Home show signals recovery in housing market

More than 2500 people attended the island’s biggest annual home show over the weekend – which organisers said was an encouraging sign of recovery in a recession-hit real estate market.

More than 70 exhibitors, including mortgage lenders, legal firms and home improvement companies, exhibited at the 11^th Bermuda Realty Coldwell Banker HomeShow, which ran today and yesterday.

Coldwell Banker general manager Kendra Mello said: “It’s been super busy and we’ve going steadily over the two days.

“There has been a lot of conversation and discussion at this year’s show.

“In previous years, we haven’t had so much interaction between exhibitors and visitors – they are interested in what’s going on. People have been very positive and upbeat generally.”

Ms Mello added that attendance at the show had held firm, as it has attracted between 2500 and 3000 people in previous years.

And she said that her firm had noted an increase in demand recently – a sign that the market could heading towards recovery.

She said: “We’re pleased about that – this time of year demand levels historically start to go up.

“We did have some people who were taking a bit of a wait and see stance leading up to the General Election.

“That’s common and we can trace trends back for several elections.”

Ms Mello added: “Consumer confidence is up a little bit and we’re hoping that will continue into a positive trend in sales and rentals for the real estate market.”

The HomeShow was held at CedarBridge Academy in Devonshire over Friday and Saturday.

The show is designed showcase local businesses and their products in a ‘one-stop shop’ experience for goods and services related to home ownership.

The show also featured interior decorators, air conditioning firms, insurance companies, architects and furniture stores among the exhibitors.

Ms Mello said: “People are pleased to see that the weather is holding out and it’s generally a positive atmosphere. People are talking as opposed to just browsing through the show and picking up fliers.

“People have been engaging with our exhibitors which has contributed to a very good attitude overall.”