Leading Real Estate Broker Offers Unique Approach to Slowing Brain Drain: ‘Tie Graduation to Housing’​ | Bahamas Real Estate

A leading real estate broker today proposed a novel approach to slowing the brain drain to stem the tide of a growing number of Bahamians going abroad to study but not returning after they have completed their college or vocational training.

“Tie graduation with affordable housing,” says Mario Carey, CRS, CIPS, CLHMS.

“We have to ask ourselves ‘Why is it that so many Bahamians go away to study but do not come home when they graduate?’ Once we understand what is keeping them from returning, we will be able to address this very serious issue that is not getting the attention it deserves and could end up impacting the leadership of the future in politics, business, education and how we grow and compete with the rest of the world as a nation,” said Carey, president and CEO of Mario Carey Realty.

Carey admits there are numerous reasons Bahamians who get a taste of the outside world have less appetite for what they have at home.

“It used to be that there was not that much to do for a young, single person,” he said. “But the social scene is definitely improving with activities surrounding the visual and performing arts, all the concerts, the National Art Gallery of The Bahamas, the new clubs and restaurants opening up. It’s true that we don’t have a lively downtown at night but hopefully, that will change.”

Close on the heels of the ‘nothing to do’ sentiment, said Carey, is concern with job opportunity, but that, too, he believes has begun to turn around as sectors of the economy evolve and with the coming on stream of Baha Mar with thousands of jobs at all levels.

Now, he says, the 500-pound elephant in the room – “the issue staring us in the face but we are not seeing it” is housing.

“A Bahamian who has been to the States or Canada or the UK to study has had a taste of independence,” said Carey.

“Now they are coming back home where the housing options for someone just starting out are very limited. The most common scenario is that they move back in with the family, maybe even into the bedroom where they slept when they were in primary school.”

Carey says there is a better way.

“I propose that we create a fund which could be done in any number of ways – a joint venture, a public-private partnership, a clearing banks’ initiative with participating banks contributing – and that fund provides low interest loans with very affordable terms and closing costs for returning graduates,” he said.

“It makes so much sense. Good housing options give graduates an incentive to come home where their skills and knowledge are desperately needed. At the same time, it boosts the starter real estate market.

Statistics have shown repeatedly that for every house sold, three jobs are created. But the most important aspect is that by providing housing options – whether small space rentals or attractive loans for purchases – we can stem this tide of losing good people, smart, well-educated young people with promising futures. We do this for our athletes, why not for our graduates?

“This is one area where there is a remedy right before our eyes. If you could identify a cure for cancer, wouldn’t you want to ensure that it was available? This is similar.

We have a brain drain that we absolutely must plug if we are going to move forward and remain competitive. The cure is within reach, we can make it available. I hope that this idea starts the national conversation.” Tie graduation with affordable housing.

Carey founded MCR in 2008, crowning a career of more than 30 years in which he has been both a leading broker and outspoken contributor to issues surrounding the profession. MCR has agents or representatives in almost every populated Bahamian island.

One of only three percent of real estate professionals to hold a degree in real estate, Carey is also president of R.EA.C.H., the autism support and education organization.

Article on https://www.bahamaslocal.com/newsitem/111722/Leading_Real_Estate_Broker_Offers_Unique_Approach_to_Slowing_Brain_Drain_Tie_Graduation_to_Housing.html