Cayman Real Estate News
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.
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.
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.
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.
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.
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.
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.
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.
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.
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."
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.