences in exclusive gated communities were selling at top dollar, attracting the highest prices ever asked, and in some cases attracting offers only hours after being listed,” the real estate broker said.

It’s once again an observation that rings true for the Turks and Caicos and not just its neighbour in the north. If the current trajectory continues, landowners in the country can make incredible returns on investments.

The Government is already making it easier to purchase land with the continued implementation of the recommendations from the Crown land review.

In addition, residents building at least six apartments will soon be able to apply for duty free building materials in the country.

Carey’s advice for those who have the chance is that an investment in land is a very smart one.