Bermudians are buying back their share of the upper end of the Island's property market - that is according to Buddy Rego, of Rego Sotherby International Realty.

Of the 48 houses in the top end of the market sold over the past four years, 34 have been purchased by Bermudians, proving that locals are now really enjoying their economic prosperity.

Previously non-Bermudians were not able to buy properties with annual rental values of more than $153,000, but now even if they do have the purchasing power to acquire homes above that value, Bermudians are still out-buying them by an average of more than two thirds, said Mr. Rego.

"What is of interest here is the higher value homes greater than $153,000 that are being bought by Bermudians at the moment," said Mr. Rego.

"And that has been seen especially over the last four years when 48 houses were sold and of those 34 have been bought by Bermudians.

"As an example, this year alone, of the eight houses that were above that level, six have been bought by Bermudians, last year nine sold and five went to Bermudians, in the year prior to that of the 19 sold, 14 went to Bermudians and the year before that nine of the 12 houses were bought by Bermudians as Bermudians have been increasing their buying at the upper end of the market."

Mr. Rego reckons that the driving force behind the swing in market share from non-Bermudians to Bermudians has been the country's booming economy.

"I think that it is very fortunate that Bermudians have benefited from the business climate here and its benefits have obviously trickled down and enabled them to compete at the highest level of the real estate market, whereas previously it was left to the non-Bermudians," he said.

And he believes that trend is set to continue as Bermudians take advantage of a thriving business climate.

"I see that trend continuing so long as the economy stays strong," he said.

"So long as purchasing power remains strong I can see this as being the trend for quite some time and I do see that this has been reflected by Bermudians and in the business and economic environment in the last decade and it does not apply just to the upper end of the market because we have some incredible buoyancy in the middle and lower end as well and the house prices there have been very firm over the last couple of years."

Mr. Rego moved to dispel the myth that outsiders are still snapping up properties in the Island and reassure Bermudians that, in fact, they have as much, if not more, purchasing power in the marketplace.

"It has long been the perception that the top end of Bermuda's property market was being absorbed by non-Bermudians invading their share of the market, but that is not the case," he said.

"Bermudians are very much playing their part in the property market.

"The demographics of the higher end of the market and how that has changed over the decade are quite significant.

"Most of activity is occurring at the middle end of the market, but what is of interesting here is that the upper end of the market is now being dominated by Bermudians."