Bermuda Property Matters 2027 web

BERMUDA PROPERTY MATTERS

2027 Priceless

The complete guide to Island property for buyers and sellers

Dream Homes n Latest market trends n Essential buying tips n Mortgage insights

Call before you dig Avoid hitting underground cables and keep your workers safe Please call BELCO at least one week before any digging or trenching. We’ll visit your site to locate and mark underground cables. This free service helps to keep workers safe and prevents the interruption of your electricity supply.

For more information, email info@belco.bm or call 955. belco.bm

Hurricane

Awareness

Trim your trees.

Prevent outages.

Falling branches cause most power outages.

At the beginning of hurricane season, trim your trees at least 10 feet from power lines to reduce storm related outages.

Call BELCO 3 weeks in advance to schedule a power shutdown so you can trim safely.

295.5111 belco.bm

Efficiency Ratings

ATMOSPHERA

UP TO 27.4 SEER2 UP TO 11.2 HSPF2 UP TO 16.3 EER2

The next generation of home air conditioning is here.

R-32 Refrigerant Daikin Atmosphera air conditioners are single-zone systems that combine comfort and function with a significantly reduced impact on the environment and increased energy efficiency to offer a sophisticated climate control solution that benefits the earth and lowers costs.

Keep the air in your home fresh, clean and controlled with a residential HVAC system from AIRCARE.

At AIRCARE, excellence is everyday.

aircare.bm | info@aircare.bm | 292.7342

R-32 is a next-generation refrigerant with a significantly lower Global Warming Potential than its predecessor, R-410A. Combined with Daikin Atmosphera’s high-efficiency inverter technology, it helps reduce environmental impact while delivering excellent comfort, strong performance and lower electricity costs.

Hybrid Cooling

Dehumidifies efficiently even in low cooling loads, and maintains dehumidification effect after the target temperature is reached.

Intelligent Eye

An infrared sensor with the ability to sense movement in the room. If the room is empty for 20 minutes, it changes the set point to start saving energy.

CONTENTS STRAP

Published by Bermuda Media PO Box HM 2032 Hamilton HM HX Tel (441) 292-7279 E-Mail: hello@bm.bm www.bermudamedia.bm Publisher: Ian Coles Marketing Director: Lissa Fisher Art Director: Tim Parker Associated Media:

6 Trending The latest home developments

10 Legal Advice Local expertise provide valuable guidance

8 Insurance Does your insurance reflect the true cost of your property?

14 Bermuda’s Property Market 2026 How resilient with the local market?

17 Best Properties Must see listings 23 Key Contact Listings The essential guide to who does what

Bermuda Business Visitor New Resident Guide Your Future Going Green Health & Beauty Building Bermuda House Garden Kitchen and Bath Your Office and Commercial Space The Bermuda Channel Diversity, Equality and Inclusion 4

Bermuda Property Matters 2027

#TRENDING

Eco-Friendly Cooling Gree’s Generation 4 residential airconditioning units set a new standard in eco-friendly cooling. Designed for comfort, performance, and sustainability, these systems use low-GWP (Global Warming Potential) refrigerants that significantly reduce environmental impact while helping homeowners lower their carbon footprint.

For many households, air conditioning represents one of the largest consumers of electricity. Choosing a modern, energy-efficient system can therefore make a meaningful difference to

Buy Gree, Plant a Tree HVAC Shack is a proud sponser of the BZS Microforest project.

End users of Gree air conditioners can have a lasting positive impact on our environment, community and planet.

542-1033 hvacshack@coldsnapservices.com Bermuda Property Matters 2027

both monthly energy bills and overall environmental impact. Gree’s Generation 4 units are engineered to deliver exceptional cooling performance while consuming less energy than older systems, helping homeowners enjoy greater comfort with lower operating costs.

Smart connectivity allows users to control settings via Gree’s mobile app, ensuring personalized comfort and improved energy efficiency.

Whether adjusting temperatures remotely, scheduling operating times, or monitoring system performance, homeowners can enjoy greater convenience while reducing unnecessary energy consumption.

The sleek, modern design fits seamlessly into any home, while advanced filtration systems help improve indoor air quality by removing

airborne pollutants, allergens, and other contaminants. The result is a cleaner, healthier living environment for families, particularly those affected by allergies or respiratory sensitivities.

Beyond energy savings and comfort, modern HVAC technology can also contribute to increased property value.

As homeowners place greater emphasis on sustainability, efficiency, and indoor air quality, energy-conscious upgrades are becoming an increasingly important consideration for buyers and property owners alike.

With their combination of energy efficiency, sustainability, advanced filtration, and smart-home technology, Gree’s Generation 4 units are an ideal choice for homeowners seeking to reduce costs, improve comfort, and make a positive environmental impact— without sacrificing performance or style.

For more information, contact HVAC Shack.

Tel: 542-1033 Email: hvacshack@coldsnapservices.com

Piped Water— Almost Islandwide

Bermuda Waterworks provides potable water through its pipeline distribution system that extends from Devonshire through parts of Hamilton and as far west as the intersection of Somerset Road and East Shore Road. It also sells bottled water under the Pure Water brand, produced by distillation — pure to the last drop. Tel: 299-7873.

Email: purewater@bwl.bm. www.bwl.bm.

5

#TRENDING

STRAP

Better for Bermuda

Bermuda Waterworks is an excellent choice for environmentallyconscious individuals. It manufactures bottled water in reusable 3- and 5-gallon containers and offers credit for returned bottles in good condition, significantly reducing pollution. Returned bottles are inspected, cleaned, sanitised, filled, and capped.

Bottles with leaks or misuse are rejected. Only Pure Water should be refilled, not other liquids or trash. Rejected bottles can be used for sports or fundraising events if clients contact the company.

Their most popular water cooler is Energy Star-rated, helping reduce energy bills and greenhouse gas emissions. Available models include room temperature/cold, hot/ cold, and nonelectric options like the dolphin pump, cradle and valve, and ceramic crockpot.

Bermuda Waterworks also provides piped metered water made by reverse osmosis, with energy-efficient equipment reducing fossil fuel use. For over 85 years, they have met Bermuda’s growing water needs, making production as green and efficient as possible.

