Is a Major Economic Boom Coming to Eleuthera?

Above: Bahamas Prime Minister Perry Christie at the recent Eleuthera Business Outlook

By the Caribbean Journal staff

The Bahamian island of Eleuthera is on track for a “major economic boom,” according to Bahamas Prime Minister Perry Christie.

Christie said the “impending” boom could be tied to the island’s burgeoning second-home market.

“In terms of tourism development, the economic model of mainland Eleuthera is still evolving,” Christie said at the recent Eleuthera Business Outlook conference. “The Ministry of Tourism’s records reveal that with 376 second homes actively engaged in short-term rentals, the islands of Eleuthera and Harbour Island are out paced only by Abaco in the Bahamian home rental market.  Of that number, 290 are located on mainland Eleuthera, with seventy-five percent of these homes located in the settlement of Governor’s Harbour.”

The island is also slated for a boost thanks to a recently-signed Heads of Agreement paving the way for a new Four Seasons resort on the island.

“Last week’s signing of a Heads of Agreement between the Government, Cotton Bay Holdings & Mine Holdings Limited concludes a 20-year-old vision and the determined effort of my Government with the principals of those companies to develop and operate what will become the Four Seasons Resort at Cotton Bay in Rock Sound, Eleuthera, a five-star branded resort,” Christie said.

Christie said the growing home and home rental market, coupled with the island’s existing 28 hotels, would “undoubtedly accelerate consumer demand for a plethora of commercial and retail enterprises to service this sector.”

That would mean more cafes, retail shops, food stores and the like, he said.

“These would satisfy pent-up demand for more vacation experiences from consumers, and Eleuthera is, now, certainly poised to provide these kinds of economic opportunities for its young entrepreneurs,” he said.