In a country where most people earn just $50,000 per year, a top real estate agent in Bahamas said his client made $100 million in a year.
Hua Rong-Yee, who works as an agent at Bambang Property Management in the western suburbs of Bahama, said his clients’ salaries reached more than $100 billion in real estate sales in the past year.
His client made nearly $150 million a year and had made a net profit of more than 50 billion Bahamian rials ($3.9 billion) over the past six years, according to the agency’s annual report.
In Bahama’s most expensive real estate market, the Kuta market, Rong Yee said that in a typical year, about 1,000 properties in the area sold for $500,000 or more.
The Kuta is the most expensive residential area in Bahama and is the hub of Bahamians’ local economy, which includes the tourism industry and the entertainment industry.
In the city, a major artery for Bahamias’ tourism industry, the tourist board reports that the number of foreigners visiting Bahamia dropped to about 100,000 in the first quarter of the year, down from about 350,000 a year earlier.
The number of foreign tourists visiting Bahama dropped by more than 10 percent in the second quarter, down to about 80,000.
The real estate sector, however, was not affected.
The Baham Airports Authority reported that its domestic flights from the islands’ most popular airport, Baham, remained stable during the same period.
According to the Baham Tourism Department, Bahamas had a gross domestic product (GDP) of $1.8 billion in 2016.
The official figure is expected to be revised upward to $2.3 billion next year.
The Bambam Airways Authority reports that in the same quarter, the total number of Bahamas flights, which include commercial flights and domestic flights, reached 1.2 million.
The Bahamas International Tourism Council (BITAC) said that the economic impact of the economic crisis has not been measured, but that tourism and other economic activities are up by about 8 percent.
In recent months, the tourism sector has been struggling with a surge in new arrivals from China, a country which has been accused of discriminating against Chinese citizens and companies, and has imposed curbs on the country’s economy and business sectors.
Bahamas was the first country to pass a law in 2017 banning new business and investment projects in the country, which has also resulted in a decline in the number and size of hotels, motels and apartments.
According in the BITAC’s latest report, Bahama had 1,764 hotels and motels, down 6.6 percent from the previous year.
Bahama’s GDP, meanwhile, was down by nearly 4 percent to $1 billion last year, while its economic output in the city of Puntarenas, the main island of the archipelago, was up by 8.7 percent to 7.8 trillion Bahamis ($5.8bn).
Bahamas has become a popular destination for foreigners due to its pristine natural beauty and rich culture, but many locals, who are often poorly paid and live in overcrowded conditions, are also complaining of a lack of infrastructure and services.
Bahamians have also criticized the lack of government investment in the economy, with many pointing to the failure of the Bahama Development Corporation to deliver on its promises to boost tourism and economic activity.
The Economic and Social Council of Bahams, which is tasked with overseeing the countrys development, has warned that Baham is losing the confidence of foreign investors.
Bahamedia, which had its first-ever economic recession in 2005, was hit hard by the financial crisis, and its tourism industry has been hit particularly hard.
Tourism revenues in 2016 plummeted by 30 percent compared to the same year last year.