The Abaco Islands have distinguished themselves over the last several decades in their capacity for stable and sustainable economic growth. In recent years, the combination of substantial government infrastructure investment, first-rate developments, a large, established second-home market, optimal private and public airlift, and some of the most stunning natural attractions the Bahamas has to offer, has led Abaco to become the fastest developing out island in the Bahamas. With the 2014 opening of the new Marsh Harbour International Airport and global demand for Bahamian property steadily increasing again since the recession, Abaco is well positioned for further development.
As the largest vacation home market in the Bahamas, and preferred location for master-planned community developments, real estate has become a fundamental industry in Abaco. Anchor developments have to a great extent been well-executed to date, contributing to sustainable growth on the island and furthering Abaco’s standing as a niche investment location. The Bahamian government has committed to ensuring that projects contribute to the long-term growth of the island by mandating that financial capability, environmental sustainability, and economic benefit serve as lynchpin requirements for their approval. In keeping with these stipulations, reputable developers have constructed anchor projects in Abaco designed as communities that are more lifestyle oriented and less environmentally intrusive. Featuring marina villages and championship golf courses, these developments are not only amenity rich, but offer a further quality of life through the convenience of mixed-use planning and environmental sensitivity.
Anchor developments Baker’s Bay at Guana Cay (Discovery Lands), the Abaco Club at Winding Bay (formerly Ritz-Calrton), and Schooner Bay Village at Schooner Bay are the primary models of distinctive communities that are fostering expansion in Abaco. Catering to the ultra high net worth, Baker's Bay Golf and Ocean Club maintained steady growth throughout the recession and continues to experience substantial investment. Also of particular note is the sustainable, mixed-use Schooner Bay Marina Village development in South Abaco, which received high praise from Prime Minister Hubert Ingraham as a benchmark for future ventures in the Bahamas. Longer-standing developments such as Treasure Cay Hotel, Resort and Marina, the Abaco Beach Club and Marina, as well as low-impact boutique developments in the Abaco cays have also established themselves as long-term contributors to growth on the island.
In the last decade, and particularly during the economic downturn, the Bahamian government invested substantially in the Abacos. In the years preceding the recession, the government electrified the mainland from north to south, constructed new highways, modernized sewage systems, installed fiber optic cable for telephone, internet and cable, erected cell phone towers, invested in a new port facility, and extended the Marsh Harbour Airport runway. In the last four years, the government notably constructed a new $100 million power facility, a new $39 million, 38,500 square foot International Airport, a new $12 million hospital, a new $20 million government administrative building as the first phase of a larger township plan that will also include a new fire station and police station, and recently broke ground on a new $41 million port facility in North Abaco.
As Abaco continues to grow, increases in visitor numbers continue to rise accordingly, while the large second home market maintains a vested interest in the health of the local community and economy. Beyond this, the population of Abaco has risen a remarkable 21% since 2001, with migration of Bahamians from overpopulated Nassau to growing Abaco contributing to the trend.
Abaco has the rare distinction of offering two international airports within 25 miles of one another, as well as an additional 4,500 foot air strip in South Abaco. The Marsh Harbour Airport is today the second busiest airport in the Bahamas, with more flights than any island other than New Providence (Nassau), the capital. (A private plane terminal also exists alongside the Marsh Harbour Airport.) To meet growing demand, Abaco has experienced significant increases in air traffic over the last several years, with larger planes and more flights announced by American Airlines, Gulfstream International Airlines (Continental Connection), Sky Bahamas, and IBC Travel. The opening of the new Marsh Harbour International Airport will only increase this trajectory.