Addressing the Grand Bahama Rotary Sunrise Club, Edmund Rahming, Business Manger of the Grand Bahama Development Company, challenged local businessmen to join his company in their efforts to promote Grand Bahama. “We have a real need for a partnership between Devco and members of the private sector. I’d like to invite you as members of this organization and the private sector at large to partner with Devco in marketing Grand Bahama’s real estate development opportunities.”
He noted that Grand Bahama is facing its share of challenges and now that we are also competing on a global platform, we need to share our ideas and views. “In order for us to survive and compete well, we need to share pieces of vision and pieces of knowledge for the growth and development of the real estate market here in Grand Bahama.”
Mr. Rahming went on to highlight what he sees as the biggest potential for Grand Bahama, the second home/vacation home real estate market. He noted that the demand for these types of development in Grand Bahama is stronger that it has been in a long time, but unfortunately there is a quality inventory shortage in this market. “ The present demand simply can’t be met. Overall sales figures in this sector in 2006 and 2007 will be higher in large part due to the new projects coming on stream i.e. Ginn and Old Bahama Bay.”
It is Mr. Rahming’s personal opinion that this growth will be “driven be the baby-boomers retiring who are desirous of having homes in more weather friendly places.” He went on to add that the current U.S. low mortgage rates, that currently average 6.37% for a US 30-year fixed rate mortgage, are also a huge asset for us. “Rates have been in the 5 to 7% range since 2001, these types of rates have not been seen since the 60s in the US. As long as US interest rates remain this low, all else remaining stable, we can expect to see growth in real estate investment of this type in Grand Bahama,” explained Rahming.
Mr. Rahming went on to explain his Company’s goals to capitalize on this projected growth with a strategic marketing plan for real estate development growth on the island, national campaigns and this year a larger international push. “We see the resort and second home/vacation home real estate market as virtually untapped and are seeking more investment on the island in this particular area. We are presently in negotiations with several developers and are
very positive about the potential outcomes and economic impact of these potential developments.”
Rahming also feels that the Company’s website is helping attract future investors. “We are trying to build more awareness throughout the Bahamas and the rest of the world of Grand Bahama’s distinctive advantages. We believe that some of the ways we are achieving this is through attendance and participation at key relevant international conferences and seminars, the Devco website, high end collateral material, and the production of DVD commercials.”
At the end of his presentation Rahming was inundated with questions from the Sunrise group and some great ideas were suggested for Grand Bahamas’ needs. For more information about the Grand Bahama Development Company persons can go online and visit www.gbdevco.com.