Bahamas property slowing down

According to the latest economic reports out of the Bahamas, the economy there is slowing significantly.

Reports indicate that a slow down in the Bahamas economy is happening, with a further slowdown likely. This is according to the Central Bank's Monthly Economic and Financial Development report.

The report indicates that some of the worst signs of weakness are those coming from the tourism industry as well as the construction industry which have traditionally been an essential part of the country's economy for some time.

The tourism industry saw a drop in the number of visitor arrivals over 2007. Numbers showed a 3.8% decline there, which is an estimated 0.18 million. The drop took the tourism industries visitor number to 4.14 million.

Several things may have caused the country to experience a slowdown, including the high cost of oil as well as the risks of a prolonged slowdown in the United States economy (the Bahamas obtains many of its tourists from North America). Additionally this will have an affect on the real estate sector as companies are unable to see profits from buy to let opportunities.

Evan with a slow down predicted, the Prime Minister Hubert Ingraham addressed members of the Latin Builders Association and urged them to continue to look into the Bahamas's building opportunities. He encouraged them to seek out the many opportunities for investment still available.

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