Realtor welcomes change in property purchase restrictions – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Realtor welcomes change in property purchase restrictions

A leading luxury real estate company has welcomed Government's decision to again allow Bermudians to sell homes to non-Bermudians.

And now Rego Sothebys International Realty hopes Government will also give Permanent Resident Certificate (PRC) holders the right to buy property.

The company's executive vice president Penny MacIntyre said: “As the leading company for luxury residential sales in Bermuda, we were particularly pleased with Bermudian homeowners of properties over $177,000 annual rental value (ARV) being able to offer their homes to international buyers as well after April 1.

“The Government's efforts to listen to the public's concerns and consult with those of us in the real estate industry have yielded encouraging results so far in forming these initial revisions.

“We now look forward to Government's review of PRCs right to buy real estate particularly as PRCs subscribe to living and working in Bermuda and wish for pride of home ownership. Enabling PRCs to buy residences will provide real near-term stimulus needed in the local real estate market and the Bermuda economy.”

But Ms MacIntyre rejected an idea floated by National Security Minister Wayne Perinchief that real estate agents should reduce their standard five percent commission on house sales as a further means of stimulating the housing market.

She said: “As to suggesting a reduction in the standard five percent sales agent fees, the reduction is not warranted. Sale prices have fallen and therefore fees received have fallen in equal proportion since calculated on a percentage basis.”

Penny MacIntyre: Executive vice president at Rego Sothebys International Realty.

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Published February 22, 2012 at 8:00 am (Updated February 22, 2012 at 8:58 am)

Realtor welcomes change in property purchase restrictions

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