The City of Hamilton’s residential real estate market is thriving with Coldwell Banker Bermuda Realty making several multimillion dollar sales in the past year.

That was revealed in a real estate market update sent out by the realtor.

Coldwell’s Rochelle Swan wrote that people with substantial cash reserves were expanding their real estate portfolios by focusing on properties that generated reliable rental income.

“While owning multi-unit standalone homes offers numerous benefits, the maintenance required can be a significant deterrent for some,” she said.

Condos managed by homeowner associations presented a more appealing option to some people, due to their ease of maintenance.

The article revealed that the majority of Coldwell’s city sales in the past year had been one-bedroom units priced between $435,000 and $575,000 that had successfully achieved rents ranging between $3,500 to $4,500 per month.

Two residences on Sharon Lane, on the western edge of the city, sold for $1,395,000 and $1,485,000.

City apartments are particularly popular with newcomers to the island – often single people or young couples who want to walk to work to avoid taking transportation in a new country. Modern units, especially furnished ones, are also highly sought after.

“A recently renovated one-bedroom unit in the Atlantis building, fitted with all new modern furnishings received multiple offers within two days of listing and rented above the asking price,” Coldwell said.

In a previous interview with The Royal Gazette, Coldwell Banker real estate agent Karen Brine said millennials were changing the real estate market.

“They don’t want to be mowing the grass or painting,” she said. “They are happy to pay the homeowners’ association fees. They are happy to lock the door when they leave and not be responsible for anything. If anything is needed they call their HOA.”

In 2020, she thought that Bermuda would see more city living developments in the next five years. She also thought more older people would be looking to downsize.

Four years on, her predictions appear to have been correct.

City residency is something the Government is actively supporting. In March, legislation allowing restricted persons to buy residential units in the City of Hamilton, for the next four years, passed the Senate. The Economic Development Amendment Act 2024 encourages investment in residential developments in the City outside the Economic Empowerment Zone.