Bermuda tops world real estate list
HAMILTON – Bermuda has topped a world list of 20 islands for investment in real estate.
And the island has the highest concentration of property ownership by the super-rich – those with more than US$30 million outside the United States.
And housebuyers are prepared to pay a premium for a piece of the rock – the survey said that the price of a typical four-bedroom home in Bermuda is US$4 million – more than double the cost of a similar home in The Bahamas, which also makes the top five in the list.
The report – by Deutshe Asset & Wealth Management, real estate firm Savills and luxury property developer Candy & Candy – said: “Of the US$56 trillion pool of wealth held by the world’s super-rich families, 25 per cent of their investment portfolio is dedicated to real estate – much of which is return-generating for family offices and high net worth individuals.”
Penny MacIntyre, executive vice-president at real estate firm Rego Sotheby’s International, said the firm dealt with a steady stream of enquiries from wealthy overseas buyers.
She added: “We get asked this every day and more so in the last four months. We’ve had business owners and decision makers from around the world, particularly New York, the east coast and London, inquiring about property and moving their business here.”
MacIntyre said: “Bermuda affords people a great life-work balance and it’s so close to the east coast.”
The report – which also placed Caribbean islands like the British Virgin Islands, Antigua and The Bahamas in the top five – said islands close to the “huge wealth-generating market of the US” were most attractive, although the Channel Islands was the third most popular destination for the very wealthy. (Royal Gazette)