The government has, for the first time, sanctioned the introduction of fractional ownership for non-nationals. Off-islanders can now own a deeded part-share of property at a fraction of the cost of whole ownership in a country with the third highest per capita income in the world.

The Reefs Club is among the first projects in this new-to-the-island, fractional ownership style. Due to open in July, the development will have 19 two-and three-bedroom residences. One-tenth ownership will cost US$350,000 for a two-bedroom home and US$410,000 for a three-bedroom.

Further details are in the National Post.

David Dodwell, owner of The Reefs, said that he had made a significant investment in the infrastructure of his resort following the $52 million development of The Reefs Club which was completed last year and despite membership being below initial expectations he had no intention of giving up or walking away from it.

The $52 million project comprises 19 units - 11 two-bedroom and eight three-bedroom - ranging from $350,000 to $410,000, a club lounge with a bar where guests can make their own drinks, a pool table and a flat screen television and a reflecting pool on the balcony

The Reefs Club has just restarted its sales - and made 40 in just two weeks. Pretty impressive.

The details are in this article on The Reefs Club in Bermuda.