Residential property booms in Hamilton – The Royal Gazette

Created: October 21, 2024 08:00

City center apartments such as Atlantis Dionysus 503 on Parliament Street are increasingly in demand among property buyers and renters (photo attached).

Hamilton’s residential real estate market is booming, with Coldwell Banker Bermuda Realty completing several multimillion-dollar sales over the past year.

This is stated in a real estate market report sent out by a realtor.

Coldwell’s Rochelle Swan wrote that people with significant cash reserves are expanding their real estate portfolios by focusing on properties that generate reliable rental income.

“While there are many benefits to owning multi-family detached homes, the required maintenance can be a major deterrent for some,” she said.

Apartments managed by homeowners’ associations were a more attractive option for some people because of their ease of maintenance.

The article shows that the majority of Caldwell’s city sales last year were one-bedroom apartments priced between $435,000 and $575,000, with rents successfully ranging from $3,500 to $4,500 per month.

Two houses on Sharon Lane, on the city’s western edge, sold for $1,395,000 and $1,485,000.

City apartments are especially popular among newcomers to the island – often single people or young couples who want to walk to work to avoid using public transport in a new country. Modern apartments, especially furnished ones, are also in great demand.

“The newly renovated one-bedroom apartment in the Atlantis building, equipped with all new modern furnishings, received multiple offers within two days of listing and rented above asking price,” Caldwell said.

In a previous interview with Royal newspaperColdwell Banker real estate agent Karen Breen said millennials are changing the real estate market.

“They don’t want to cut the grass or paint,” she said. “They are happy to pay their homeowners association dues. They happily lock the door when they leave and are not held accountable for anything. If they need anything, they will call the HOA.”

In 2020, she thought Bermuda would see more urban living develop in the next five years. She also thought more seniors would be looking to downsize.

Four years later, her predictions appear to have come true.

Urban residency is something that the government actively promotes. In March, the Senate passed legislation allowing people with disabilities to purchase residential homes in the city of Hamilton for the next four years. Amendments to the Economic Development Act of 2024 encourage residential investment in the city outside of the Economic Opportunity Zone.