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Engel & Völkers Bahamas 2019! Engel & Völkers Bahamas! 2019 VACATION RENTAL REPORT BAHAMAS.EVFINEHOMES.COM Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! Contents 2 – Introduction 3 – Total Units 4 – Bahamas Rental Occupancy Rates 5 – Bahamas Average Daily Rates 6 – Bahamas Average Annual Income 7 – Eleuthera Occupancy Rates 8 – Eleuthera Average Daily Rates 9 – Eleuthera Annual Income 10 – Eleuthera Average Bedrooms & Guests 11- Abaco Occupancy Rates 12- Abaco Average Daily Rates 13- Abaco Annual Income 14- Abaco Average Bedrooms & Guests 15- Grand Bahama Occupancy Rates 16- Grand Bahama Average Daily Rates 17- Grand Bahama Annual Income 18- Grand Bahama Bedrooms & Guests 19- Developing Islands Bedrooms & Guests 20- Top Performers 21- World Class Marine Environment Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! INTRODUCTION The vacaon rental industry has seen tremendous growth over the past 20 years and many experts predict that by 2020 it will surpass the tradi(onal hotel room. Goldman Sachs data showed. "We find it interesng that people 'do a 180' in their preferences once they use P2P (peer to peer) lodging. They move directly from preferring tradional hotels to preferring P2P accommodaons.” An internal study by a Washington State based company, Seale Oasis Vacaon Rentals revealed that 52% of visitors "would NOT have even come to Seale if vacaon rentals were not an op(on." These represent trends that are beginning to impact the world's greatest des(naons. In The Bahamas, the Central Bank’s March 2019 report revealed, “Preliminary indicators for the short-term rental market in January were also improved, as data from AirDNA showed a 37.0% advance in total booked lis(ngs, relave to the same period in 2018, with gains in both en(re place bookings (34.9%) and private room bookings (44.9%). Meanwhile, the ADR for hotel comparable lis(ngs- which is more comparable across periods- firmed by 5.0% to $142.40; however, the ADR (average daily rate) for en(re place lis(ngs decreased by 1.7% to $330.35. A breakdown of the short-term rental data, revealed that the dominant New Providence market noted gains in both the en(re place and private room bookings, of 23.7% and 25.8%, respec(vely; although increased compe((on contributed to the decline in the respec(ve ADRs by 9.0% and 2.1% to $266.46 and $118.18. Away from the capital, the majority of the lis(ngs relate to the en(re place category. In Exuma, the inventory for this segment rose by 43.8%, while the associated ADR firmed by 19.0% to $406.0. Similarly, in Abaco and Grand Bahama, en(re place lis(ngs advanced by 32.7% and 50.0%, respec(vely. Conversely, the ADR for Abaco and Grand Bahama contracted by 26.6% to $264.49 and by 5.8% to $171.01, placing them at the more affordable end of the spectrum. DATA DRIVEN – The purpose of this report is to provide the Bahamas real estate industry comprising renters and owners, buyers, sellers, developers, lenders, agents and its associate professionals with a baseline study of the vacaon rental market in the Bahamas. The informaon in this report is extracted and analyzed from AirDNA which is comprised of rental data from Homeaway and AirBNB. Over 4,200 proper(es comprising of the en(re home have been used in this report and it is important to note that NOT ALL vacaon rentals in The Bahamas are reported through AirBNB and Homeaway however at the present (me this is the most centralized public data system of which to comprise a market report. The key data extracted for this report for all transac(ons are average daily rate, monthly occupancy rates, annual income, average bedrooms and average guests per rental. Disclaimer: Engel Völkers Bahamas makes no statement, representaon, or warranty and assumes no legal liability in relaon to the accuracy, context or suitability for any purpose of the informaon provided through use of the 2019 Vacaon Rental Report. Distribu(on of this report or the content herein is not permiAed without the prior wriAen consent of Engel & Volkers Bahamas. Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 2 Total Units In Report 1600 1400 1200 1000 800 600 400 200 0 Nassau/PI Exuma Eleuthera Abaco Cat Island Grand Long Island Bimini Berry Islands Andros Bahama Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 3 Bahamas Average Rental Occupancy Rates 80% 70% 60% 50% 40% 30% 20% 10% 0% Nassau/PI Exuma Eleuthera Abaco Cat Island Grand Long Island Bimini Berry Islands Andros Bahama Average Rental Occupancy (percen(le) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Nassau/PI Exuma Eleuthera Abaco Cat Island Grand Long Island Bimini Berry Islands Andros Bahama 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 4 Bahamas Average Daily Rates (ADR) $600 $500 $400 $300 $200 $100 $- Nassau/PI Exuma Eleuthera Abaco Cat Island Grand Long Island Bimini Berry Islands Andros Bahama ADR (percen(le) $1,400 $1,200 $1,000 $800 $600 $400 $200 $- Nassau/PI Exuma Eleuthera Abaco Cat Island Grand Long Island Bimini Berry Islands Andros Bahama 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 5 Average Annual Gross Rental Income $100,000 $90,000 $80,000 $70,000 $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 $- Nassau/PI Exuma Eleuthera Abaco Cat Island Grand Long Island Bimini Berry Islands Andros Bahama Average Annual Income (percen(le) $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- Nassau/PI Exuma Eleuthera Abaco Cat Island Grand Long Island Bimini Berry Islands Andros Bahama 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 6 Eleuthera Occupancy Rates 70% 68% 66% 64% 62% 60% 58% North Central South Spanish Wells Harbor Island Eleuthera Occupancy (percen(le) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% North Central South Spanish Wells Harbour Island 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 7 Eleuthera Average Daily Rates $600 $500 $400 $300 $200 $100 $- North Central South Spanish Wells Harbor Island Eleuthera ADR (percen(le) $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $- North Central South Spanish Wells Harbor Island 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 8 Eleuthera Average Annual Rental Income $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- North Central South Spanish Wells Harbor Island Annual Income (percen(le) $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- North Central South Spanish Wells Harbor Island 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 9 Eleuthera Average Bedrooms and Guests 8 7 6 5 4 Avg. Bedroom Avg. Guests 3 2 1 0 North Central South Spanish Wells Harbor Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 10 Abaco Occupancy Rates 80% 70% 60% 50% 40% 30% 20% 10% 0% North Central South Hope Town Green Turtle Cay Abaco Occupancy Rates (percen(le) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% North Abaco Central Abaco South Abaco Hope Town Green Turtle Cay 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 11 Abaco Average Daily Rates $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $- North Central South Hope Town Green Turtle Cay Abaco ADR (percen(le) $3,000 $2,500 $2,000 $1,500 $1,000 $500 $- North Central South Hope Town Green Turtle Cay 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 12 Abaco Average Annual Rental Income $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- North Central South Hope Town Green Turtle Cay Abaco Annual Rental Income (percen(le) $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- North Central South Hope Town Green Turtle Cay 50% 75% 90% Engel & Völkers Bahamas! P.O. Box SS-6481, #1 Bay Street, Nassau, The Bahamas! Bahamas.evfinehomes.com | [email protected] | +1 242 328 7777 ! 13 Abaco Average Bedrooms and Guests 7 6 5 4 Average Bedroom 3 Average. Guests 2 1 0 North Central South Hope Town Green Turtle Cay Engel & Völkers Bahamas! P.O.
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