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Topic: Cayman Islands Real Estate Brokers Association
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.
Amid public concern over rising foreclosure rates in the Cayman Islands, a judge has cautioned home owners to understand they risk losing their property if they fall behind on mortgage repayments.
Declan Magennis, a director at major international accounting firm BDO’s corporate recovery and insolvency subsidiary, BDO CRI (Cayman) Ltd., has been voted ‘Accountant of the Year’ by members of the Recovery and Insolvency Specialists’ Association, Cayman Islands (RISA Cayman).
I’d like to focus my update this month on a particularly interesting area of the market, that of the high-end residential home, i.e., those in the $3 million bracket and higher (with no price limit). This area of the market has seen slight variances in recent years.
More than 100 foreclosed properties were sold in the Cayman Islands in 2016, the second year in succession that forced sales have reached three figures. The statistics for 2016 reflect a marginal drop on 2015, though both years saw far higher numbers of foreclosure sales than at any time in recent memory.
Two longtime Cayman Islands residents have been approved for Cabinet grants of Caymanian status, Premier Alden McLaughlin confirmed Wednesday. The residents are Monique Hamaty-Simmonds of the Tortuga group of companies and Fraser Wellon, well-known developer and owner of the WaterColours property on Seven Mile Beach.
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.
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.
The Cayman Islands Real Estate Brokers Association has reelected Jeanette Totten as its president. This will be Ms. Totten’s third term as president of the association.
The number of people losing their homes to foreclosures in the Cayman Islands has almost quadrupled in the last five years.