Affordable Cooling

PURE WATER & PURE ICE VENDING MACHINE IS OPEN 24 HOURS

With a CEER rating of up to 15.0, the Midea U+ coolingonly, U-shaped window air conditioner is an affordable and energy-efficient option for cooling smaller spaces. Available in 8,000 BTU and 12,000 BTU sizes, these ENERGY STAR rated units are suitable for spaces up to approximately 350 sq. ft. and 550 sq. ft. respectively. With noise levels as low as 32 dBA and a unique U-shaped design, the unit allows you to open and close your window while the air conditioner remains installed.

Available exclusively at AIRCARE. Tel: 292-7342. Email: info@aircare.bm. www.aircare.bm

MAKE SURE YOU BRING YOUR BOTTLE CAP!

HOURS OF OPERATION

MONDAY - FRIDAY: 8 a.m. – 5 p.m.

(OFFICE, RETAIL SHOP & DRIVE THRU)

SATURDAY: 9 a.m. – 1 p.m.

(DRIVE THRU ONLY)

32 Parsons Lane, Devonshire TEL: 299-PURE E-MAIL: purewater@bwl.bm WEB: www.bwl.bm A DIVISION OF BERMUDA WATERWORKS LIMITED

6

Bermuda Property Matters 2027

ENVIRONMENT STRAP

The Power of Tree Trimming

I

t is paramount to commence and maintain our hurricane readiness throughout the entirety of the season as it is of the utmost importance to do what we can – well in advance – to maintain safety and minimise the loss of power.

The most effective method of protecting your property and your loved ones is to trim your trees back so that they are at least ten feet away from power lines. Fallen tree branches can pull down power lines and even entire utility poles.

These downed lines pose a serious safety risk.

Trimming your trees can also reduce

Bermuda Property Matters 2027

the risk of one of the most inconvenient parts of a hurricane: losing your electricity. Most outages in Bermuda are caused by trees falling on or coming into contact with power lines, even in years where Bermuda avoids a direct hit. By keeping trees trimmed at least 10 feet back from power lines, the majority of outages can be prevented.

BELCO is not responsible for trimming trees on private property. The sole responsibility for keeping trees trimmed and cut back from power lines lies with the property owners.

It is critically important to remember that a power line’s electricity must be

disconnected before trimming trees next to it. Please contact BELCO three weeks in advance to schedule a time for a power shutdown so your trees can be trimmed safely.

Schedule your tree trimming as soon as possible, hurricane season is already underway so now is the time to make sure that your trees are clear of any power lines.

Visit belco.bm for more information about hurricane safety and contact BELCO at 295-5111 or email treetrimming@belco.bm to schedule a power shut down to trim your trees safely.

7

INSURANCE

Is Your Home Really Insured?

Rising Rebuilding Costs Make Regular Insurance Reviews More Important Than Ever

F

or many Bermuda homeowners, the assumption is simple: if the house is insured, they’re protected.

Unfortunately, it may not be that straightforward.

One of the greatest challenges facing homeowners today is ensuring that their insurance coverage reflects the true cost of rebuilding their property. Construction costs have risen significantly in recent years, driven by increases in building materials, shipping expenses, labour costs and specialist trades. As a result, many homes that were adequately insured five or ten years ago may now be underinsured.

This is particularly important in Bermuda, where building costs are among the highest in the world and where hurricanes remain an ever-present threat.

The question is no longer simply whether your home is insured. The more important question may be whether it is insured well enough.

Understanding the Difference Between Market Value and Rebuilding Cost

Many homeowners mistakenly assume that the market value of their property is the same as the amount they should insure it for.

In reality, insurance is concerned with the cost of rebuilding the structure itself—not the value of the land beneath it.

Following a major loss, a homeowner may need to pay for demolition, debris removal, architectural plans, engineering services, permits, materials and construction labour before a home can be restored.

If insurance limits have not kept pace with rising construction costs, homeowners could find themselves responsible for a significant portion of 8

those expenses.

For this reason, insurance professionals recommend reviewing coverage regularly and updating insured values whenever substantial renovations or improvements are completed.

Hurricanes: Bermuda’s Biggest Insurance Concern

No discussion about home insurance in Bermuda would be complete without mentioning hurricanes.

Living in the Atlantic hurricane belt means every homeowner faces a degree of risk. While Bermuda’s building standards are among the strongest in the world, severe storms can still cause extensive damage — especially to roofs, windows and other structures.

The island has experienced several major storms in recent decades, including Fabian, Gonzalo and Nicole, all of which resulted in significant property damage and substantial insurance claims.

A comprehensive home insurance policy can provide protection against hurricanerelated losses, helping homeowners repair or rebuild damaged structures and recover more quickly after a storm.

However, homeowners should understand the details of their coverage,

including hurricane deductibles, policy limits and any restrictions that may apply.

What Buildings Insurance Typically Covers

Buildings insurance protects the physical structure of a home and permanent features attached to it.

Coverage generally includes: • The house itself • Garages and outbuildings • Garden walls and fencing • Driveways and patios • Water tanks • Built-in fixtures and fittings Policies typically provide protection against a range of risks including hurricanes, flooding, fire, smoke damage, burst pipes, falling trees, theft and malicious damage.

Many policies also include valuable additional benefits such as debris removal, professional fees for architects or surveyors, and legal costs associated with rebuilding following a major loss.

Don’t Overlook Contents Insurance

While protecting the building is essential, homeowners should not underestimate the value of the possessions inside it.

Contents insurance covers personal belongings such as: • Furniture • Appliances • Electronics • Clothing • Artwork • Jewellery • Sporting equipment • Household goods Most homeowners would be surprised by how much it would cost to replace everything inside their home following a fire or hurricane.

Contents insurance can also provide protection for losses resulting from theft, water damage, power outages and other insured events.

Importantly, contents coverage is just as valuable for renters as it is for homeowners.

Liability Protection: A Benefit Many Forget About

One of the most overlooked aspects of home insurance is liability coverage.

This protection helps cover expenses if someone is injured on your property and you are found legally responsible.

Bermuda Property Matters 2027

INSURANCE For example, if a visitor slips on a pathway, falls on a porch or suffers an injury while visiting your home, liability coverage may help pay associated legal costs, medical expenses and damages.

In an increasingly litigious environment, liability protection can provide significant peace of mind.

Alternative Accommodation and Loss of Rent

What happens if a hurricane, fire or other insured event makes your home uninhabitable?

Many home insurance policies include coverage for alternative accommodation, helping homeowners pay for hotel or rental accommodation while repairs are completed.

For landlords, coverage may also be available for lost rental income if a property cannot be occupied because of insured damage.

