An official from Mentore/ Singh Realty on Middle street says there are simply more houses on the market than there are buyers.

One of the key factors behind this is migration since those leaving are seeking to liquidate their assets for a new life abroad.

But this is not so easy to do. Harry & Sons Realty at Charlotte and King streets says the market is slow, with few takers and more houses coming up for sale.

The situation is further complicated by commercial banks foreclosing on homeowners who already have their property up for sale. Officials from the agency also say that recovering their 3% commission after a property is sold, is sometimes difficult. Ten per cent of this commission goes toward the government as a service tax.

But another real estate agency feels migration is not the real problem since many are returning. "We are not getting nice bargain houses," this realtor argues.

If homes valued at $8 million become available, he says, they would sell like hot cakes. "With all the migration, where are all of these ($8 million) houses?" he asks.

Part of the problem, realtors say, is that buyers want homes closer to the city or in the city because of the proximity to the business centre. Crime on the East Coast and roadwork on the East Bank have made those areas less attractive.

This is borne out in choice areas such as Queenstown where prices have remained relatively stable for homes.

Claude Raphael, of Raphael's Realty at Bourda, describes the real estate business as unpredictable and influenced by swings in the social and economic atmosphere in the country.

He sees migration in the light of whether or not this makes more homes available at an affordable price because acquiring a property even on a middle class income is often difficult. He argues that sellers who are migrating often hold out for the very best price for their homes and refuse to negotiate.

Anthony Reid, of Tony Reid's Realty at Garnett street, says with migration prices are lowered in the short term, but in the long run those who migrate return and purchase properties. Reid does not feel that migration is having a negative impact on the realty sector. In his view there are ample buyers and sellers.

He says Reid's Realty is on a big home-ownership drive by working with large landowners and land developers to provide low, middle and luxury homes.

"[We plan to build] homes for all levels of consciousness," he says. "Business is excellent [and] it is getting better," Reid says, adding that his agency likes to look on the positive side of everything, so it ignores crime.

But to sell commercial properties is even more difficult, because of lingering crime concerns by investors.

"I personally have lost a few (commercial sales) because of crime. Crime has affected us a lot, quite a lot," says Reid.

If crime was not an issue he says his agency could sell commercial properties ranging from $60 million to $100 million every three months.

Companies which can afford to buy commercial properties shy away from high risk areas, even at low prices.

Mentore/Singh Realty has a 10% or zero sale rate for commercial properties compared to residential sales which has a sale rate of 40%.

"Commercial business is dead," said that agency, noting that the long-term future barely looks brighter.

And Raphael, says the crime situation makes it difficult to sell properties in Buxton and beyond, with persons choosing to purchase property with Plaisance the cut off boundary.

Renting

Independent homes or those in their own compounds are often rented for a higher price than a bottom or upper flat, Mentore Singh Realty says.

The agency will rent a two-bedroom or one-bedroom apartment for $30,000 a month depending on the location with a two bedroom going for as much as $50,000.

The official says their professional clients often do not argue with their rental prices and tourists who visit during festive periods such as Mashramani, also find the rents calculated in US dollars) favourable.

At Harry and Sons realty, a Kitty/Campbville two-bedroom apartment is marketed between $30,000 to $35,000 and a Bel Air Park apartment $60,000 to $75,000. Officials from Tony Reid's Realty explain that their rentals range from $40,000 and can go as high as US$5,000.

One realtor notes that for apartments $35,000 and down there is quite a large demand but the supply is not there and for apartments $35,000 and up the demand is low due to the price.

Another realty official explains that apart from seeking the rental or sale services of realtors many home- owners are not asking for property management services. This official noted that home- owners who are migrating prefer to let relatives manage their homes.