🇧🇲 Bermuda Real Estate — Property, Prices & Buying Guide

Foreigners can buy property in Bermuda, but there are certain restrictions and requirements that must be met.

Market Overview

The property market in Bermuda is characterized by high demand and limited supply, driving up prices in recent years. The market is dominated by residential properties, with a mix of apartments, houses, and condominiums. The urban areas, such as Hamilton and Pembroke, tend to be more expensive than the rural areas, where larger estate homes and farmhouses can be found. The current market conditions are stable, with a steady stream of buyers and sellers, and prices are expected to continue to rise in the coming years.

The trend in the Bermuda property market is towards luxury developments, with many new high-end properties being built in recent years. These developments often feature amenities such as private beaches, golf courses, and spas, and are popular with both locals and foreigners. The price trajectory of the market is upwards, with prices increasing by around 5-10% per year. The urban areas tend to be more popular with buyers, due to their proximity to shops, restaurants, and entertainment options.

The rural areas, on the other hand, offer a more relaxed pace of life, with larger properties and more natural surroundings. These areas are popular with families and those looking to escape the hustle and bustle of city life. However, the rural areas can be more expensive to maintain, due to the larger size of the properties and the need for more landscaping and upkeep.

Prices by Area

Foreign Ownership Rules

• Foreigners are allowed to buy property in Bermuda, but they must obtain a licence from the Ministry of Labour, Home Affairs and Housing.
• Foreigners can only buy property for residential purposes, and not for commercial or investment purposes.
• Foreigners can set up a Bermudian company to buy property, but this requires a minimum investment of $1 million.
• Foreigners must also obtain a permit from the Department of Immigration to live in Bermuda.
• Foreigners can only own one property in Bermuda, and it must be for their own personal use.

Buying Process

1. Research the market and find a property that meets your needs and budget.
2. Contact a real estate agent to arrange a viewing of the property.
3. Make an offer on the property, which must be accepted by the seller.
4. Apply for a licence from the Ministry of Labour, Home Affairs and Housing.
5. Obtain a permit from the Department of Immigration to live in Bermuda.
6. Conduct a title search to ensure the property is free from any encumbrances.
7. Hire a lawyer to review the sales contract and ensure everything is in order.
8. Complete the purchase and transfer the ownership of the property.
9. Register the property with the Land Registry.
10. Obtain a certificate of occupancy from the local authorities.

Rental Market

• The rental market in Bermuda is competitive, with many properties available for rent.
• Tenants have rights under the Rent Control Act, which regulates the amount of rent that can be charged.
• Typical lease terms are for one to three years, with a security deposit of one to two months' rent.
• Properties are often furnished, but unfurnished properties are also available.
• Renters must also pay for utilities, such as electricity and water, and may be responsible for maintenance and repairs.

Investment Tips

• Consider emerging areas, such as St. George's and Pembroke, which are seeing new developments and growth.
• Be aware of the risks of investing in a small island market, such as economic downturns and natural disasters.
• Consider hiring a property manager to handle rental income and maintenance.
• Research the local market and economy to ensure you are making a sound investment.
• Consider diversifying your portfolio by investing in different types of properties, such as residential and commercial.