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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.
An aerial view of the business area of downtown George Town, Grand Cayman

Bovell: Changes in stamp duty – what it means for buyers

By the end of this year the Government will close the loophole in the law that allows buyers to only pay stamp duty on the cost of the land on which their property will be built, should construction not yet have started and not again later on once the property has been completed (the so-called two-contract transaction).

Bovell: A look at George Town revitalisation plans

The recent Royal Institution of Chartered Surveyors’ Cayman Property and Construction Conference had some interesting points for discussion, especially the plans to revitalise the centre of George Town, to which I would like to add my own perspective.

Bovell: New life breathed into Seven Mile Beach

For some time now, I have written about the dwindling inventory available on Cayman’s most prized real estate corridor, that of Seven Mile Beach. I can now report with some excitement that the owners of the Lacovia condominiums – an existing development located about a third of the way up Seven Mile Beach – have unanimously agreed to redevelop their property.

Bovell: Cayman’s real estate market strengthened in 2018

A comparison of the sold listings from Jan. 1 to Dec. 31, 2017 versus the same period last year shows a dramatic increase in both the number of properties sold in 2018 versus 2017 and also the total value of sales.

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.

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.

Realistic pricing in a fast-paced market

In a market that is currently seeing a great deal of activity, the sale pricing of US$2 million and above private homes or condominiums predominantly in the Seven Mile Beach corridor (West Bay to north George Town), is one that I would like to concentrate on in this update.

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: 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.

Diverse product offering benefits all

Parts of the Caribbean impacted by the devastating hurricane season of 2017 are currently undergoing tremendous change as they rebuild their tourism and real estate products.

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.

Changing the perspective of the buyer in a rising market

For many months I have been writing about the changing tide when it comes to buying Seven Mile Beach properties, reminding prospective buyers that prices are rising and the volume of inventory is diminishing quickly.

Bovell: Catastrophic hurricanes bring stark reminders of 2004’s Ivan

In light of the recent Category 5 hurricanes the Caribbean has had to endure, 13 years to the day since the Cayman Islands suffered at the hands of its own worst hurricane in living memory, Hurricane Ivan, I thought it would be useful to take a look at what we have learned from our experiences and, more worryingly, what we have not learned.

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.

Real estate issues of the day

In the Cayman Islands, the question as to where the oceanfront land you have purchased actually begins as your own (and thereby is land on which you can build) is governed by the Development and Planning Regulations 2017.

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.

Developer plans 5-star hotel at Pageant Beach

The long-vacant 7.1-acre Pageant Beach site at the southern tip of Seven Mile Beach will be developed as a five-star luxury resort.

RE/MAX Cayman Islands dominates awards

RE/MAX Cayman Islands received three of the top four international awards at the R4 convention in Las Vegas from Feb. 27 to March 3. R4 is RE/MAX corporate’s annual worldwide convention. Among 29,513 RE/MAX international agents and in the Top International Team Leaders category, Kim Lund (The Lund Team) ranked No. 1, James Bovell (Bovell) ranked No. 2 and Michael Joseph (Property Cayman) ranked No. 4. Kass Coleman (Beach Castles) came in 66th place.

Property Perspective: Surveyors conference highlights

The Royal Institution of Chartered Surveyors held their third conference in the Cayman Islands last month, and they highlighted some interesting points that I thought would be worth discussing further in this market update. The Royal Institution of Chartered Surveyors held their third conference in the Cayman Islands last month, and they highlighted some interesting points that I thought would be worth discussing further in this market update.

RE/MAX participates in MOvember

RE/MAX Cayman Islands will be promoting the 2016 MOvember charity event by stickering mustaches on its sale and promotional signs, which are located throughout the island.

Lund transferred to Miami hospital

RE/MAX real estate owner Kim Lund, who suffered spinal injuries in a fall over the weekend, was transferred to Jackson Memorial Hospital in Miami early Wednesday.

Bovell: PR fiasco could harm real estate environment

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

Business in brief: RE/MAX broker James Bovell launches new brand and team

RE/MAX broker James Bovell launches new brand and team; Guernsey law firm AO Hall joins Walkers; Aon wins top honors at 2016 Trading Risk Awards and more.

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.

