City units rank as a top real estate investments, Coldwell Banker Bermuda Realty statistics indicate. In their April City Living Update newsletter, they report that since 2008, city units have experienced the smallest rate of decrease in both rental rates and vacancy in Bermuda.

Coldwell Banker are reporting on city real estate as the Atlantis residential development, whose opening marked the start of modern city living, celebrates its first decade.

In their newsletter, the realtor states the Hamilton units are a sound investment for local purchasers, and say: “ ... despite an economic downturn and many other changes in Bermuda,” city living continues to gain in popularity.

The report continues: “The success story, however, is not in soaring sales prices or a quick rate of turnover of property. So far, records for 2013 show only seven completed residential sales within the City with an average price in the range of $520,000. Resale on city units has remained low since the product’s inception, not because of an absence of demand but due to a strong return on investment (ROI). “This is important to investors, who look to real estate investment to fortify their portfolio when bank rates are down and stock prices (are) unpredictable.”

“Rental statistics compiled by Coldwell Banker Bermuda Realty show that 20 residential city units rented in 2013 with pricing ranging from $3,000 for single bedroom units to $5,000 for the larger units (usually two bedrooms).”

They stated that city living is popular with transient executives in Bermuda, because of secure access points and their convenient locations. “Not only does this create rental demand for city apartments, but city dwellers are good for retail and restaurant trade as well, making lifestyle choices that benefit local trade.”

“Equally important to rental demand in retaining ROI for city product is good governance and sound property management.

“These elements are key to successful developments; resale and longevity for investors. Governance means that the condominium management committee is cognizant of ongoing maintenance and expenses and budget annually for capital improvements. It also means that owners and occupiers are well informed.”