Jason Kinsale - First Time Home Buyers Exemptions and the Benefits of Immigration for Foreign Investors
Mr. Jason Kinsale, Principal of Aristo Development, spoke to Rotarians and guests of the Sunrise club of the notably major resurgence in the foreign market.
This resurgence in real estate, noted in western New Providence was attributed to some degree to Baha Mar. Mr. Kinsale stated that Baha Mar's effect on the real estate market is underestimated. He further noted that the demand for foreign labor for the resorts would present accommodation woes for the western area, admitting that many of the existing condominiums are sold out. While many Bahamians may have objections to the need for foreign labor, Mr. Kinsale, having a repertoire of developing, has experienced labor challenges in the construction industry and admits that foreign labor is necessary. . . But not preferred due to the costs involved.
While the Bahamas attracts foreign investors, he lamented that investors are being deterred by the lengthy process of purchasing a home in the Bahamas compared to other Caribbean countries. He termed the process, "unfriendly" and made a plea for the process to be revisited.
Despite the challenges that investing in the Bahamas present, Mr. Kinsale considers the market to be steady and foreign investing is aggressive. He also implored Bahamians to partner with investors.