Another realty company has come forward to say that Bermuda’s overseas luxury real estate market hit the skids last year — virtually drying up in the second half of the year.According to Coldwell Banker Bermuda Realty’s Luxury Home Market Update, the Island’s overseas luxury market (homes available to overseas purchasers) has not rebounded like comparative jurisdictions.“The second half of 2012 can only be described as noticeably underperforming relative to historic trends for Bermuda,” Brian Madeiros, president and CEO of Bermuda Realty wrote in the market update. “In fact, all the sales of property involved global purchasers occurred in the first two quarters of 2012 with practically no transactional activity for the remainder of the year.”Last week, Rego Sotheby’s International Realty president Buddy Rego also stated that there has been a significant decline in property sales volume overall, including in the luxury market.Conversely, Bermuda’s high-end competition, including exclusive North American coastal communities — particularly in Boston and New York — have cited significant increases in sales of luxury property, the report states. Both locations are where many of Bermuda’s overseas buyers hail from.In order compete globally, states Mr Madeiros, the Island “must critically assess whether or not we compete favourably from a global perspective”.The report puts a call out to the new government to make the “necessary policy changes” to help stimulate this sector of the economy.“During the last few years we have been invited to assist various ‘industry groups’ with a view to providing decision makers with robust market data and our informed opinion with respect to initiatives which will stimulate our underperforming real estate market,” said Mr Madeiros in a further statement to The Royal Gazette. “We anticipate that our collective recommendations will be presented to the new Government in due course with a view to subsequent policy changes.”Issues relating to the barriers to entry for overseas investors, from the complicated rules and regulations surrounding an overseas purchase to the high cost of a foreign buyer licensing fee, are just some of the issues realtors would like resolved.Currently the licensing fee is 25 percent for houses and 18 percent for condos and 6.5 percent in resort properties. Comparatively, the Turks & Caicos doesn’t have such a fee, a place that has seen home sales vault a reported 70 percent over the past year.While some progress has been made — relaxing some restrictions around homes that non-Bermudians can buy and the laws around non-Bermudian spouses needing a licence to purchase, however, realtors say that is not enough in order to compete with rival jurisdictions.“New policy must consider Bermuda’s role in the global environment as well as the impact of change on our Island home,” said Mr Madeiros.For more local real estate news, see The Royal Gazette’s Bermuda Homefinder on page 24.