Exuma, Bahamas is characterized by pristine beaches and crystal clear waters, coupled with the finest … [+]
There is a common slogan in various travel guides and tourist brochures about Exuma or the string of islands and cays in the central Bahamas: “the only footprints you will find on the beach are yours.”
Unlike many other brochures and advertisements for comparable destinations, hyperbole is not appropriate here. Many beaches on the 365 islands that make up Exuma are free of footprints. The sand is as soft, the water as blue and the landscape as magnificent as they say. And yes, there are pigs swimming.
With the hype surrounding Exuma well-deserved, it was only a matter of time before the region saw an increase in visitors and, according to Ryan KnowlesCEO of boutique brokerage HOUSE Bahamasmore footprints will likely be visible on the beach in the near future.
Yachting culture has become more prevalent throughout the island chain.
“This has always been a high-demand area, but COVID-19 has totally accelerated people’s desire to be here. Thus, the speed of development has accelerated considerably over the past five years.
Much of the new development, Knowles says, is taking place on Great Exuma, the largest in the island chain that covers 61 square miles. (For reference, that’s about the same total area as the city of Topeka, Kansas.)
Luxury residential construction represents a significant portion of this recent development, demonstrating continued demand in the archipelago’s extended stay and second home markets.
Sandals Emerald Bay Golf Club, located on Great Exuma, is known for its picturesque coastal setting.
Fueled by the recent wave of wealthy buyers, investment in luxury properties has spread to resort towns where turnkey residences are now being added to the housing options. These properties attract buyers who are looking for move-in ready vacation homes with ease of living thanks to the resort amenities offered like spas, pools and restaurants.
Although Exuma is known to visitors for its exceptional resorts, Knowles says the region has also quickly gained a reputation among the global elite as home to a rich offering of private islands. “There has been incredible demand for the islands. The very wealthy now view private islands as the ultimate trophy or centerpiece of their real estate collection. A lot of them want to be able to say I own an island in the Bahamas.
Seeking ultimate privacy and lured by the prestige of owning your own island, many notable names have traveled to Exuma, including celebrities such as Nicolas Cage, Eddie Murphy and Shakira.
The Aga Khan’s purchase of Bell Island for $100 million illustrates the growing value of private islands in … [+]
With a competitive market made up exclusively of wealthy buyers, prices for private islands “are in the tens of millions range.” A particular sale which highlights the sometimes extreme value of these properties surrounded by sea is the Purchase of Bell Island in 2009 by the Aga Khan for $100 million.
That being said, there are still occasional personal island properties that come on the market for less than $5 million. As in more traditional markets, prices for island properties in Exuma are largely dictated by size and location. The most sought-after listings include those over 200 acres and located near Nassau. The capital of the Bahamas and most populous city, Nassau is located 150 miles north of Great Exuma and 50 miles north of Norman’s Cay, the northernmost island of the Exumas.
In the majority of cases, islands listed for sale in Exuma do not come with any established property or infrastructure, Knowles says. “On private islands, you generally don’t find anything turnkey. You buy the land.
Despite the challenges of building on a remote island, Knowles added that many homeowners prefer a custom-built property. “Oftentimes, these are the types of buyers who have the means to build their dream home exactly the way they want it and that’s what they do.”
But perhaps the biggest change to Exuma’s infrastructure is the upcoming new development of the Exuma International Airport. With a contract of 65 million dollarsThe expansion will include the construction of a new 60,000 square foot terminal and the modernization of the runway and aprons.
The region is famous for its swimming pigs.
“There are already direct flights from a few destinations in the United States, but the new airport will accommodate more flights from more destinations and will have a private airport component for easier arrival,” Knowles says.
The luxury specialist continues: “I think this will be a game changer for our market. Everyone who comes to Exuma creates a bond with it and access will be easier than ever. A lot of people are going to be showing a lot of love to the Bahamas in the coming years.
MORE FORBES GLOBAL PROPERTIES