Article first appeared in “New Resident 18/19” in March 2018.
Written by Penny MacIntyre
Read complete article: HOME A VISION FOR YOUR LIFE

Thanks in part to the positive impact of the 35th America’s Cup in 2017, new residents relocating to Bermuda will enjoy the benefits of investing in the island’s property market.
The rental market offers a variety of options suited for any island lifestyle. Renters can take their pick from a wide selection of available rentals. If location is key, each Parish offers a range of amenities – choose from centrally located or waterfront or find the perfect backyard oasis complete with a pool. Style can also be a consideration with options ranging from newly constructed, modern or classically maintained Bermudian interiors to everything in between.

The buyer’s market remains competitive as not all properties in Bermuda are available to international purchasers. Only those properties over a minimum Annual Rental Value (ARV) associated with condominiums or houses may be purchased. Whole ownership condominiums available to international purchasers range in price from US$450,000 to US$4.5 million. Most developments include amenities such as pools, tennis courts and may enjoy water views or even a beachfront setting. Based on current market availability at the start of 2018, the entry level home for the international buyer is at present starting at US$2.35 million.

All residential property bought by international purchasers requires a license to acquire from the government. This must be done via a local attorney of the purchasers’ choice and can take anywhere from three to eight months to obtain though presently averaging at approximately 6 months. Once granted, a licence fee (6 percent of the purchase price for condominiums; 6.5 percent for hotel/tourism properties; and 8 percent for private homes) must be paid by the buyer before closing. Legal and conveyance fees (approximately 5 to 7 percent of the purchase price) are generally shared equally by the seller and buyer. Future costs to consider when owning a Bermuda property are maintenance, annual property taxes and condo association fees (if applicable).

For those seeking the exclusivity of a luxury home, a wide range of new offerings are available such as the Villas at The Loren at Pink Beach in Tucker’s Town. Further developments including the St. Regis Bermuda on the east side of the island and the Ritz-Carlton Reserve’s Caroline Bay on the west side of the island make Bermuda an ideal opportunity for the discerning investor.

The Villas at The Loren at Pink Beach in Tucker’s Town, Smith’s Parish are currently under construction and are expected to be completed within the next year. These modern, two-storey, 4-bedroom and 4.5-bathroom villas will each enjoy a private pool as well as conveniences of the new internationally acclaimed boutique resort, The Loren at Pink Beach. Should owners decide to place their Villa into hotel inventory, each unit offers multiple unique lock-off capabilities. Each Villa features spectacular views, expansive balconies, an outdoor dining area, garage and gourmet kitchen. Villa residents can enjoy amenities including two restaurants, pool and a private club membership to enjoy gym, spa, concierge services and exclusive member events. 

We invite you to contact our experienced team of professionals at Rego Sotheby’s International Realty or visit us at our office, conveniently located on Front Street. We believe that your best life begins with a home that inspires you and we look forward to helping you find your dream island property.

*Bermuda Dollar is on par with U.S. Dollar

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The Sotheby’s International Realty network currently has approximately over 21,000 affiliated independent sales associates located in over 930 offices in 70 countries and territories worldwide. Each office is independently owned and operated.

For additional information visit the Rego Sotheby’s International Realty website, call
1-(441)-292-3921, email info@regosir.com, or visit us at our office located at 83-85 Front Street, City of Hamilton, Bermuda.