Cayman's breast cancer survivors form support group

Breast cancer survivors held the first meeting of a new support group at the governor's residence Wednesday evening.

One couple gives big to cancer fundraiser

The annual Breast Cancer Gala Dinner is an opportunity for people to open their hearts – and their wallets – to help support local charities that work to prevent and treat breast cancer.

Breast Cancer event ushers in gala season

The glamorous Breast Cancer Gala Dinner, held Saturday night at The Ritz-Carlton, Grand Cayman, celebrated local breast cancer survivors and raised tens of thousands of dollars for local charities working to prevent and treat the disease that affects millions of people every year. Women clad in their glitziest gowns and men sporting pink bow ties enjoyed the annual affair, which included a dinner, silent and live auctions, an inspirational speech by the keynote speaker Joan Lunden, an American broadcast journalist and breast cancer survivor, and a performance by American musical group Figaro.

In Focus Photo Gallery: HospiceCare

Cayman HospiceCare held its annual “CHC Bash” fundraiser at Pappagallo Ristorante in West Bay on Friday night.

RE/MAX Cayman sued over alleged $5 million fraud

Cayman Islands real estate firm RE/MAX is accused in a U.S. lawsuit of participating in a “fraudulent scheme” to scam more than 30 people out of several million dollars.

Breast Cancer Foundation aims high

This year's Breast Cancer Gala Dinner will feature Tessanne Chin, the 2013 winner of 'The Voice.'

Kids sponsored for karate program

Ten underprivileged kids are reaping the benefits of practicing martial arts, thanks to local sponsors of the Purple Dragon Martial Arts scholarship program.

Mortgage defaults remain high

Demand notices published by banks in the Cayman Islands Gazettes show that more people are finding it harder to make their mortgage payments.

‘PR’ points may hurt real estate market

A new permanent resident approval system leads to worries of a plummeting real estate outlook.

Baraud gets bold for Olympians

Funds for Olympic athletes will be raised with another fun-filled event this weekend.

Editorial for October 7: Gala evening opens Cayman’s social season

Cayman does indeed have a social season and it got off to a sterling start with the annual Breast Cancer Gala Dinner over the weekend.

Jeanette Totten returns as CIREBA president

CIREBA's first woman president is getting a second term.

Hoda will star in cancer gala

Today Show co-anchor Hoda Kotb will be the keynote speaker at this year’s annual Breast Cancer Gala.

Young artists get 
RE/MAX awards

Winners of ReMax art competition announced.

Rollover returnees make Cayman home

Since the term limit on foreign workers’ residency took effect in January 2004, there have been a significant number of people who have been “rolled over”, left Cayman for a year, and then returned to take up another job or even the same one they held before they left.

WaterColours wins awards

The WaterColours development was recognised in an international competition.

Owners silent on former Hyatt redevelopment

Redevelopment work is underway at the former Hyatt.

Five years of fundraising by Breast Cancer Foundation

For the fifth consecutive year, supporters of the Breast Cancer Foundation this month will attend the glitzy gala that is the charity’s main fundraiser.

CIREBA board calls payroll tax ‘fiscal suicide’

The Cayman Islands Real Estate Brokers Association game out strongly against the proposed payroll tax the day after Forbes called the measure 'fiscal suicide".

Luxury home sales a glimmer of stability; expat tax clouds

Real estate broker James bovell says luxury home sales helped stabilise market in first half of 2012.

Rivers is riding crest of a wave

RE/MAX Cayman Islands and Purple Dragon Martial Arts have awarded a one year Purple Dragon Karate scholarship to little Daniel Rivers, aged seven.

RE/MAX study up on Purple Dragon

A local real estate company is teaming up with Purple Dragon Martial Arts for a one-year scholarship contest.

Business in brief

Business in brief.

Tallest structure in Cayman

In late March, developers of The WaterColours raised the onsite tower crane to a height of 202 feet, making it the tallest structure ever in the Cayman Islands.

Light up the night

Take a moonlit stroll along the beach on 10 March in support of the Breast Cancer Foundation.

Totten first woman CIREBA president

Members of the Cayman Islands Real Estate Brokers Association elected Jeanette Totten as president of the 2012 CIREBA Board of Directors. She is the first woman to serve as president of the organisation, which will be 25 years old in May.

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