We have seen a marked upswing on inward investment into the Cayman Islands in recent months, no doubt in response to the gains made in the U.S. financial markets of late.
What’s really exciting from my perspective is the fact that Cayman is now able to offer what prospective high net worth investors have been looking for all along when it comes to real estate: quality and service that is on a par or exceeds what they are used to at home. We are now able to offer a truly upscale experience.
The luxury end of the market
In my opinion, tourism is the key to the upswing. The bar was firmly raised in 2006 with the opening of The Ritz-Carlton, Grand Cayman, a five-star luxury property that finally provided the amenities and services sought by high-end clientele.
The development and 2016 opening of the new Kimpton resort and properties is another reason to celebrate because this brand also delivers on so many fronts to its clients. The Ritz-Carlton and Kimpton properties have always been about service, and now we have seen the opening of one of Cayman’s most luxurious condominium properties on Seven Mile Beach, The WaterColours, which offers similar standards of the highest quality service but within a residential rather than resort property.
Mid-range and below
All other properties along the Seven Mile Beach corridor, both in the under $2 million and under $600,000 ranges, have seen an uptake in activity, and in some cases the asking price is beginning to increase as availability diminishes.
Activity is increasing in two bedroom properties under $600,000, an important fact because this highlights the return of an area of our market which had been very quiet and almost lost for the last four to five years due to the downturn in the global economy. In addition, three-bedroom properties under $2 million are also on the upswing as buyers are looking for good rental properties with positive cash flow.
Please read my update in May for more information on this exciting and blossoming area of the market.
On a sad note: a Cayman pioneer passes
It is with deep sadness that I read of the passing of Mr. Bob Soto, one of the greatest dive pioneers of our time. Bob was a true gentleman, always incredibly understated and a dedicated family man. A true icon of his time. Cayman’s real estate industry grew because of pioneers like Bob who helped shape Cayman’s dive industry and, as a result, helped to grow Cayman’s economy as a whole.
People came, and still come, to Cayman and bought property here because of its incredible diving. His contribution to the Cayman Islands should never be underestimated.