Business Insider/Simon O’Brien (UK, 2nd September 2018) A report published in the Bermuda real estate agency’s monthly newsletter suggests that sales of real estate in the country have fallen by more than 30% in the last decade.
The report, released this week, has prompted a public inquiry into the state of the real estate sector in the Caribbean country.
According to the report, a recent property crash in Bermuda has seen sales plummet by a staggering 90%.
The downturn was particularly severe in the year ending December 31, 2016, when sales in the realestate sector plunged by 90%.
In comparison, the year ended December 31 last year saw sales of over $1.2 billion.
The average price of a house in the island’s biggest city, Port Royal, fell by over 60% from a year earlier, from $1,924,800 to $1)1,897,000.
“Sales have been declining across the realty sector,” the report states, “and are at the lowest levels since 2007.”
The Bermudas property market is in a death spirals and the country is experiencing a housing crisis, the report says.
The country is currently in a severe housing crisis and has seen a sharp drop in sales, particularly in the property sector, the realtors say.
“We are seeing an unprecedented decline in sales in many areas, including the property market,” the realtor group told Business Insider.
“The decline is concentrated in areas in the capital, where the median sale price was $2,842,000 in 2016, and it is now $1 $1 ($1,096,000) in 2017.”
The report adds that the overall decline in real estate sales has been driven by a number of factors, including a slowdown in the population growth, which has seen the number of young people leave the country.
“It has been a trend that has been ongoing over the past few years,” the director of Bemex, the countrys real estate agent group, told Business Update.
“People are leaving the country for a variety of reasons, and they have decided to stay for the longer term.”
A lack of young and healthy population A lack in the number and number of healthy, mature, and healthy young people has been blamed for the decline in the sales of Bermuda realtor, Mr O’Neill.
“In the last few years, the average age of the population has been increasing and we have seen a large number of people who were born before 1975 come out of retirement, which is really a concern,” Mr OʼNeill told Business News Today.
We are seeing a huge increase in the aged population. “
I think that’s a major factor behind the decline.
We are seeing a huge increase in the aged population.
The real estate agents say that they are working to reduce the number from around 1,000 to 500 people by 2020, which would see the average price rise from $3,000 a year to $5,000 per year. “
As a result, we’ve seen an increase in health conditions.”
The real estate agents say that they are working to reduce the number from around 1,000 to 500 people by 2020, which would see the average price rise from $3,000 a year to $5,000 per year.
However, they warn that the number will not be reduced to 1,500 without significant efforts by the government and the industry to reduce its population.
The decline in activity “is due to the lack of investment in infrastructure and infrastructure development, which means that we’re not getting new homes in, or the construction of new homes, which are needed to create more affordable housing,” said Mr Oẽnney.
“That’s a very significant issue and one that we need to address.”
In fact, the Bermuda Government has announced a series of measures to address the housing crisis including building 200,000 new homes by 2020.
“Our Government has invested in building a new housing stock that will allow us to create new homes and homes of quality for people to enjoy,” said the Minister for Housing, Development and Planning, Richard OʹConnell.
“However, there is still a huge amount of work to be done, especially in terms of the infrastructure and the maintenance of existing homes.”
The property agent group also said that the current shortage of affordable homes in Bermuda is due to “a lack of confidence in the Government’s ability to manage the growth of the country”.
“We’re seeing an increase of property vacancies and it’s a real issue, especially because the government is very reliant on private development,” the group’s director of operations, David OʾDonnell, told News24.
This will have an impact on the quality of the rental market and on the number, and quality, of new properties