Remember back in 2009 where we examined the impact of expatriate job growth on housing demand? Let’s revisit that shall we. Recall that we used data from the 2000 Census to approximate the number of non-Bermudian households as a percentage of non-Bermudian jobs.
Let’s use these approximations by applying them to the 2011 Employment Brief and start by charting out the approximate non-Bermudian household demand according to the current employment figures.
Not clear enough? Let’s take a look specifically at approximate growth.
Note the incredibly sharp decline in demand that is attributable to the decline in jobs. Those 867 less expat jobs in 2010? They equate to 43 fewer studios rented, 190 fewer one, 164 fewer two, 86 fewer three, 17 fewer four and 4 fewer five bedroom apartments rented, approximately. Still wondering why the housing market is in a rapid decline and we are seeing far less “executive” and far more “price reduced” monikers on rental ads? This is part of the reason why.