Increase In Number Of Real Estate Transactions
For the third consecutive year, there has been an increase in the number of property transactions in Bermuda and it is the first time in 5 years that property transactions have climbed over 300, Coldwell Banker Bermuda Realty said.
In their July 2016 sales market update, the company said, “For the third consecutive year, we have seen an increase in the number of property transactions in Bermuda. Sales recorded by the Registrar General for 2015 are now listed at 302 properties, up from 250 in 2014.
“This is the first time in 5 years that property transactions have climbed over 300, with 2011 registering 331 sales. In addition total sales volume in 2015 was is $324,128,534, also up marginally from five years ago.
“So, what is selling and for how much? The average price of single family homes sold in Bermuda between January and December 2015 was $1,073,000; condo average price was $714,000 and land on average sold for $400,000.
“Single family homes represent 33% of this market; condos represent 27% and land represents 8%. While the percentage attributed to land may seem small, it is interesting to note this percentage has increased by 5% in the last 12 months.
“In the Previews luxury market, which represents the top 10% of the residential market, there were eight properties that sold in excess of $3.5+ million. Our records also indicate that there were sixteen commercial properties that sold at a total volume of $19,997,500.
“This figure includes office/retail buildings, commercial/residential combine buildings and warehouse/industrial buildings. We have reviewed sales data since 2009 and this is the highest number of commercial transactions recorded in the past seven years.
“While encouraged by the upward swing in the number of sales transaction, we still have a long way to go to get to a healthy sustainable real estate market.
“2016/17 will present some challenges as inventory levels begin to adjust and pent up demand slows. We will continue to monitor the real estate market and share information as it becomes available. For further details contact sthompson@brcl.bm.”
Damn, my rent will increase once my contract ends end of the year due to demand.
Anyone got a million dollars then can loan me without interest. lol
Foreigners are, perhaps, the rationale behind this increase.
Bermudians who are academically suited and qualified have been denied terrific jobs and are repeatedly being overlooked by foreign bosses. When will something fair be put in place so that Bermudians are appropriately employed. Bermudians should be able to have a great standard of living like others.
Stop unfair practices.Also, this oba government is aware of the bosses’ shortcomings towards Bermudians and absolutely refuse to do anything about the matter.FACT.
Provide proof to support your comments. Non Bermudians are prevented from buying property under a certain value and I will guess your comment is based on rumor, rubbish and false belief. Of course you may be right in which case for every non Bermudian buyer is a Bermudian seller greatly relieved they have managed to sell their overpriced piece of the rock.
By the way, the PLP were the Government when prices rose to astronomical levels. They were also the Government when they chased away non Bermudians who were paying inflated rents and caused a crash in house prices. Now houses are more affordable. You should be pleased.
How could
THERE BE DISLIKES.
WOW!! There are those, obviously, opposed to Bermudians GETTING AND SUSTAINING THE TOP JOBS.
IN OUR OWN COUNTRY, THERE ARE THOSE WHO WISH US THE WORST.
SAD!!!
there are dislikes becasue there are educated people out there who actually know what our policies actually are and don’t just believe what they read because they like the way it sounds… u fools make me sick
There’s dislikes because you just spew BS all day, provide some facts.
“Also, this oba government is aware of the bosses’ shortcomings towards Bermudians and absolutely refuse to do anything about the matter.FACT.”
Guess it’s a FACT because you say it is smh…lol too funny!
Because it’s a common refrain to hear that nonsense but when you go look for it on an individual level you virtually never find someone who has actually experienced discrimination as a Bermudian. What you tend to find is that there is more to the story and the Bermudian tends to be responsible for their lot in life.
@ OBSERVER…. What are you on about?
People in Bermuda want Bermudians to succeed. End of.
The PLP want to paint an emotional picture that some people in Bermuda don’t want Bermudians to succeed…which is absolute BS.
Just think about it for a moment…what happens if Bermudians fail ?????? Well that is not good for Bermuda as a whole and Bermudians as a whole is it, so why would anyone want that????….Guess what, they don’t.
BUT You and your PLP cohorts want people to believe Bermudians want Bermudians to fail…to believe in your LIE? Why
Good points Observer.
Election is not far off.
Oba to yoo oba…..
So I am Bermudian and all the Bermudians that I see that are unemployed are not suited for the jobs you describe. You also need to realize that these companies are here for a few reasons: They like Bermuda, it benefits them to be here, it benefits us to have them here, they and their employees spend a lot of money here…..what it is-is a symbiotic relationship sort of like the flower and the bee.
So rather than thinking of it in an envious “why not me” mentality think of international business as a branch of tourism (which it is) because they want to be in Bermuda, it benefits them, it benefits us and they love the people. They do not owe us any more than the tourist who walks down the street taking pictures and like the tourist they have other options.
my boi twanni is just as koalafied as dees foreigners… should have heard ya boy talking science after de jyant last night bie
I recently heard of a restaurant owner looking for kitchen staff. 25 Bermudians applied and 10 (who presumably qualified) were offered the role. All declined due to the hours/start time. If you are unemployed what else are you doing all day! The job of course was given to a work permit holder. When are unemployed Bermudians (who are employable – there are some who are not) going to be willing to put in the graft to move their life forward?
BTW before the abuse starts, I am Bermudian.
You are completely correct and I have seen this in my company.
I can’t work Friday sun darn to Saturday sun darn.
Can’t work May 24f or cop metch.
An I can’t make toim too good.
I don’t do de pots in de kitchen.
Some Bermudians just haven’t had it bad enough yet.
The increase in real estate sales and development are a direct result of the faith and confidence that investors have in the OBA Government who are stabilizing the economy by cleaning up the mess the PLP left it in.
The rejection of pathways had a negative effect. Bermudians just don’t get it. You can’t fix stooopid.
They are bragging that real estate sales are up from 250 in 2014 to 300 in 2015.
We used to do 600 a year. Bermuda real estate is far from recovery. It’s just dreams.
We had the land, Oba came…we closed our eyes mow they have the land..
If the People’s Lying Party get in, you will not be able to give a house away.
lol
Just one question. Is the increase in sales really indicative of an uptick in the economy or is the result of people leaving the island and deciding to sell while they can?