At least $35 million worth of luxury homes has sold in Bermuda in just the first six months of the year.And $40 million more worth of high-end real estate is reported to be under contract.This according to a new market update by Coldwell Banker Bermuda Realty Ltd, which noted more multi-million-dollar properties have sold in Bermuda so far this year than all of last year and all of 2009.The sales represent millions of dollars worth of annual revenue to the Government, given the now 25 percent cost of a licence for a foreigner to acquire a home in Bermuda, plus the one to three percent stamp duty, legal fees and land taxes due.“Although the momentum of recovery in the local sector of our market remains relatively obtuse, the first six months of 2011 have produced a very different result with specific reference to the very high end of our residential market,” said Brian Madeiros, president and CEO of Coldwell Banker Bermuda Realty.“Our market analysis indicates that approximately $35 million of residential property with ARV’s exceeding $153,000 sold in 2011 already with another $40 million reportedly under contract and expected to close some time this year.“This represents a significant increase in activity over the years 2009 and 2010. We anticipate that year end results will culminate in a total sales volume which equate to the peaks of our best years 1998, 2005 and 2008 with approximately 75 percent of the homes being purchased by non-Bermudians.”Coldwell Banker Bermuda Realty compiles data based on official information gathered from public record at the Registrar’s office.The company added: “Comparatively, in 2011 we are currently aware of four property transactions which is twice as many as that recorded in 2010.“The increase in sales is primarily attributed to improved confidence in overseas markets with the majority of buyers in this segment originating from outside of Bermuda at this time.“However, availability of inventory in Bermuda does play a role as well based on the law of supply and demand. Currently there are 13 homes listed in our inventory that are available to international purchasers.“The Bermuda Realty report follows one last month Rego Sotheby’s International Realty, which found the high end market showed a burst in the first half of this year with the average price of luxury homes (ARV over $153,000) hitting a five-year high of $7.38 million.Rego Sotheby’s said there were seven high-end home closings in 2010, as compared to five already in the first six months of this year.The realtor said the positive activity in the luxury tier showed “there’s confidence still in Bermuda as an investment long-term both fiscally and as a lifestyle choice”.Generally, international buyers may only buy property currently owned by a non-Bermudian except in a development designated under the Bermuda Immigration and Protection Amendment (no. 2) Act 2010 as tourist accommodation and hotel residences.Coldwell Banker Bermuda Realty said the cost of a Licence to Acquire varies depending on the type of property.For example, international buyers pay 18 percent of the purchase price of a condominium; 25 percent of the purchase price of a house; and 6.5 percent of the purchase price of a tourist property as designated above.To be eligible for purchase by an international buyer, a private property’s annual rental value (ARV) must exceed a designated amount ($32,400 for a condominium, $153,000 for a house).