Booming real estate industry reflects economic growth

Tower communications specialist Ben Meade, left, moderates as CIREBA treasurer Tony Catalanotto, Chief Planner Haroon Pandohie, Cayman Contractors Association David Johnston, and Dart Real Estate executive Justin Howe discuss the state of the local real estate market. - Photo: Ken Silva

Finance Minister Roy McTaggart has recently touted the 2.9-percent economic growth Cayman experienced last year, but to many that number is just an abstraction.

To get a real sense of how the economy is performing, take a drive from George Town to West Bay, according to Tony Catalanotto, the treasurer for the Cayman Islands Real Estate Brokers Association.

“Construction is booming. Anyone that takes a drive from West Bay through Governors Harbour, we’re seeing renewed activity,” Catalanotto said during a presentation on the local real estate industry at the Chamber of Commerce’s Economic Forum.

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