Fractional Ownership Makes The Dream Of Having A Home In Bermuda Possible

Considered tourism properties, these new residence clubs are not affected by the same government restrictions making fractional ownership the hottest real estate trend to hit Bermuda.

Bermuda offers an exceptional location, beauty, climate and history, and enjoys the highest per capita income in the world, more than 50 percent higher than that of the U.S. No wonder sophisticated Americans dream of owning a beach vacation home in this little island paradise. Traditionally only available to the super-wealthy, owning a dream vacation home in Bermuda has become possible for a whole new set of travelers owing to the development of fractional ownership.

It is best for buyers to purchase their residences during the earliest phase, as there is typically a 30+ percent price increase between the first and final phases.

With only 12 homes for sale starting at $4.8 million and 10 condos with an average price of $2 million on the market, real estate opportunities are limited and virtually unattainable for most, according to Rego Sotheby’s International Realty.

A Bermuda government policy severely restricts the amount of real estate sold to foreigners, thus drastically limiting the amount of available island property. Considered tourism properties, these new residence clubs are not affected by the same government restrictions making fractional ownership the hottest real estate trend to hit Bermuda.

“Right now there’s an incredibly limited supply of very expensive, full-ownership real estate in Bermuda,” explains Buddy Rego of Rego Sotheby’s International Realty. “And these island homes cost on average $1,000 per square foot. So a 3,000 square foot home sells for around $3 million. As a result, luxury residence club homes, which sell at a fraction of the cost, are becoming increasingly popular. They are being bought by people who want to enjoy Bermuda resort living, but don’t want the multi-million dollar price tag.”

Read The Full Timeshare News Story At The Timeshare Blog