Bermuda · price record

Bermuda's transacted price record: flat for a decade.

Bermuda's Government publishes no house-price index. What does exist is the transacted average printed by the two brokerages with Land Title Registry access, the registered sales counts alongside them, and the duty the Government collects on every transfer. Every number on this page comes from one of those printed sources, and together they drive the forecast band at the bottom — the direction of travel is measured, not assumed.

The headline record

2016 average
$1.21M
single-family, reported
2021 pandemic peak
$1.02M
mainstream average, +17% on 2020
2025 average
$1.00M
reported “around $1 million”
9-year nominal
-17%
-2.1% a year — below inflation

Single-family homes averaged $1.21M in 2016. The mainstream market's pandemic high was $1.02M in 2021, and Coldwell Banker described the market as hovering around $1.00M in 2025. Across the whole printed record that is -17% nominal, about -2.1% a year — a real-terms decline once consumer inflation is taken off. The single printed luxury average, $6.00M in 2021, comes from the segment's strongest year on record, which is exactly why anchoring a $5.85M ask to it flatters the ask.

Astra evidence audit

Astra found zero verified comparable sales

Download earlier Astra assessment ↓

Neither Astra report contains a closed-sale history for Bacardi on the Rocks or its neighbours. It says no verified purchase consideration or transfer date was obtained and treats all three nearby figures below as diligence leads—not achieved sale prices. They are shown for transparency and contribute 0% to the forecast band.

PropertyDisplayed figureAreaAstra statusTreatment
Spanish Grange26 Knapton Hill$5.25M7,200 sq ftUnverified closingExcluded from band
Knapton House & cottage40 Knapton Hill$4.30M5,200 sq ftUnverified closingExcluded from band
Horizon, Hidden Cove17 Hidden Cove Road$3.10M2,900 sq ftUnverified closingExcluded from band

The real-sales input used below is instead the sparse Bermuda-wide series of transacted averages reported by brokerages using Land Title Registry records: 2015, 2016, 2020, 2021 and 2025. This is independent market evidence, not Astra-owned data and not a property appraisal.

Printed averages by segment

Log scale, because a luxury average and an entry condominium average differ by a factor of twenty. Filled points are figures printed as such; hollow points are arithmetic implications of a printed level plus a printed change. Dashed joins are drawn between reported years only — there is no annual series to interpolate, and none is invented here.

$250K$500K$1.00M$2.00M$4.00M$6.00M201520172019202120232025

Every record, with its source

YearSegmentAverageBasisPrinted source
2025mainstream$1.00MreportedColdwell Banker Bermuda (Susan Thompson), Royal Gazette, May 2025"Bermuda's residential real estate market continues to hover around an average home price of $1 million." Central-parish three-bed/two-bath stock starts at $1.3M–$2.0M; the single-family sweet spot is $1.05M–$2.5M; condos run $500K to $850K+.
2021condominium-entry$322KreportedRego SIR, Bermuda Real Estate Market 2021 ReviewCondominiums under ARV $25,800, +30% on 2020.
2021land$1.00MreportedRego SIR, Bermuda Real Estate Market 2021 ReviewLifted above $1M from $331,000 in 2020 by the Riddell's Bay estate lots — a one-off mix shift, not a market-wide trebling.
2021luxury$6.00MreportedRego SIR, Bermuda Real Estate Market 2021 ReviewLuxury residential average sale price in the strongest year on record for the segment, 73% bought by Bermudians, PRC holders, BOTCs and trusts. The subject's $5.85M ask sits just under this island-wide luxury average.
2021mainstream$1.02MreportedRego SIR, Bermuda Real Estate Market 2021 ReviewNon-luxury residential average sale price, +17% on 2020 — the pandemic-era peak of the mainstream market.
2020condominium-entry$248KderivedDerived from Rego SIR 2021 review (+30% to $322,000)
2020land$331KreportedRego SIR, Bermuda Real Estate Market 2021 Review
2020mainstream$874KderivedDerived from Rego SIR 2021 review (+17% to $1,023,000)Rego SIR printed the 2021 average and the year-over-year change; the 2020 level is the arithmetic implication, not a separately printed figure.
2016condominium$681KreportedColdwell Banker Bermuda Realty, Jan 2017 market update
2016land$366KreportedColdwell Banker Bermuda Realty, Jan 2017 market update
2016single-family$1.21MreportedColdwell Banker Bermuda Realty, Jan 2017 market updateFull-year average of sold single-family dwellings.
2015condominium$590KreportedColdwell Banker Bermuda Realty, Jul 2015 sales updateAverage condo price from sold properties registered in Government records.
2015single-family$1.23MreportedColdwell Banker Bermuda Realty, Jul 2015 sales updateAverage of single-family homes sold and registered in Government records; single-family was 28% of sales.

