Realtors are among the beneficiaries of government’s Economic Investment and Residential Certificate Policy.

The EIRC policy resulted in total associated investments of $425.5 million, which include $164.8 million in real estate investment, according to a recent government report.

Agents are getting multiple offers for luxury properties.

There are usually eight to ten luxury sales a year in a market that averages a total of 200 real estate sales a year. But it is expected that more luxury homes may be sold this year.

Half of the luxury sales are going to Bermudians or Bermuda residents.

Director of KW Luxury’s Buddy Fleming said the trend in luxury purchases for Bermuda real estate appears increasingly “one of high energy and high demand”.

His colleague, Belcario Thomas of Team Thomas with Keller Williams Bermuda, observed that the government’s EIRC programme seems to have led to increased inward investment.

He said: “While luxury homes can take longer to find a very specific buyer for some properties, usually valued $2.5 million and upward, the EIRC programme appears to have encouraged luxury activity.”

Ben Rego, sales agent manager for Rego Sotheby’s said: “I have done quite a few recent transactions. A recent property of mine priced just below $6 million has just gone to contract. It wasn’t on the market that long.”

When we spoke to veteran real estate agent, Fiona Hatfield of Coldwell Banker Bermuda Realty, she had three luxury properties on the go.

“One is going into contract and one has offers,” she said. “The other is just being listed. That is really good. There is a ton of activity out there.”

But the activity is not restricted to just newcomers to the island, or just the luxury market.

Mr Rego said just over half of all property buyers they deal with are Bermudian.

“There has been a lot of Bermudians coming back to the island,” he said. “There has been a massive transfer of wealth over the last handful of years.

“There are a lot of Bermudians inheriting and now looking to buy their first home or young entrepreneur Bermudians looking to buy fixer-uppers.”

However, he said they are also seeing work permit holders, and people going for the Economic Investment and Residential Certificate.

Jason Hayward, the Minister of Economy and Labour, said recently that as of June 20, the EIRC policy has resulted in total associated investments of $425.5 million, which include $164.8 million in real estate investment.

Mr Rego said: “They see Bermuda as their long-term home, and they are investing in Bermuda. We have seen a surge of that.”

There is a restricted number of luxury homes on the market at any one time and realtors have a keen sense of how they will sell. They size them up pretty quickly.

Mr Rego said: “Either you get an offer during the first two weeks or it sits on the market. Most properties are getting ten plus tours. It is still very much a sellers market.”

In terms of pricing, he is very optimistic.

“When people tell me they bought something for a certain price five years ago, no matter the price point, I am very confident we will get a higher number in this market and it is proving to be the case. It only takes one buyer to justify the price point. It would totally fluctuate.”

He said until people enter the market, they do not appreciate how busy it really is.