These benefits can be invaluable following a major claim and are often overlooked until they are needed.

Insurance Is Not Just About Hurricanes

Although hurricanes tend to receive most of the attention, many insurance claims arise from more routine events.

Burst pipes, kitchen fires, electrical faults, theft, water damage and falling trees can all cause significant financial loss.

A homeowner who focuses exclusively on hurricane coverage may overlook other protections that are equally important.

Comprehensive insurance is designed to provide protection against a broad range of unexpected events that can affect a property at any time of year.

professional can often reveal gaps in coverage that might otherwise go unnoticed.

Peace of Mind When It Matters Most

For most Bermudians, their home is their largest financial asset and one of their family’s most important sources of security.

Insurance cannot prevent hurricanes, fires or other unexpected events from occurring. What it can do is provide the

financial resources necessary to recover when they do.

In a time of rising rebuilding costs and increasingly expensive construction, ensuring that your home is properly insured has never been more important.

When the next storm warning is issued, homeowners should be focused on protecting their family and property—not worrying whether their insurance coverage will be sufficient to rebuild what has taken a lifetime to create.

We’re like a houseplant that never wilts.

In other words, we provide constant protection and cover throughout the life of your home, so you can focus on making memories, not managing worries.

Reviewing Your Coverage

Insurance should not be viewed as a onceand-done purchase.

Homeowners should review their policies annually and ask themselves: • Have construction costs increased since my last review?

• Have I completed renovations or upgrades?

• Have I purchased valuable new possessions?

• Do I understand my hurricane deductible?

• Would my current policy cover the full cost of rebuilding my home today?

A conversation with an insurance Bermuda Property Matters 2027

Coralisle Insurance Company Ltd. Jardine House, 33-35 Reid Street, Hamilton HM 12 PO Box HM 1559, Hamilton HM FX, Bermuda tel. 441.296.3700 | fax. 441.295.1367 www.cgcoralisle.com

9

LEGAL ADVICE

When Purchasing Your Dream Home…

Denis de Frias provides a guide to help you buy your new home in Bermuda.

1. Get Your Finances in Order ✔ Preapproval: A mortgage charges the

title of the property until repayment of the loan is complete, at which time the charge is released. It’s always best to start by making an appointment with a local lender to seek pre-approval for financing.

Confirm with your lender how long pre-approval lasts for and how often you should have it renewed. ✔ Stamp Duty: The Government Stamp Duty charged on the transfer deed should be considered. Your attorney will prepare a mortgage deed; there are stamp duty and legal costs associated with this document, too, and these costs are the sole responsibility of the purchaser/borrower.

2. Find a Property Attorney While purchasing a property can be a relatively straightforward transaction, each deal presents its own unique circumstances that require the guidance of professionals trained in the intricacies of buying/selling Bermuda property.

3. Background Checks Know what you are actually purchasing. ✔ Property Condition: Bermuda is known for its proven construction methods; thus, buyers do not customarily request structural surveys. However, if the site is sloped, there is a possibility of termite infestation or outdated electrical and/or plumbing installations, a survey is warranted. ✔ Boundaries: Ensure that the seller re-stakes the property boundaries to ensure there are no encroachments or other discrepancies. ✔ Tenants: When purchasing a property that contains one or more units, verify: • If tenants are currently living in the property • The rent registered with the Rent Commissioner’s Office • There have been no illegal increases in rent and the history of tenant payments. ✔ Planning Search: A planning search

is conducted to ensure that no property

development has been made without planning permission. This usually takes four weeks to be processed. ✔ Title Search: Your attorney will conduct a title search and will also search the Land Title Registrar’s Office and Supreme Court for any outstanding mortgages and judgments against the property, the seller, and predecessors in title. ✔ Land Taxes: These are payable twice a year in equal instalments. The history of payments should be verified to ensure all taxes have been paid.

4. Sign on the Dotted Line: Once you have made an offer on the property, and it has been accepted, your attorney will review the sale and purchase agreement and make any necessary amendments before you sign it.

Denis de Frias is a director of MJM Limited and is responsible for the firm’s property practice. Mr de Frias has more than 25 years of experience in a broad range of property transactions, including condominium development, complex financing structures and residential and commercial real estate sales and purchases.

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pr operty property Planning and development Pur chase and sale of hotel pr Purchase properties operties Purchase Purchase and sale of local businesses involving commercial commercial property property Condominium development

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MJM LIMITED

P .O. BOX HM 1564 P.O.

TEL 441.292.1345

4 BURNABY STREET

BERMUDA

BLOG www.bermudalawblog.bm www .bermudalawblog.bm in llinkedin.com/company/mjmlimited inked in.com/company/mjml imited in llinkedin.com/company/mjmlimited inkedin.com/company/mjmlimited

THISTLE HOUSE

HAMIL LTON HM 11 HAMILTON

10

Residential and commercial commercial conveyancing and leases

HAMILTON HAMIL MILLTON HM FX

For furt further her information information please contact:

Denis de Frias Stephanie Mat Matthews thews For furt further her information information please contact: Nathan Nat han Samuels Denis Frias Hil de de Frias Stephanie Matthews Mat thews h Nathan Nat hanFrias Samuels Hil de Hil de Frias

WEB www.mjm.bm www.mjm.bm

Bermuda Property Matters 2027

LEGAL ADVICE

Know Your Boundaries Nathan Samuels, Counsel at Cox Hallett Wilkinson Limited, discusses the importance of understanding your property boundaries and explains why addressing potential issues early can help ensure a smoother real estate transaction.

W

hen selling a home in Bermuda, naturally, the focus tends to be on the home itself - the layout, the use of each space and the feeling the home evokes as a potential buyer walks through it for the first time. However, one thing that can be overlooked in the lead up to the sale of a property is not in the home at all but instead relates to the condition of the property boundaries. With only twenty-one square miles and an everexpanding property development market, it is no wonder seemingly small boundary discrepancies can lead to significant issues when buying and selling real estate in Bermuda.

As a result, it has become standard practice for a real estate Sale and Purchase Agreement to include wording requiring the seller (at the seller’s cost) to attend to a number of boundary related tasks, such as: (1) Ensuring that the property boundaries are properly staked; (2) Securing a new property plan showing the verified property boundaries; and (3) Obtaining a current Boundary Report prepared by a qualified surveyor based on the verified boundaries.

The purpose of staking is to provide the property owner with visual confirmation of where the property boundaries lie and to give the property owner the ability to assess the condition of their boundaries on the ground.

