For the ready, willing and able buyer, here’s what the 2012 Government Land Policy changes mean in simple terms.There are three significant affects:1. Bermudians are now able to sell to a wider market provided their homes meet criteria required to sell to non-Bermudians & PRC’s.2.Being married to a non-Bermudian no longer disadvantages a couple who formerly needed months for License approval to buy.3. Permanent Resident Holders (“PRCs”) can purchase homes with an ARV of $63,600 or over and any non-government sponsored condominium.These welcomed changes from Government have helped to increase opportunities for buyers across all price points.From a price of $7,850,000 for “Aquamarina” to a price of $675,000 for “Wellington View”, sellers have been given more opportunity to market their properties and buyers now have more opportunity in a wider market with more choice than they have had in many years.With the expiration of ‘the 2007 Act’ Bermudians can now sell properties, meeting the requisite criteria, to Bermudians as well as non-Bermudians.With this change the Bermuda Immigration and Protection Amendment Regulations 2012 raised the minimum Annual Rental Value (“ARV”) for houses from $153,000 to $177,000 but did not change the 2007 ARV threshold for condominiums remaining at $32,400.Today the number of houses available to international buyers is approximately 30 with prices starting at $3,500,000 and over 40 condominiums available starting at $550,000.These numbers are more reminiscent of the market over 5-10 years ago. There still remains the license fee attributable to international purchasers which is a percentage of the purchase price for each. Houses attract a 25% fee, condominiums 18% and those homes purchased in resort properties such as Tuckers Point attract a 6.5% license fee.The second amendment which actually came into effect September stipulates foreign spouses of a Bermudian are no longer required to obtain a License for their first home but do for additional properties.The original licensing requirement added considerably to the time required to close on property transactions and adversely impacted both sellers and buyers. These buyers may now compete with Bermudian families in the marketplace as before.Last but certainly not least, the ARV changes for PRCs has made it easier for PRCs to be able to get into the market with approximately 80 homes available starting at $975,000 and approximately 190 condominiums starting at $350,000. This marked change allows PRC holders to purchase virtually the same properties as Bermudians in the condo market and many of the homes in the stand alone residential market.PRC holders are also subject to licensing fees as applicable to international purchasers of property.In today’s market, interested buyers now have over 200 homes to choose from with approximately 30 available to international buyers and approximately 80 to PRCs.There are over 240 condominiums with approximately 40 available to international buyers of which 80% are available to PRCsThe changes in real estate policy this year have been critical in re-establishing lost confidence in the long term value of Bermuda real estate.This week’ls column is provided by Rego Sotheby’s Intl Realty.