(Source: The Royal Gazette)

The recession has put the brakes on Bermuda’s real estate market this year.

Transactions are down 57 percent through the first 11 months of 2009, compared to the same period in 2008, and dollar volume fell 58 percent, according to Government-registered closings.

Rego Sotheby’s International Realty has observed an unusual trend this year — that the market has been buoyed by the lower end.

The firm’s president, Buddy Rego, said condo prices have held up well, but high-end homes have slipped in value and are tougher to sell.

Read Jonathan Kent’s full article “Recession puts the brakes on residential real estate market” in the Royal Gazette (December 15, 2009).

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