In Bermuda, the sale of property triggers a mandatory registration process with the Land Title Registration Office.

A new property plan is often requested to assist with this registration process, and to ensure that the boundaries of the property being registered are as accurate as possible.

The Boundary Report provides Bermuda Property Matters 2027

confirmation to the buyer, that the boundaries of the property being sold are consistent with the new plan and are not disturbed by physical structures, such as walls, fences or buildings, etc., encroaching onto the neighbouring property or vice versa.

The new property plan and Boundary Report should be discussed with your property attorney first before being

COX HALLETT WILKINSON LIMITED About Us CHW combines legal expertise with a practical, client-focused approach to deliver tailored solutions for local and international clients. Whether planning for future generations, administering family wealth or managing real estate interests, our Private Client Team provides clear, strategic guidance every step of the way.

Personal Advice for Life's Important Decisions FOR MORE INFORMATION

provided to the buyer, as significant boundary discrepancies can delay, hinder or even prevent closing. However, with suitable advice most discrepancies can be sufficiently rectified to allow the property sale to proceed.

If you are intending to sell your property, an initial assessment of your boundaries is advisable and if needed, an early Boundary Survey can be obtained to get ahead of any suspected boundary issues prior to entering into the Sale and Purchase Agreement.

Trusted Advice.

Lasting Relationships.

Real Estate & Property Matters Our team can help you: Buy or sell residential property Advise on property succession matters Assist with Regulatory and licensing requirements Advise non-Bermudian purchasers Mortgaging or refinancing your home

From initial planning through completion, we provide practical support to help clients navigate Bermuda's unique property landscape.

441-295-4630 CHW@CHW.COM

WWW.CHW.BM 11

ENVIRONMENT

How to Cut Your Cooling Costs and Improve Comfort at Home

know the efficiency of the system you are purchasing.

Setting Energy Efficient Temperatures

Setting HVAC systems to an optimal, energy efficient temperature – such as 78⁰F in the summer and 68⁰F in the winter – will ensure that your heating and cooling systems are not wasting energy and money or emitting extra, unnecessary greenhouse gases.

Regular Preventative Maintenance

M

odern HVAC systems can dramatically reduce energy consumption while improving comfort and indoor air quality. Learn how to get the most from your heating and cooling investment.

Your HVAC system is most likely your home’s largest consumer of energy, which increases costs and can impact the environment. However, with careful thought, planning and action, you can ensure your climate control products are as energy efficient and environmentally friendly as possible.

Some of the key factors to consider are as follows: Install Energy Efficient Systems

Ensuring modern, energy efficient heating and cooling equipment is installed can reduce energy use by as much as 50% according to the US Department of Energy, in addition to significantly reducing unnecessary CO2 emissions. Homeowners can check for the following energy efficiency ratings prior to purchasing an HVAC system for their home: 1. Seasonal Energy Efficiency Ratio/ 12

Rating (SEER2): the cooling output of an air conditioner over a typical cooling season, divided by the energy it uses in Watt-hours.

2. Combined Energy Efficiency Ratio (CEER2): This is used for window units and is the ratio of measured cooling output (in BTU per hour) to measured average electrical energy input (in Watts) and measured standby/off-mode power consumption (in Watts). The key difference of SEER2 vs CEER2 is the additional consideration of electricity usage in standby/off-mode.

3. Heating Seasonal Performance Factor Rating (HSPF2): the total heat delivered by the device during normal usage divided by the amount of electricity it takes to deliver that heat.

4. Energy Efficiency Ratio (EER2): the air conditioner’s capacity is divided by the air conditioner’s power based on a fixed set of conditions (outdoor temperature, indoor temperature, and relative humidity).

The higher the energy rating, the more energy efficient the unit. Energy ratings can be provided for each system supported by AIRCARE to ensure you

To ensure your HVAC system is running at optimal efficiency, a regularly scheduled maintenance plan should be developed and executed. The plan will ensure your system’s longevity and efficiency along with ensuring your system is as friendly to the environment as possible. At AIRCARE, we take a proactive approach through the development of a preventative maintenance plan to ensure your investments continue to work efficiently, to minimise potential issues before they become large, expensive repairs and to save you time, money, and worry in the long run.

AIRCARE also offers a range of energy efficient, proven, effective air purification products and services to significantly reduce the harmful pollutants in your home; in addition to the latest energy efficient HVAC systems from the world’s leading manufacturers including Daikin and Midea.

In order to maximise efficiency, AIRCARE works with you to determine your needs and takes a measured approach that includes preventative maintenance, energy audits and recommendations, integrated system design, installation, testing and energy management and automation systems.

Once a system has been agreed, AIRCARE technicians can take care of full system installation, management, testing, create custom controls, alarms and notifications and provide detailed energy usage analysis and reports to demonstrate cost savings and improved indoor air quality and comfort.

For more information on how to improve heating and cooling efficiency, indoor air quality and ultimately lower costs visit www.aircare.bm or call 2927342 to arrange a consultation.

Bermuda Property Matters 2027

MORTGAGE INSIGHT

Buying your own home is an exciting time. But there’s lots to think about.

From saving for a deposit, to finding a home, making an offer and securing the deal, here’s a guide to help you through the process.

1. Build up your savings

The first step to getting your dream home is having sufficient funds. If you don’t have enough for a deposit, make a savings plan.

You can also create a budget to see where you can cut back and save more. It’s a good idea to save as much as you can when planning to buy a home because: • a larger deposit may help you reduce your monthly repayments • you will need money to cover the costs of buying a property such as stamp duty, conveyancer’s fees, and moving • your savings can help you furnish or complete work on your new home • a down payment, typically around 20%, is required to borrow funds for your purchase.

Need help with your savings plan? Book an appointment with an HSBC Premium Banker and/or Premier Relationship Manager. Visit: www.hsbc.bm/wealth/ financial-planning.

2. Get an idea of what you can afford

It is then important to get a rough estimate of how much you could borrow for a mortgage to give you an idea of the type of property and location you could afford. It may also help you work out how much you’ll need to save for a deposit.

Try HSBC’s free online mortgage calculator to see how much you may be able to borrow. Visit www.hsbc.bm/ mortgages/calculators.

