Buoyant Bermuda

Article by Luke Thomas from Abode 2 - The No.1 Google Ranking Luxury Property Magazine

The Bermudan government recently laid out its National Tourism Plan, and with plenty of exciting developments on the horizon, now could be a great time to invest in the idyllic isles. Luke Thomas, editor at Abode2 Luxury Property Magazine investigates. 

The tourism sector is always ripe for investment, and it’s never a better time to do so than when a hotspot is looking to invest in itself, so Bermuda’s new National Tourism Plan should be a green light for eager investors to start considering the stunning location.

The plan which lays out goals through the year 2025 has set an acronym, AGILITY, to cover what Bermuda calls its seven pillars: awareness and relevance; “greener”; infrastructure; local involvement; innovation, teams and groups and year-round.

The strategy will include developing “relevant packages” for different kinds of getaways, developing an events business, attracting the yachting sector and improving cruise calls, among other initiatives.

Bermuda is also targeting two categories of U.S. cities as source markets for growth: classic locations like New York, Boston, Washington and Philadelphia, and new “nurture” markets like Baltimore, Hartford, Atlanta, Chicago, Dallas and even San Francisco.

To achieve its goals, six key “success indicators” have been laid out through 2025: for tourism to contribute $1.2 billion to the island’s Gross Domestic Product; that 30 percent of visitors to the island will come from airlift; for more than 56 percent of leisure arrivals to come during the September-May period, typically the low season in Bermuda; for more than 8 percent of visitors to be African-American; for more than 83 percent of travellers to want to recommend Bermuda to family and friends and for more than 70 percent of residents supporting the development of tourism.

“Our government believes Bermuda’s greatest asset is its people. That belief underpinned the inclusive approach of the Bermuda Tourism Authority and the Government – embracing the knowledge, wisdom and experience of the country in the creation of a plan that will shape the next phase of Bermuda’s tourism revitalisation,” said Jamahl Simmons, Bermuda’s Minister of Economic Development and Tourism.

“This is purposefully designed to be Bermuda’s plan, not the Bermuda Tourism Authority’s plan,” said Paul Telford, BTA Chairman. “The team gathered input from a variety of voices outside of our organisation – supporters and detractors – to ensure the plan represents the views of as many people as possible because we know Bermuda needs everyone’s buy-in to make the plan successful.”

These developments could mean exciting times for new and current investors who may find that they are soon able to rent out their properties to tourists during the typical down season of September - May.

For the executive summary of the plan, visit https://www.gotobermuda.com/

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