How many homes actually change hands

Registered conveyances as reported by Coldwell Banker from Land Title Registry data. The registry lags by roughly six months, so the brokerage prints both the count it can see and its estimate of the eventual total; the bars below use the estimate. Coldwell Banker calls 450 sales a year a balanced market — that line has not been reached in the record.

Balanced market ≈4503002015300201620020193002024
Turnover today
0.91%
of 32,900 residential units
Turnover a decade ago
0.93%
-2% change since
Balanced-market turnover
1.37%
the level the brokerage calls normal

This is turnover, not absorption. Bermuda publishes no inventory, listings or months-of-supply series, so a true absorption rate cannot be computed from public data and is not shown anywhere on this site. At 2019 volumes, average days on market ran past 470 for both houses and condominiums.

The Government's own transaction record

Head 38 Stamp Duties, printed outturns only — the money actually collected on property transfers. It is the closest thing Bermuda has to an official activity series, and it moves with prices and volumes together, so it cannot separate them. The last three printed years average $28.1M against $24.0M before the pandemic: +3.2% a year, roughly general inflation rather than ahead of it.

Pre-2020 average $24.0M$26.7M2017$25.7M2018$19.6M2019$23.7M2020$28.8M2022$24.1M2023$31.2M2024

The series is volatile — 2019/20 took $19.6M and 2024/25 took $31.2M — and the Government's own 2026/27 forecast assumes no further growth. Head 38 also captures wills, probate and certain leases, so treat the level as a noisy upper bound on conveyancing.

What the record does to the forecast

This separate ten-year forecast starts from the earlier Astra workbook’s nominal rates — -1.0% bear, +2.0% base, +4.0% bull — and the measured signals on this page are allowed to move all three by at most 1.5 percentage points a year. Slide the influence to zero to see the legacy workbook unchanged. These are not the newer report’s five-year cash-return scenarios. Because the price, turnover and duty records are flat to negative, the data pushes the band down, not up.

Bacardi on the Rocks · Astra starting ask
$5.85M

Astra's −1% / +2% / +4% nominal paths remain the baseline. Only the Bermuda-wide transacted averages and registered-sale signals shown on this page, plus the separately labelled rent-derived and official-rate sensitivities, can move the band. Peer asking prices are excluded.

Bacardi on the Rocks · five years to 11 September 2031
Bear · -1.9%/yr$5.31M (-9%)
Base · +1.1%/yr$6.18M (+6%)
Bull · +3.1%/yr$6.81M (+16%)
Bacardi on the Rocks · ten years to 11 September 2036
Bear · -1.9%/yr$4.82M (-18%)
Base · +1.1%/yr$6.52M (+11%)
Bull · +3.1%/yr$7.93M (+36%)
Transacted average sale price$1.00M in 2025 · -2.1%/yr since 2016 · score -0.69

Neutral reference: flat real prices read neutral · 2016 average $1.21M

Conveyance duty take (transaction value)$28.1M avg · 17% vs pre-2020 · score +0.57

Neutral reference: 2017/18, 2018/19, 2019/20 average of $24.0M reads neutral

Non-Bermudian land licence fees$5.8M in 2020/21 · 46% vs pre-2020 · score +0.46

Neutral reference: $4.0M pre-2020 average reads neutral

Registered sales turnover300 sales in 2024 · 0.91% of stock · score -0.12

Neutral reference: 0.93% turnover in 2015 reads neutral

Leisure air arrivals recovery70% of 2019 · -3.4% YoY · score -1.00

Neutral reference: full recovery to 2019 reads neutral

Scenarios are unweighted stress cases, not probabilities. The subject property's own verdict, carrying costs and rent comparison live on the Bacardi on the Rocks case study.

What this record cannot tell you

  • There is no official Bermuda house-price index, and no repeat-sales or hedonic series. Averages over 200-odd annual transactions move with the mix of what sold, not only with value.
  • No annual series exists: printed averages appear in the years a brokerage published a review. Gaps are gaps, and this page leaves them empty.
  • Registry lag means recent volume counts understate the eventual total, which is why the reported and adjusted figures are both kept.
  • Duty receipts are cash, on a fiscal year, and include non-conveyance instruments.
  • No inventory or months-of-supply data is published, so true absorption is unavailable — turnover is a proxy.
  • Luxury has a single printed average, from its strongest year. Anchoring a $5.85M ask to it flatters the ask.

Sources