Two of the Island’s leading real estate agents have seen a “huge uptake” in business on the back of the America’s Cup.

Coldwell Banker Bermuda Realty has seen a 32 per cent increase in the number of properties in the first nine months of 2015 compared to last year, while Rego Sotheby’s International Realty enjoyed a boost of about 25 per cent according to its baseline figures.

Both companies have created special web portals to deal specifically with America’s Cup-related business.

Coldwell is actively seeking new short-term rental inventory to meet demand as interest is already being expressed for rentals for the 35th America’s Cup 2017, while Rego said that some 30 homes it has rented could likely be attributed to Oracle USA and associated parties alone.

Penny MacIntyre, executive vice-president at Rego Sotheby’s International Realty, told The Royal Gazette: “It is a wonderful time for real estate in Bermuda. This uptake is partly being spawned by people’s confidence in hotel tourism ­— hotel tourism is very vibrant now with international brands and developers taking interest.

“World Series are great as smaller events but the 35th America’s Cup is expected to be the pinnacle of activity for sailing. All the hotels are sold out now so you can anticipate that for 2017 certainly that demand will spill into private residences.

“I think if we execute this well people will want to stay on land before they stay on a cruise ship.”

Kendra Mello, general manager for Coldwell Banker Bermuda Realty, said that the company had seen a particular growth in demand for its three-bedroom family homes priced between $5,000 and $8,000 per month; waterfront properties; one bedroom units in central locations; and city living.

While she believes that the real estate industry is clearly riding the wave of the America’s Cup, much of the increase can be attributed to a general growing confidence in Bermuda’s economy.

She said: “The broader impact that the event has brought to Bermuda centres around a renewed confidence in the Island economy and has reinvigorated external interest in Bermuda and what it has to offer. As an indirect result, we have seen an increase in the number of real estate transactions, both rental and sales, taking place over recent years. Comparatively, for instance, we saw a 32 per cent increase in the number of properties rented between January and September 2015 over the same period in 2014. The average days on market for well-priced rental inventory is currently less than 90 days indicating that leasing activity remains strong. It has created a ripple effect that has had a positive effect on real estate. People are looking to book ahead for 2017 and we are actively seeking short-term rental inventory for that very reason.”

An initial surge in interest in the Dockyard area, where the 2017 event village will be located, was followed by interest in the central parishes, said Ms MacIntyre.

“You can certainly see Dockyard has been buzzing. You also have people looking more centrally such as Warwick and Paget as they may have families. Southampton was a high request location being just a 15 to 20-minute drive out to Dockyard. There has been no real movement in St George’s because of the location.”

Ms Mello added: “We have had an increase in interest from Hamilton west: still not all the way to Dockyard. Those coming to work with the teams still want to be somewhere central where they have children and families. I think that the impact on the market is broad-ranging.”

Ms MacIntyre said that homeowners should waste no time if they plan to improve their properties to make them more attractive to potential tenants.

She said: “If people didn’t know Bermuda existed, it is certainly good in that sense both in terms of tourism and most definitely for exposure for real estate. Now is a good time to pay attention to what you own. Get advice on appropriate pricing; don’t price yourself out of the market; be realistic. Balance it knowing you are in a competitive market and there are people who are going to be doing the same as you are doing. Time it right. Understand contractors and architects are already getting booked up.”