December 2021 Bermuda Luxury Market UpdateArticle by Coldwell Banker Bermuda Realty
Overview of Luxury Sales in Bermuda in 2020: 209 properties sold islandwide in 2020, with 89 of them single family homes and duplexes. Of these sales, the top 10% were $2.5M+ which accounted for 9 luxury homes. 58 condos sold island-wide in 2020. The top 10% of luxury condos were $1.135M+ which accounted for 6 luxury condos.
Overview of Luxury Sales in Bermuda in 2021 so far: Our market intelligence indicates there are approximately half a dozen luxury standalone homes currently under contract with a total list price value around $20M. Current inventory available to international buyers is now 17 properties (which is back to 2008/10 inventory levels). In 2015, there were about 45 homes on the market available to overseas buyers.
Processesing on Land Holding Licenses: We are pleased to see that the Government’s changes to the Land Holding License application process has resulted in much improved efficiency. Previously the turn around time has been 4-6 months, however our agents involved in recent transitions with overseas buyers have noted some applications have been processed in 8 weeks.
Market Intelligence Snapshot - Luxury Condominiums: During 2021, our Coldwell Banker agents have been involved in several luxury condominium transactions, namely in central and eastern parishes with the highest sale price recorded at $3.8M. We have also been busy with the Luxury condominium development, Rosemont City Place, closed a sale this month and will have placed another one of these executive condominiums under contract in the next week.
Market Intelligence Snapshot - Luxury Homes: The luxury standalone home market is still active and we are looking for luxury homes to satisfy demand from our qualified and pre approved buyers. Of particular interest to our buyers are waterfront homes, both beach front and homes with deepwater docks. If you are interested in selling and would like to know more contact us. The luxury market up to $4,000,000 has been well represented by Bermudian, PRC and Belonger buyers and the market is still very robust.
Economic Investment Certificate Initiative: We are pleased to have assisted overseas buyers who have expressed interest in the Bermuda Government’s newly introduced Economic Investment Certificate Initiative. This is great news as it relates to Bermuda’s economic growth strategy. Call us if you are interested in obtaining more information or wish to explore this opportunity.
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