3. Know what type of property you’re looking for

Take some time to think about what is important in a home versus what you’d like. This will help you narrow down your search when it comes to looking at properties. For example: What is important

At least 2 bedrooms Outdoor space for dog Close to town

What you would like

Ideally 3 bedrooms Private garden Water views

When making your list, think about your long-term needs. For example, if Bermuda Property Matters 2027

you’re hoping to start a family, finding a place with room to expand may mean that you won’t have to sell to buy a bigger place in the future.

Location is also important. Visit different areas to get an idea of what it would be like to live there and what areas you can afford to buy in.

4. Get a Pre-Approval Letter

A Pre-Approval Letter – also known as an Agreement in Principle – gives you a clear idea of how much you could borrow based on your circumstances. It usually involves a verification of income and savings towards down payment.

A Pre-Approval Letter is not a guarantee that your mortgage application will be accepted, but it can help you understand your options and what you may be able to afford. It also shows real estate agents that you’re serious about buying a property.

HSBC aims to confirm your preapproval on the same day that you apply.

It is free and valid for 90 days. To learn more visit: www.hsbc.bm/mortgages/ preapproval.

5. Find the right home and make an offer

With your list of requirements in hand it’s time to contact real estate agents, search for properties and arrange viewings.

It may take some time, but when you find a property you want, deciding on the right price to offer can be exciting and scary. From asking the right questions to negotiating tactics, get tips on how to make an offer on a property.

If your final offer is accepted – congratulations. If not, keep looking – your new home, at a price you’re happy with, could be just around the corner.

6. Apply for a mortgage

Once your offer has been accepted on the property, you can apply for a mortgage.

There are different types of mortgages to choose from. The one for you will depend on your financial situation, future plans

and the type of property you’re buying.

The mortgage application process can take a few weeks. It involves detailed checks of your finances and your lender may want to conduct its own valuation on the property you want to buy. If your mortgage application is approved, your lender will send you an offer.

7. Carry out the legal work

There will be legal work involved with buying a property which is carried out by a lawyer. Typically mortgages close within 30 days of sign off and there will be costs involved.

Among other tasks, a lawyer will typically:

• check the legal title to the property • manage the chain for exchange of contracts and completion • collect and transfer money including Stamp Duty (if payable) • carry out property searches to check for any environmental or planning issues that might affect the property’s value • applicants should not “jump the gun” by paying for valuations before being instructed to do so, as requesting too early may result in having to paying for another. Receiving out-of-date valuations may delay the lending process, as a new one will need to be completed and submitted.

8. Exchange contracts and agree a completion date

The exchange of contracts is when lawyers swap signed contracts on behalf of you and the seller. It’s also when they’ll ask you to transfer your deposit over to them.

When you exchange contracts – you’re legally bound to buy the property. You will need buildings insurance in place at this point.

Home Buildings insurance protects you against the cost of repairing or rebuilding your home from scratch, should it get damaged from an insured risk, so it’s important to consider getting the cover you need. Let HSBC Insurance protect your home and property. To request a free, no obligation insurance quote visit www.hsbc.bm/insurance/products/homebuildings-insurance.

Exchanging contracts is a big milestone, when you can do a celebratory dance.

This is when you can pick up the keys to your new home and give yourself a pat on the back.

13

MARKET ANALYSIS

Bermuda Real Estate in 2026: Strong Demand, Limited Supply and a Growing Affordability Challenge By almost any measure, Bermuda’s property market remains remarkably resilient. While many jurisdictions have experienced fluctuating demand, uncertainty and softening prices in recent years, Bermuda continues to experience strong buyer interest, limited inventory and sustained upward pressure on both sale prices and rents.

S

peak to almost any real estate professional today and a common theme quickly emerges: there are simply not enough properties available to satisfy demand.

Yet beneath the headline of a strong market lies a more nuanced story. While activity at the middle and upper ends of the market remains healthy, there is increasing concern about the availability of housing options for younger Bermudians, first-time purchasers and renters seeking more modest accommodation.

Four of Bermuda’s leading real estate professionals — Sue Lusher of Joy Lusher Real Estate, Cesa Edwards of Bermuda Longtail Real Estate, Ben Rego of Rego Sotheby’s International Realty and Kim Sheen, Broker/Owner of Kim Sheen Properties Bermuda — all point to the same fundamental issue: supply remains constrained.

A Seller’s Market Continues

“Bermuda remains very much a seller’s market,” says Cesa Edwards, Chair of the Bermuda Chamber of Commerce Real Estate Division.

Properties that are priced correctly, presented professionally and marketed effectively continue to attract strong interest, often generating multiple offers. Buyers are increasingly aware that attractive opportunities do not stay available for long.

Ben Rego sees the same trend.

“The low inventory of quality listings, matched with continued high buyer demand and optimism, still rings very true throughout the Bermuda market,” he says.

According to Rego Sotheby’s internal review of recent sales activity, 14

approximately 51 per cent of transactions completed at or above asking price, including 34 per cent above asking. Those figures would have seemed extraordinary only a few years ago, but they have become increasingly common in today’s environment.

Rego notes that buyers can no longer assume there will automatically be room to negotiate below asking price.

“When a property is priced correctly and positioned strategically, we continue to see multiple strong offers and decisive transactions.”

Inventory has improved slightly compared with 2025. Rego estimates there are currently approximately 251 active listings available, compared with a range closer to 175–220 for much of last year. However, even with this increase, demand remains sufficiently strong that well-priced properties continue to attract significant attention.

Kim Sheen sees much the same picture.

“Demand continues to outpace supply, particularly in the entry and mid-level segments of the market,” she says.

She notes that well-priced homes, condominiums and quality rental properties continue to attract strong interest, while realistically priced properties often move quickly. The rental market remains especially competitive, with demand continuing to exceed available supply.

High Prices and Competitive Conditions

The reality for many buyers is that Bermuda’s housing costs have reached unprecedented levels.

“The cost of purchasing and renting property in Bermuda is at an all-time high,” says Sue Lusher.

Cesa Edwards

Rental availability remains particularly challenging. According to Lusher, finding a studio, one-bedroom or two-bedroom rental below $3,000 per month has become extremely difficult, while even units in the $4,000 range can be hard to secure.

The sales market tells a similar story.

Properties below approximately $1.5 million remain the most sought-after

by Bermudian purchasers, but inventory at this price point is extremely limited.

Many of the available properties also require substantial renovation work, adding further costs for prospective owners.

When an attractive property does reach the market, competition can be intense.

Lusher reports that some listings receive 50 to 60 viewing requests and multiple offers, often at or above the asking price.

