One of the things that we have done with the Bloggy Boyz in years past, is to get a network of merchants and businessmen together, and periodically query them as to how the consumer economy of the Bahamas is doing. We can't rely on department of statistics, because they take months and months to compile any report.

So while I am on the ground in Nassau, I tapped the merchant network for a quick picture.

The consumer economy of the Bahamas is down about 5%. The decline started in about May.

Real Estate is dead because house buyers are waiting for the removal of the stamp tax in July for homes up to $500,000. Nobody is buying until that comes in. Luxury housing is unabated. The subprime mortgage fiasco in the US has not affect house prices in the Bahamas. They are holding firm.

Most merchants predict a softening in the economy for the rest of the year, and the true slowdown is predicted for the April timeframe next year.

Most say "So far so good -- it could be better, but it could be a lot worse". People suffering the most are taxi drivers and self-employed service personnel. Hotel vacancy rates are down everywhere, but they usually are at this time of year.

Not good, but so far, not real bad.

Real Estate is dead because house buyers are waiting for the removal of the stamp tax in July for homes up to $500,000. Nobody is buying until that comes in. Luxury housing is unabated. The subprime mortgage fiasco in the US has not affect house prices in the Bahamas. They are holding firm.

Lurker, was this in the budget debate? How'd you get the sip sip?
Does this mean that I can start house-hunting again? *fingers crossed*

Lurker, was this in the budget debate? How'd you get the sip sip?
Does this mean that I can start house-hunting again? *fingers crossed*

oooops .. shhhhhhhh :taped2:

Lurker, was this in the budget debate? How'd you get the sip sip?
Does this mean that I can start house-hunting again? *fingers crossed*
Yes it is in the budget.

i thought that the removal of the stamp tax for houses up to $500K was a celebrated hallmark of the recent budget, though?

Housing in the Bahamas has been inflated for some time. The mortgage meltdown in the US won't impact homes that were over-priced to begin with. People couldn't afford decent homes before the crisis and still can't.

...besides, why trust what Bahamian merchants have to say?? They feel omnipotent - charge what they feel and no accountability to the state.

Housing in the Bahamas has been inflated for some time. The mortgage meltdown in the US won't impact homes that were over-priced to begin with. People couldn't afford decent homes before the crisis and still can't.
...besides, why trust what Bahamian merchants have to say?? They feel omnipotent - charge what they feel and no accountability to the state.


Very well said. In the UK, the price of housing/real easteate have/is seeing the worst decline in decades. There is even the issue of buyers reneging JUST before closing in a sneaky effort to get desperate sellers to go down on the price.

Here housing/real estate is either the same or in some cases HIGHER!!

i thought that the removal of the stamp tax for houses up to $500K was a celebrated hallmark of the recent budget, though?

I wish I knew what the game was, when they stopped all the other programs, to start them up again under different names and titles. All the PLP/BDM have to do when they gain office, is call "Atlantis" "Oceana Atlantis"...call "Neighbourhood Policing" "Community Patrol Policing"...and so on and so forth. LOL.......like how Urban Renewal, is God knows what!
:bouncy:

But, in any event, to make sport of Lurker, our brand new economist. It seems as if he has positioned himself, as the information mauven. All the sip sip, government contracts, master of the economy....oh yes! Lets all run things through the all know it all skullduggery, and let him tell us what we need to understand!

Great one, Lurker. Position yourself to be the next PM of Canada, now!
:hammer: