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Real Estate Newsletter

Cayman Real Estate News

Beautiful Blue

The 2020 Pantone colour of the year, Classic Blue, is a Caribbean designer’s dream. Whether you’re a professional, or just love decorating, the colour complements the islands’ sea and sky, bringing this versatile and bold hue straight into the home.

Biophilia: Connecting with nature

Health benefits associated with engaging with nature have long been a matter of interest. Studies show the positive impact that time spent outdoors, and the incorporation of greenery in residential spaces, has on our mental and physical health.

Animal Inspiration

When Taraneh Duval was looking to design a nursery for her son Tristan, she drew inspiration from four watercolour images of animals she loved.

Reinventing spaces

Lori-Ann Foley knew she was in for a challenge when she decided to upgrade and expand the family home.

Refresh Your Home

If you feel your home needs a little refreshing but you don’t want to break the bank in doing so, there are some simple and inexpensive ways to spruce it up.

Bringing Nature Indoors

As you walk through the doors of OceanMed, you may wonder if you’ve just entered a luxurious spa — and that is completely by design.

Property: A statistical analysis

This time of year is always a good time to compare statistics, in order to give a feel of where the market is heading for the year ahead and beyond.

Cayman properties scoop sustainability, design awards

NCB Group’s joint venture with Dart Real Estate, OLEA, received the Five-Star Award for Best Sustainable Residential Development at the USA and Americas Property Awards, held at the Fairmont Royal York hotel in Toronto,...

Cayman real estate agent featured on HGTV

Provenance Properties Cayman Islands’ Sales Executive Ruth Gustafsson was featured on an episode of HGTV’s television show, House Hunters International. This episode, filmed in the Cayman Islands in February 2019, featured a New Jersey couple seeking a property in Cayman.

Property sales hit new record amid real estate boom

Last year was the best on record for the Cayman Islands property market with more than $800 million in total sales, according to a review by surveyors Charterland.

‘No place like home’: Cayman’s residential property boom

The Cayman Islands is a successful and well-known offshore financial center, as well as a popular tourism hot spot, but economic growth in recent years has been driven by an entirely different industry: construction.

Bovell: How to buy property

A recent discussion with a young Caymanian who is interested in buying property has led me to write this article, which reflects my views on how one ought to go about approaching the process of buying a property in the Cayman Islands.

Bovell: Economic data and its impact on the real estate industry

At the time of writing, the U.S. economy is anticipating another interest rate hike (predicted to happen before the end of the year), with two more expected in 2019.

Stamp duty change could impact development boom

Buying a new home in the Cayman Islands is about to get more expensive – at least for some.

Bovell: Presentation key to home sales

This month I would like to share a short lesson in the art of selling a property, a kind of “Real Estate 101.”

Seven Mile condos not in the overpricing trap

I had a very good response to last month’s article, on the disparity between what $2 million and above residential homes are often put on the market for, versus what the owners eventually are likely to receive for their sale.

Bovell: A teaser of things to come – and words of caution

The first six months of this year have just closed, so I thought it would be a good point in time to reflect on how the market has progressed in 2018 so far, while at the same time offering readers a glimpse into what’s moving and shaking the real estate industry in the months ahead.

Bovell: New style of tourist accommodation evolving

While not new to Cayman’s market, it has evolved into being much more service based as visitors want larger places and more services in many aspects.

Bovell: Examining the question of over-supply in the real estate sector

Is over-supply on the horizon? This is one question that I’m being asked with increasing frequency by investors based overseas, as people take in the scale of development currently happening in Grand Cayman.

Bovell: Not a time for complacency

As I have discussed in these updates over the years, tourism and the real estate industry are closely interlinked in the Cayman Islands, as tourism brings in new visitors to the island who frequently then fall in love with the islands and decide to buy a second home here.

Foreclosure sales begin to decrease

From a $1.4 million South Sound mansion to four two-bed condos that sold for $95,000 each, real estate statistics show 73 foreclosure properties were purchased in 2017.

A diverse and buoyant market

It appears that 2017 was probably one of the strongest years we have ever had in the real estate industry. Indeed, the past two years have seen an extremely strong and active market with high demand and slowing inventory.

Healing domes planned for hurricane-hit Mariners Cove

A new beachfront “healing resort” featuring dome-shaped guest villas is planned for the old Mariners Cove site in Prospect, which was swept away during Hurricane Ivan.

Boggy Sand Road home sells for record US$12.5 million

Realtors are pointing to the US$12.5 million sale of the seven-bedroom Coconut Walk residence in West Bay as the most lucrative in Cayman Islands’ history, outpacing the previous $7.9 million record.
An aerial view of the business area of downtown George Town, Grand Cayman

US court dismisses fraud lawsuit against RE/MAX

An American federal district court has thrown out a lawsuit alleging fraud against Cayman Islands real estate brokerage firm RE/MAX after a judge found the matter could not be properly heard in that jurisdiction.

Cash in on a buoyant real estate cycle

At this time of year, it is good to reflect on the sales year-to-date. Reviewing the statistics produced by the Cayman Islands Real Estate Brokers Association (CIREBA) helps to formulate my opinions on the real estate market going forward.

New government, same challenges

Now that Cayman has elected a new government that will determine the territory’s fate for the next four years, there are issues I would like to highlight as crucial to the success of Cayman’s real estate industry.

Real estate market strengthening in Cayman

The outlook for the market in the Cayman Islands still looks positive for 2017 and onward, according to a report this week from the Cayman Islands Real Estate Brokers Association. “The rental market is growing along with the population of the islands."

Opportunities abound in seller’s market

Happy New Year! I would like to begin my updates this year with an over-arching look at the current state of Cayman’s real estate market. We begin this new year buoyed by the successful performance over the past 12 months of Cayman Islands real estate, which has strengthened significantly in most areas.

Why buy a condo on Seven Mile Beach?

Put simply, buying a condo on Seven Mile Beach is a great investment. But I would like to delve a little deeper as to why buying property along this highly sought-after stretch of real...

Developer sued over Little Cayman ‘house in a box’ deals

A U.K. pension administrator is suing Crown Acquisitions Worldwide, alleging the real estate developer took its money for several land lots in a Little Cayman subdivision and failed to transfer the land or get plans approved for homes.

‘We must build higher’: Bush calls for 7MB buildings up to 30 stories

As Cayman’s first 10-story buildings opened on Seven Mile Beach on Tuesday, Opposition Leader McKeeva Bush called for developers to be allowed to build higher.

New brands equal new life for Cayman’s real estate industry

Whether it’s the four-star Kimpton, the three-star Margaritaville or possibly even the five-star Four Seasons brand, new brands launching in the Cayman Islands and entering our marketplace are all very good news for Cayman’s real estate industry. In addition, broadening our brand offering when it comes to new resorts is very important for the islands as a whole, for a number of reasons.

Property perspective: A look at canal-front living

This month I thought I would focus on a particularly interesting sector of the market, that of canal-front or canal-view homes and lots.

Property perspective – Statistical review: Property prices are up, inventory is down

Regular readers of my monthly updates will know that we like to periodically take an overview of the statistics produced by CIREBA, the Cayman Islands Real Estate Brokers Association, the entity charged with overseeing Cayman’s real estate industry. These statistics, especially when viewed within a historical context, always make for interesting reading and point to current market trends.

Bovell: PR fiasco could harm real estate environment

It’s very simple: The real estate industry benefits from those who become permanent residents.

Family of late developer aims to complete Grand Harbour

The widow of Grand Harbour developer Mike Bell has outlined plans to fulfill his dream to complete a major residential, retail and restaurant development at the site.

Government chasing millions in unpaid rental taxes

Government officials are going after millions of dollars in unpaid taxes on rental properties.

Property Perspective: Cayman needs a better PR strategy

The “Panama Papers” episode has brought into sharp focus the need for the Cayman Islands to up the ante when it comes to promoting exactly why this jurisdiction is so successful as far as financial services are concerned.

Ryan, Crighton partner on new luxury development

The Ritz-Carlton, Grand Cayman developer Michael Ryan is back in the development business in Cayman, this time teaming up with realtor/developer Dale Crighton to build a luxury oceanfront development on South Church Street.

Dart completes Hyatt purchase

The Dart group has officially taken ownership of the former Hyatt properties, the Grand Cayman Beach Suites and the Britannia Golf Club.

Cayman Kai hotel plan re-emerges

A planned area development application, including a hotel, marina, restaurants and retail properties in Cayman Kai, has resurfaced, with the developer hoping to begin work on the first phase of the project next year.

Why Cayman real estate is highly valued

The recent news that the Cayman Islands government has finalized plans to establish a new regime for sharing information with U.K. law enforcement with regard to the beneficial ownership of companies in Cayman should be welcomed by all.

West Bay’s Spanish Bay Reef site cleared

Demolition crews have been working at the Spanish Bay Reef Resort site in West Bay, clearing buildings that have sat vacant for almost nine years.

Court denies permission for large apartment building on Seven Mile Beach

In a rare court ruling concerning a planning dispute over a proposed apartment development along Grand Cayman’s Seven Mile Beach, a Grand Court judge has questioned planning regulations that, heretofore, have allowed for the development of structures higher than seven stories in hotel/tourism zones.

Green community plan for Grand Harbour

An environmentally friendly housing development, featuring 85 homes, is planned for Grand Harbour.

Plans submitted for Ironwood golf course

Plans were submitted Friday for an 18-hole Arnold Palmer-designed golf course in the eastern districts of Grand Cayman.

Cayman gets 1st Olympic-length swimming pool

The first Olympic-length swimming pool in the Cayman Islands was unveiled and filled on Wednesday.

Paul: Investors’ love affair with London property

Britain’s economy may be growing at a faster rate than its European counterparts, but there are two statistics that ought to give concern: London’s stratospheric real estate prices and the country’s current account deficit.

Property perspective: Regional report highlights economic growth

The recently released IRR Viewpoint Caribbean Market Update 2016 Annual Report highlights some interesting discussion points when it comes to the state of Caribbean economies, especially in relation to real estate.

Ritz-Carlton going up for sale

The owners of The Ritz-Carlton Grand Cayman want to sell, and the hotel is likely to go to market in April.

Dart buys former Hyatt resort

The Dart group has bought the old Hyatt resort, the nine-hole Britannia Golf Course and the Beach Suites hotel, which will close following the sale.

Luxury home sells for record price

A luxury property at a gated community overlooking the North Sound has sold for US$7.925 million – a record for a single-family home in the Cayman Islands.

South Sound, Seven Mile Beach property ‘on fire,’ inland still lags

The consensus appears unanimous: Real estate brokers say things are great, and anyone checking out the market must agree that they are.

Property Perspective: Interest in high-end homes finally on the rise

As recently as October 2015 I wrote how I saw the $2 million-plus area of the residential homes market as remaining a difficult one for buyers to sell their properties in the short term.

Agency goes high-tech to sell real estate

​International Realty Group has made a big investment in virtual reality in the hope that a more immersive experience will lead to more sales.

Dramatic spike in foreclosures

The number of people losing their homes to foreclosures in the Cayman Islands has almost quadrupled in the last five years.

New construction and development abound in Cayman

This month I thought it would be a useful exercise to highlight all the new construction and development projects that are taking place across the Cayman Islands, emphasizing the fact that Cayman’s economy is currently in a very positive growth period.

Government gazettes Dragon Bay leasehold sale to Dart

The governor, on the recommendation of Cabinet, has proposed to vest 280 acres of Crown property, currently under a long-term lease, that was once part of the project plans for SafeHaven and Dragon Bay to an affiliate of Dart Realty.

Environmentally friendly office building opens at Camana Bay

The grand opening of a new Class A office building at Camana Bay, called 18 Forum Lane, was celebrated with a reception and ribbon-cutting ceremony Wednesday night.