Bermuda Property Matters 2027

MARKET ANALYSIS

Buyers Are Adjusting Expectations

The reality of today’s market is forcing many buyers to become more flexible.

“We are seeing some buyers adjust their expectations around size, location and property type,” says Edwards.

Rather than seeking a forever home immediately, many buyers are considering condominiums, townhouses, smaller homes or properties requiring cosmetic improvements.

Lusher agrees.

“If you are seeking a three-bedroom home in good condition and are in a position to spend $1.5 million, in this market it is unrealistic,” she says.

As a result, buyers are increasingly compromising Bermuda Property Matters 2027

Ben Rego

on location, size or condition simply to gain a foothold in the market.

The Missing Middle

One area where there appears to be broad agreement among industry professionals is the importance of creating more housing options in the condominium and townhouse sectors.

Historically, these developments played a vital role in Bermuda’s housing ecosystem. They provided attainable ownership opportunities while also allowing existing homeowners to move up the property ladder.

“Condominium and townhouse style homes are essential,” says Lusher.

Sheen believes condominium developments remain an important part of the solution.

“Condominiums played a very important role in creating movement within Bermuda’s real estate market by providing more attainable opportunities for first-time buyers, downsizers and investors,” she says.

She also points out that a lack of downsizing options often leaves empty nesters in larger family homes longer than they might otherwise

remain, reducing the supply of family homes available to younger Bermudians entering the market.

“I believe thoughtfully planned condominium developments can continue to play an important role in addressing Bermuda’s housing challenges and improving overall housing accessibility moving forward,” she adds.

Edwards echoes that view, noting that these developments historically created movement throughout the market and helped maintain healthy turnover between different stages of homeownership.

Unfortunately, the economics of development have become increasingly difficult.

Construction costs remain extremely high. Financing can be challenging. Suitable land is scarce. Planning and regulatory processes

can be lengthy. Together, these factors have reduced the pace of new residential development.

Government Response

Housing affordability has become a major public policy focus.

The Government’s draft Affordable Housing Strategy 2025–2035 aims to increase housing supply, improve affordability and expand access to home ownership.

The strategy proposes delivering between 950 and 1,350 affordable and attainable housing units over the next decade through new construction, rehabilitation of existing properties and bringing underutilised homes back into the market.

The strategy also identifies increased supply of compact housing units, financial support mechanisms and new pathways to ownership as key

ef

EARNING YOUR TRUST & CONFIDENCE PERSONABLE. DISCREET. PROFESSIONAL.

Earning the trust and confidence of my clients and customers is at the heart of everything I do.

Through personalized attention, thoughtful guidance, and discreet representation, I am committed to delivering service tailored to your unique needs.

I am deeply grateful to everyone who has trusted me with their real estate goals, and honoured to be a part of their story. I look forward to welcoming new clients and helping you navigate your next chapter.

Kim Sheen

441-734-1264

ef

One factor repeatedly highlighted by industry professionals is the growing impact of cash buyers.

Many Bermudian purchasers rely on bank financing and mortgage approvals. While buyers may secure pre-approval, final financing approval can still take weeks.

Meanwhile, purchasers who are able to present unconditional cash offers frequently enjoy a significant advantage.

“Cash offers can be very attractive to sellers because they typically allow for faster closings, fewer financing conditions and less overall transaction risk,” says Edwards.

This does not mean financed buyers cannot succeed. However, it places a premium on preparation, with buyers needing to arrange financing early and be ready to move quickly when suitable properties become available.

ef

The Cash Buyer Advantage

ef

BROKER / OWNER KIM SHEEN PROPERTIES BERMUDA Deputy Chair of the Real Estate Executive Division

kim@kimsheenproperties.bm www.kimsheenproperties.bm

15

MARKET ANALYSIS Sue Lusher

priorities.

Government officials have already identified multiple housing development sites and have announced plans focused heavily on one-bedroom and two-bedroom units, where demand appears greatest.

Whether these initiatives will significantly ease pressure remains to be seen, but most observers agree that increasing supply will be essential.

Sheen believes increasing

supply does not necessarily mean relying solely on new construction.

She points to opportunities to rehabilitate vacant buildings and underutilised properties, bringing additional housing stock to the market without the need for large-scale development projects.

She also notes that policymakers may wish to consider how Bermuda balances short-term vacation rentals with long-term housing needs to ensure adequate housing remains available for local residents while continuing to support the tourism industry.

Looking Ahead

Despite affordability concerns, industry sentiment remains cautiously positive. Both Edwards and Sheen describe themselves as cautiously optimistic about the future

direction of Bermuda’s housing market.

Rego points to continuing buyer confidence and strong transaction activity.

Edwards describes herself as “cautiously optimistic,” while emphasizing that activity alone does not equal accessibility.

Lusher is more concerned, particularly for younger Bermudians seeking to purchase their first home.

Sheen believes Bermuda’s limited land availability, desirable lifestyle and longterm demand for housing continue to support the market’s fundamentals.

However, she cautions that improving accessibility and increasing attainable housing options will be essential if younger Bermudians are to have a realistic pathway to home ownership in the years

ahead.

All four, however, agree on one fundamental point: Bermuda’s housing challenges are primarily a supply issue.

As long as inventory remains constrained, competition will remain intense, prices are likely to stay elevated and both buyers and renters will continue facing difficult choices.

For now, Bermuda’s property market remains active, competitive and resilient. The challenge for policymakers, developers and the wider community will be ensuring that future housing opportunities are available across all segments of the market — not only for those already established, but also for the next generation hoping to put down roots and own their own a piece of the rock.

The Biggest Gap in the Market: Where Are the Affordable Homes?

While Bermuda’s luxury and upper-middle property markets continue to generate strong activity, the greatest pressure today exists at the lower end of the housing market.

Industry professionals consistently report overwhelming demand for modestly priced rentals and homes.

According to Sue Lusher, properties below approximately $1.5 million attract enormous interest from Bermudian buyers, yet inventory in this category is extremely limited.

Rental housing is under similar pressure, with studio, onebedroom and two-bedroom units increasingly difficult to find at attainable monthly rates.

The Government’s Affordable Housing Strategy acknowledges this challenge and identifies young adults, working families, seniors and first-time renters among the groups most affected by current housing shortages. The strategy aims to deliver between 950 and 1,350 additional affordable and attainable housing units by 2035, including a significant number of one-bedroom and two-bedroom homes.

