Realtors praise Budget

Island realtors are over the moon about proposed changes in licensing fees announced in the Budget on Friday.

The Bermuda Chamber of Commerce’s Real Estate Division is applauding the Minister of Finance for his decision to slash the prohibitive licensing fees for Non-Bermudian and PRCs purchasing local properties

In making the announcement Divisional Chair Dale Young of Young Properties said: “The trickledown effect of the Minster’s decision to reduce licensing fee for PRC property purchases from 25 per cent for homes, 18 cent for condos, to 4 cent should have a huge impact on our local economy.   

"The substantial reduction in the licensing fees for both PRCs and non-Bermudians, is sure to stimulate sales and in doing so will create job opportunities for many Bermudians.  Houses which have been on the market for months, if not years may finally be sold and with each purchase there is an opportunity for a Bermudian to  benefit, either directly through new construction or maintenance contracts or indirectly through the infusion of capital into the market place. When Bermudians have more money, they spend more money and everyone benefits.”

 Ms. Young pointed out that many PRC holders are not highly paid many are teachers, landscapers, beauticians and other blue collar employees. She said they are one step closer to home ownership.

Ms. Young added: “Bermudians need only connect the dots to see the positive impact this decision will have on our economy and we applaud the Minster for listening and responding to our industry.”