Bermuda's Realtors Expect To Attract Wealthy Foreigners

Royal Gazette

11 June 2001

This story is reproduced by kind permission of the Bermuda Royal Gazette at: http://www.accessbda.bm

As more luxury condominium units and residential units become available, Bermuda will become more and more attractive to wealthy foreigners looking for second homes, according to this year's survey.

The article, entitled "Luxury homes woo world's rich and famous", noted in particular the recent spate of high-end residential developments such as Tucker's Point on the site of the former Marriott's Castle Harbour Resort.

Realtor Cris Valdes-Dapena said the developments will provide Bermuda with a new residential product aimed at discerning buyers.

"We will be competing with Key Biscayne (in Florida) and Seven Mile Beach (in the Cayman Islands)," she told the FT.

According to the article, houses bought by international purchasers range between $16 and $42 million. Bermudians typically buy homes between $350,000 and $2.5 million.

However, while discussing the housing crunch, the article incorrectly stated that "buyers generally have to deposit a quarter of the purchase value up front", when in fact banks began offering 95 percent financing last year.

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