For many would-be homeowners, the issue is not a lack of desire to buy. Rather, it is finding suitable properties within reach and being able to compete successfully when they become available.

Until more entry-level and mid-market housing is added to Bermuda’s inventory, this segment is likely to remain the most challenging part of the market for buyers and renters alike.

16

Bermuda Property Matters 2027

MORTGAGE INSIGHT

The Missing Deposit

F

or many first-time buyers, the biggest obstacle isn’t qualifying for a mortgage—it’s accumulating the down payment. HSBC’s Springboard Mortgage offers a different approach, helping aspiring homeowners get onto the property ladder while giving family members an opportunity to make a lasting impact.

For many first-time homebuyers in Bermuda, the dream of owning a home doesn’t end with finding the right property.

It often stalls much earlier—at the down payment.

In a market where property prices can make even the most disciplined saver feel like they’re running on a treadmill, accumulating a traditional deposit can take years. Meanwhile, rents continue to rise, life moves on, and the goal of homeownership can start to feel increasingly out of reach.

But what if the challenge isn’t a lack of income or the ability to make monthly mortgage payments? What if the real obstacle is simply getting over that initial deposit hurdle?

That’s the thinking behind HSBC Bermuda’s Springboard Mortgage.

Designed specifically for first-time buyers, it allows eligible purchasers to buy a home with as little as a 5% down payment, provided a family member or loved one is willing to provide additional security through cash or property. The Springboard Mortgage can finance up to 95% of a property’s value, helping bridge the gap that often keeps aspiring homeowners on the sidelines.

A Different Way to Help

Traditionally, when parents or grandparents want to help a younger family member buy a home, the conversation often centres around gifting money. But not everyone is comfortable giving away a significant portion of their savings.

The Springboard Mortgage offers a different perspective. Instead of gifting funds outright, a guarantor provides security that supports the mortgage application. In the case of cash security, Bermuda Property Matters 2027

those funds can continue earning interest while they remain pledged and may be returned after an agreed period, provided the mortgage terms have been met.

For many families, that distinction can be significant. It transforms the conversation from “Can we afford to give them money?” to “Can we help them get started?”

The Generational Opportunity

Many Bermudians have built wealth through property ownership over decades.

Yet younger generations often face a very different housing landscape than their parents or grandparents did.

With this new opportunity from HSBC, existing homeowners can use some of the equity or savings they’ve accumulated to help the next generation take its first step onto the property ladder.

The impact can extend far beyond mortgage approval. It can help a son or daughter stop renting and start building equity, help a young professional establish roots in Bermuda, or provide stability for a growing family.

A Conversation Worth Having

While parents are the most obvious supporters, the concept can also extend

to grandparents, siblings, extended family members and other loved ones who want to make a meaningful difference in someone’s future.

For first-time buyers, the Springboard Mortgage presents an opportunity to think beyond traditional mortgage structures. For potential guarantors, it raises an equally important question: what impact could your support have?

Helping someone purchase their first home is about more than bricks and mortar. It’s about creating opportunity, building financial security and helping the next generation establish a foundation for the future.

Sometimes all it takes is a little springboard.

Learn more at hsbc.bm/springboard HSBC Bermuda’s Springboard Mortgage is available to eligible first-time homebuyers purchasing residential property in Bermuda.

Mortgage approval is subject to lending criteria, terms and conditions. A loan is subject to formal credit approval from HSBC. Due to market fluctuations, a Variable Mortgage rate may change in the future, which may impact total savings over the lifetime of a mortgage. HSBC is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority.

17

BEST PROPERTIES

Luscar Place

Commercial and retail leasing opportunities Luscar Place is a premier Class A+ commercial development offering modern, flexible office and retail space in a prime business location with excellent roadside visibility. Designed for collaboration and growth, it features customizable floor plans, onsite parking, bike storage, EV charging stations, and shared amenities. With occupancy anticipated in April 2027, Luscar Place presents an exceptional opportunity for businesses seeking a contemporary, high-quality commercial environment.

Rego Sotheby’s International Realty. Contact Penny MacIntyre: pmacintyre@regosir.com or Keegan Stirling: kstirling@regosir.com

Island House - $18,000,000

7 Beds | 8 baths | 2 half baths Located within the exclusive Tucker’s Town, Island House is a rare Bermuda estate offering timeless elegance, private beach access, and tranquil water views. Just moments from the renowned Mid Ocean Club and Tucker’s Point Club, the property includes a newly built two-bedroom guest cottage with a stunning roof terrace. A private sanctuary or exceptional retreat, Island House embodies luxury island living at its finest.

Rego Sotheby’s International Realty. Contact Ben Rego: benrego@regosir.com

Cedar Lodge - $11,750,000

5 Beds | 8 baths Cedar Lodge is one of Bermuda’s most iconic estates, set on over three acres overlooking Hamilton Harbour. This distinguished five-bedroom residence blends historic charm with modern luxury, featuring Bermudian architecture, entertaining spaces, and a private pool courtyard. Resort-style amenities include a tennis court, water rights, former stables, and five additional cottage residences. Offering exceptional privacy, breathtaking views, and a coveted central location, Cedar Lodge presents a rare opportunity to own a true Bermuda landmark.

Rego Sotheby’s International Realty. Contact Ben Rego: benrego@regosir.com 18

Vagabond House - $13,975,000

4 beds | 5 baths | 2 half baths Welcome to Vagabond House, an exceptional waterfront estate in prestigious Tucker’s Town. Moments from the Mid Ocean Club, Rosewood Tucker’s Point, this property offers direct deepwater access to Castle Harbour via a private dock. The fourbedroom main residence enjoys water views, while a separate guest cottage, housekeeper’s apartment, garage, and substantial basement provide outstanding flexibility.

Rego Sotheby’s International Realty. Contact Margaret Young: myoung@regosir.com Bermuda Property Matters 2027

STRAP

BEST PROPERTIES

White Crest, Tucker’s Town

Lot #13 is an extraordinary end lot with magnificent views to the North over Harrington Sound and the North Shore, endless views West all the way to Dockyard, basking in sunsets and a healthy view of the South Shore over Mid Ocean Golf Course and the Mangrove Lake.

The Property Group. William Kempe. Tel: 441-777-9449, email: william@tpg.bm. www.property-group.com

SELLING YOUR PROPERTY 1. Line up your lawyer early • Retain a real estate attorney at the start.

• They will ensure your deeds and legal documents are in order so the sale process runs smoothly.

