In 2021, the Bermuda government updated its policy on how people from overseas can buy property. Since then, there has been a rise in demand, with more people looking to purchase their own heavenly getaway on the island.
Are you one of those people? If so, you’re probably interested to know more about Bermuda property prices, the different areas you could purchase a property and the property types on offer.
In this blog, we’ll answer all of your questions to help you take one step closer to buying the Bermudian property you always dreamed of.
- The Most Desirable Locations to Buy Property in Bermuda
- The Different Property Types Available
- Have You Considered Bermudiana Beach Resort, Tapestry Collection by Hilton?
The Most Desirable Locations to Buy Property in Bermuda
Bermuda is home to nine parishes — each of them is its own little pocket of paradise. The quaint views, relaxed atmosphere and abundance of things to do means they’re all attractive locations to purchase property in their own right.
Depending on your budget and what you want from the property and its surroundings, you may gravitate towards some parishes more than others. Here’s a quick breakdown of each of them:
One of the smaller parishes on the island, Devonshire features some stunning hotspots, including Devonshire Bay. Property prices start at around $250,000 and is a popular area for people to purchase property due to its proximity to the sea.
Unrelated to the city of Hamilton, this parish is home to an array of natural wonders such as Shelly Bay and Crystal Cave. Depending on the type of property you want, prices can start in the region of $200,000 and reach up to around $6 million.
Paget is a centrally-located parish in Bermuda, meaning you can travel to different areas of the island. Some of the most popular destinations in this parish include Hamilton Harbor and the well-known Elbow Beach. For smaller properties, prices can start in the region of $80,000. However, prices can rise to over the $1 million mark for larger and more luxurious properties.
Pembroke is also centrally located on the island and surrounds the city of Hamilton on three sides. This means you’re a stone’s throw away from the capital’s vibrant atmosphere and have beauty spots on your doorstep, such as Spanish Point. Typically, properties are expensive in this parish. However, for smaller properties, prices can start at around $150,000.
Referred to as the West End, Sandys is the most northern parish on the island and has a population of around 8,000. Covered with stunning spots such as Cathedral Rocks, property prices begin in the region of $180,000 and can rise to the millions.
Close to the sea with plenty to see, Smith’s is home to one of the island’s most stunning hotspots — John Smith’s Bay Beach. Property prices are more expensive in this parish and start at around $600,000.
Steeped in history, Southampton occupies all of the western part of the main island. The Turtle Hill Golf Club lies in this parish and many seaside spots, including Horseshoe Bay and Church Bay. Depending on your budget and need for space, properties can be purchased in the region of $200,000.
Technically, St. George’s includes the island of St. David’s. However, this is often considered a separate entity among locals. It’s home to Tobacco Bay and Castle Harbour. Property prices begin in the ballpark of $150,000.
Located around 20 minutes from the capital, Warwick is famous for its spectacular South Shore beaches, including Warwick Long Bay and Riddell’s Bay. Considered to offer higher end real estate, property prices in this parish start at around $450,000.
Now you have an idea of the locations you could potentially purchase your second home — but what types of properties are on offer?
The Different Property Types Available
International buyers can purchase two types of property. Of course, people want to purchase a property for their own reasons. Some are looking for a second home; others are considering investment opportunities.
It has been necessary to establish policies that control the types and number of homes eligible for purchase by Non-Bermudians to preserve most of the housing supply for the Bermudian population. Therefore, the two types of properties available to purchase are:
- Freehold Houses and Estates with a minimum qualifying Annual Rental Value of $126,000.
- Condominiums with a minimum qualifying Annual Rental Value ('ARV') of $25,800.
You may have already started to research the benefits of owning a condo. A more affordable option that provides plenty of rental opportunities, these types are becoming more popular for people looking to purchase property in Bermuda.
If this is a potential avenue for you and something you’re considering, the opportunity at Bermudiana Beach Resort, Tapestry Collecion by Hilton is something you should know about.
Have You Considered Bermudiana Beach Resort, Tapestry Collection by Hilton?
Located in Warwick Parish, overlooking the turquoise ocean and just a short ride from world-leading golf courses and breathtaking beaches, Bermudiana Beach Resort will be home to 94 vacation condos — fully serviced by Hilton. This resort is set to be one of the island’s most exciting projects in years. The best part? You could own your dream home there.
To give you a taste of what’s on offer and how our properties compare in price to other spots around the island, here’s a breakdown of the types of condos for sale:
Allamanda is a 3-bedroom, 3-bathroom property that features a ‘lock-off’ system enabling you to split the condo into two separate dwellings. Sleeping up to eight people, this condo also comes with a 160 sq. ft. garden terrace and prices start at $825,000.
Buttonwood has two bedrooms and two bathrooms, sleeping up to six people. It also boasts a full kitchen, living room and dining area and can be purchased for a starting price of $614,000.
Coralita is a 1-bedroom condo that sleeps four people in either the impressive bedroom with a king-sized bed or the sofa bed in the sitting area. It has a fully equipped kitchen and prices start at $459,000.
Periwinkle is a studio condo with an open-plan bedroom/sitting area, a fully equipped kitchen and an Italian-tiled bathroom. To purchase one of these properties, prices start at $412,500.
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