While the depreciation of the US dollar has made Caribbean homes more affordable for the rich and famous looking or a holiday home, Bermuda has not seen a rise in foreigners purchasing homes.

In its latest survey of Caribbean property prices, released this month, Global Property Guide said that Caribbean properties had become cheaper than Mediterranean holiday homes due to the weak US dollar and more Europeans were snapping up properties.

But Bermuda has been missed out on that the trend.

Kendra Mello of Coldwell Banker Bermuda Realty said strict regulations on Bermudian property meant international financial fluctuations do not translate to a difference in sales on the Island.

Regulations which came into effect in 2006 mean non-Bermudians are only able to buy houses held under licence from other non-Bermudians.

There are around 350 houses in this category. Previously non-Bermudians could buy any property as long as it had an annual rental value above $126,000.

"Because there are so few homes available at one time we have not seen an increase in sales," Ms Mello said. "As for demand, it fluctuates a lot in Bermuda. People know about our strict rules and one week we may have 10 requests for property in that bracket, the next we might not have any. There doesn't seem to be a reason for the changes in demand.

"But I do know that other Coldwell Bankers in the Caribbean have seen a big increase in interest because of economy. It has been mentioned a lot within the industry."

In its latest survey of Caribbean property prices, released this month, Global Property Guide found that in Bermuda, the average price of a three-bedroom house and lot is around $1.5 million. In Grand Bahama, Bahamas, a similar property costs around $1.4 million, according to Global Property Guide figures.

Property prices in highly-developed areas such as Bermuda and Bahamas exceed $7,000 per square metre. Coastal properties in Barbados are also expensive, at around $6,700 per square metre.

Meanwhile property in France currently costs $10,014 per square metre and in Italy it costs $6,083 per square metre.

The cheapest Caribbean properties are found in Jamaica, Aruba and Dominican Republic, with prices ranging from $1,300 per square metre to $1,500 per square metre for houses near the beach.

For apartment buyers, Bermuda and Turks and Caicos Islands (TCI) are among the most expensive with prices at around $5,000 to $8,000 per square metre. A two-bedroom apartment costs around $841,000 in Bermuda and US$670,000 in TCI.