2. Survey & planning • Arrange a land survey of the boundaries.

• Planning search required (planning search usually completed 30 days prior to closing): identify any work that was completed and confirm there was planning approval.

If planning certificates are missing, it will delay closing.

Be among the first owners at The Havens. Units 1 and 2 are now available, each offering four bedrooms and four bathrooms.

These beautifully designed townhomes feature an openplan kitchen, spacious living and dining areas, covered patio, and stunning Great Sound views. The upper level includes a luxurious primary suite with a spa-style bathroom and walkin closet. A large finished basement with bedroom, bathroom, bonus room, and separate access adds exceptional flexibility.

Enjoy sunset views toward Dockyard from your private balcony.

The Property Group. Cheryl Ford. Tel: 441-505-6118, email: cheryl@tpg.bm. www.property-group.com Bermuda Property Matters 2027

3. Prepare your property • Declutter and deep-clean.

• Make small repairs (paint, leaks, landscaping).

4. Choose your listing type (Sole vs Open)

• Sole Listing: One agency represents you; others can still bring buyers via co-broke.

Clear strategy and a single point of contact.

• Open Listing: Multiple agencies market it; fragmented effort and no dedicated representation.

5. Set the right price • Have your agent prepare a free market analysis or hire a professional appraiser.

• Lastly, call Kim Sheen Properties.

EARNING YOUR TRUST & CONFIDENCE

Kim Sheen ef

The Havens

BROKER / OWNER KIM SHEEN PROPERTIES BERMUDA DEPUTY CHAIR OF THE REAL ESTATE EXECUTIVE DIVISION

441-734-1264 ef

kim@kimsheenproperties.bm www.kimsheenproperties.bm

19

BEST PROPERTIES

Te Koko - $8,750,000

4 beds | 3 baths Set within Bermuda’s prestigious Riddell’s Bay Gardens and Nature Reserve, this exceptional waterfront estate offers panoramic views on 0.82 acres. The custom-built residence spans nearly 6,500 sq. ft., featuring elegant living spaces, a luxurious primary suite, gym, office, bar, and pool terrace designed for entertaining. Elevated for privacy and stunning sunsets, the property includes a twocar garage, approved guest cottage plans, and access to 64 acres of protected reserve.

Rego Sotheby’s International Realty. Contact Christina Georgopoulos at cgeorgopoulos@regosir.com

Azura

A rare opportunity to own one of only three free-standing villas at the exclusive Azura Boutique Resort.

This oceanfront residence enjoys direct access to a private beach shared with just one other villa, offering exceptional privacy and prestige. Featuring a bright open-plan layout, gourmet kitchen, spacious master suite, and two additional en-suite bedrooms, the home is designed for luxury living. Relax or entertain on the expansive verandah while taking in breathtaking South Shore views. A truly exceptional Bermuda lifestyle awaits. Available to Bermudians, Work Permit Holders, PRC and BOTC holders, as well as international buyers.

The Property Group. Sallyann Smith.

Tel: 441-535-4521, email: sallyann@tpg.bm. www.property-group.com 20

Bermuda Property Matters 2027

BEST PROPERTIES

Longford Estate - $9,750,000

6 beds | 6 baths Longford Estate, the renowned former Bermuda home of Michael Douglas and Catherine Zeta-Jones, is a spectacular gated harbourfront estate set on over three acres of manicured grounds. Centered around a beautifully restored 1827 English countrystyle residence, the property offers panoramic water views, lush gardens, a pool, tennis court, fitness amenities, and multiple guest residences. Combining historic elegance, privacy, and exceptional lifestyle features, Longford Estate embodies Bermuda luxury at its finest.

Rego Sotheby’s International Realty. Contact Lyndy Thatcher: lthatcher@regosir.com

Bermuda Property Matters 2027

21

BEST PROPERTIES

Cut Road, St. George’s

Enjoy spectacular waterfront living with this beautifully positioned .18-acre lot overlooking the sparkling waters of St. George’s Harbour. Zoned Residential 2, this property provides the ideal canvas to design and build a bespoke home in a truly scenic location.

Potential water access and the opportunity for a floating dock further enhance the appeal.

The Property Group. Sallyann Smith. Tel: 441-535-4521, email: sallyann@tpg.bm. www.property-group.com

The Glebe House

The Glebe House is one of Bermuda’s most distinguished estates, perched atop Glebe Hill in Tucker’s Town with sweeping views of the South Shore, Castle Harbour, Harrington Sound and Mid Ocean Golf Course. This elegant five-bedroom mansion features grand entertaining spaces, a library, elevator, wine cellar and luxurious primary suite. Set on over an acre, the property also includes two self-contained apartments, three garages, lush gardens, a stunning pool and pool house, creating an exceptional private estate.A substantial property must be seen to be appreciated.

Available to Bermudians, BOTC’s, PRC’s and International buyers.

The Property Group. Sallyann Smith. Tel: 441-535-4521, email: sallyann@tpg.bm. www.property-group.com 22

Saucos Hill

Offering a rare blend of privacy and convenience, this unique property combines natural beauty with a highly desirable central location. Approximately one acre is protected woodland reserve, providing a peaceful and secluded setting, while nearly half an acre of buildable land offers the opportunity to create your dream home. Close to schools, restaurants and amenities, and just minutes from Spittal Pond Nature Reserve, this is an exceptional opportunity in one of Bermuda’s most sought-after parishes. Reduced and attractively priced at $595,000.

The Property Group. Gill Butterfield. Tel: 534-7746 Email: gill@tpg.bm. www.property-group.com Bermuda Property Matters 2027

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Is the deposit the real barrier?

Or just needing a new way to get it.

The HSBC Springboard Mortgage bridges the gap for first time home buyers Now you can get the support needed • Borrow up to 95% of the value of your new home using a family member or friend‘s cash or property as security for the down payment.

• Guarantor’s security will be released after 5 years if you make all of your mortgage payments on time.

Because independence doesn’t have to mean doing everything on your own.

Learn more at www.hsbc.bm/springboard

Terms and Conditions apply. Applicable to residential mortgages only. Must not already own a property or have an outstanding mortgage with HSBC or any other entity. A loan is subject to formal credit approval with HSBC. Due to market fluctuations, a Variable Mortgage rate may change in the future, which may impact total savings over the lifetime of a mortgage. Issued by HSBC Bank Bermuda Limited, of 37 Front Street, Hamilton Bermuda, which is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority.