Cayman market update for March

Statistics round up

Just like the weather, things are heating up on the property front in the Cayman Islands.

Activity and a genuine feel of excitement for a situation reminiscent of six or so years ago are keeping real estate professionals optimistic and busy. We at RE/MAX are anticipating a busy month ahead.

The number of active listings is up year on year – 2,120 as at the end of February 2012 as opposed to 1,933 as at the end of the same month last year, an increase of more than 9 per cent. The volume of active listings also is up, from $1,682,876,102 to $1,755,266,675, an increase of slightly more than 4 per cent.

Breaking these figures down into property type reveals an increase in the value of residential property for sale from an average list price of $1,380,008 as at the end of February 2011, increasing to $1,539,143 to the same period this year.

The average list price of semi-detached property increased dramatically from $325,297 to $881,898, a huge rise of more than 171 per cent, while the condominium average listing price also increased, from $764,383 to $803,190, a rate of just more than 5 per cent.

Conversely, land prices have reduced in their average listing price over the same time span, with residential beach land reducing from $722,473 down to $624,274, commercial land dropping from $3,422,952 to $2,690,329 and industrial land falling from $2,695,611 to $1,855,425.

Don’t forget to visit www.dreamfinders.com for a comprehensive overview of some of the best properties currently on the market here in the Cayman Islands.

Opportunities on Seven Mile Beach

There are still some rare opportunities to purchase new properties on Seven Mile Beach, but they are 
few and far between.

The WaterColours development is a collection of 60 condominium residences that take the notion of luxury living to new heights. We at RE/MAX Cayman Islands are proud to have The WaterColours in our portfolio, as the exclusive brokers for the development. However, interest has increased in this development and there are an additional three residencies pending at press time.

Sea Breeze is an equally luxurious development also located on Seven Mile Beach, but this has only nine residences, each a corner unit to maximise the scenic ocean vistas. Two of the units have been reduced and now you can purchase starting at US$2,350,000. Opportunities for high-end luxury living like this do not come around often, and when they do, they don’t hang around for long!

More immigration moves to stimulate the economy

It has been heartening to hear Premier McKeeva Bush announce government’s intentions to implement new immigration and other incentives to make Cayman a more attractive place for the reinsurance industry to set up shop here and wrestle the reinsurance industry away from Bermuda.

Speedier work permit processing times and lower work permit fees, possibly through the Special Economic Zone established for Cayman Enterprise City, have been discussed and it will be interesting to see these moves take shape and thereby permit an already existing arm of Cayman’s financial services industry – we are the second most important domicile for captive insurance in the world after Bermuda – to prosper even further. It is good to see innovation in the works from the public sector working in tandem with the private sector in this regard, promoting an already tried and tested arm of the economy for which we already possess a great deal of expertise. Let’s hope there are more innovations in the pipeline for existing sectors of our economy.

See my article in the next edition of Cayman Financial Review for more on this subject.

If you have a comment or query or would like an opinion, please contact me at [email protected]

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