Global real estate adviser Margaret Young has advanced one potential solution in the search for answers to the problems that beset Bermuda housing.

She does not see it as the sole answer to the complex problem, but the veteran realtor says it could be a key to unlocking movement at the upper end of the market.

Ms Young is with Rego Sotheby's International Realty and has been in the business of Bermuda real estate for more than 45 years.

She discovered that older homeowners, who want to downsize from high-end properties, can’t find anything on the market they are looking for — homes that will provide them with the quality of life they seek.

She told The Royal Gazette she has heard from a number of clients in their senior years: “They tell me they can’t find anywhere to go, so they can’t sell their houses.”

In Facebook and LinkedIn posts last week, she said Bermuda does not just have a true inventory shortage, but also a downsizing gap.

Ms Young said: “We often speak about low inventory — yet the issue may not be supply alone, but the type of supply that is available.”

She proposed a perspective for developers and investors in Bermuda’s luxury market to consider.

She added: “Across Bermuda, many long-established homeowners are living in substantial properties — homes they cherish, but no longer truly need. A significant number would consider selling, if there were elegant, well-designed alternatives that allowed them to downsize without compromise.

“What is missing is refined, right-sized living: single-level residences; seamless elevator access, high-end, thoughtful design; privacy, security and ease.

“This, I believe, is a key to unlocking movement at the upper end of the market.”

Ms Young said that when owners of substantial properties have somewhere exceptional to go, larger homes return to the market — creating opportunity for the next generation of buyers and restoring much needed fluidity.

She said that in Bermuda’s unique real estate market, improvement to housing was not only about building more, but building the type of housing that was needed. She argues this is one of the types of new construction that is needed.

She said: “In years gone by, I was able to suggest to my homeowners who wanted to downsize that they could sell and then rent for a year while they look for their one-level downsizer. But that’s impossible now because of the shortage also of rentals.”