In this week’s article, I wanted to share with you the recent awards the Bovell Team at RE/MAX Cayman Islands was recognized with along with taking a look at the “new normal” and how this is impacting real estate in the Cayman Islands.
The Bovell Team at RE/MAX Cayman Islands was recently awarded the #2 RE/MAX Global Team in Residential/Commercial for 2020 from RE/MAX worldwide. In addition, the team was awarded with both #1 Global Team in Commercial and the #2 Global Team in Residential.
The Bovell Team was also awarded the #2 Team for the RE/MAX Caribbean and Central America region.
On a worldwide scale among over 135,000 RE/MAX agents including the US and Canada, the Bovell Team was #6 Worldwide Commercial Owner Team and #36 Worldwide Residential Owner Team.
RE/MAX Cayman Islands was also honored as the #1 Global Top Office for Total Sales Volume in a Metro Market for 2020. RE/MAX Cayman Islands is one of the few offices within the RE/MAX corporation who have received this award numerous times including back-to-back in 2012 and 2013 and again in 2018.
The truth is that teamwork is at the heart of great achievement. Our team is one of the best in the business not only in the Cayman Islands but within the global community at RE/MAX, which consists of 41,000 international agents in over 110 countries. Each member of our team contributes to making these achievements possible. Without Mabel, Crystal, Emily and Amanda, we wouldn’t be the Bovell Team.
The “new normal” and its impact on Cayman Real Estate
As we close out the first quarter of 2021, the real estate market in the Cayman Islands shows no signs of slowing down; a phenomenon seen across most of the globe. One of the major impacts to its strength is how the “new normal” is effecting how people are looking at real estate investments.
We are now over a year into this worldwide pandemic and many of the shifts in business practices that we saw in early 2020 with workers transitioning to work from home environments are becoming more permanent for many people.
Not only have businesses seen the potential upside of having employees work from home with potential savings on office space, among others, but employees are realizing that working from home enables home to be almost anywhere in the world. Many employers are now enabling their employees to work from home indefinitely. This is a win-win for both the employer and employee.
Live Far from Home
So, what does this mean for real estate in the Cayman Islands? All of a sudden, our market is no longer locals or people who are looking for a place to retire or purchase a second home. It has become a worldwide market open to anyone with a laptop and a desire to live in one of the most beautiful places on Earth.
As we all know, the Cayman Islands has so much to offer from our crystal-clear waters, tropical year-round temperatures and friendly people to our tax neutral status, low crime rate and safe island to our great education system, easy access to the US, Canada and the UK to our amazing amenities including restaurants run by Michelin starred chefs, world class scuba diving and one of the best beaches in the world, Seven Mile Beach.
When you look at many major cities in the US and Canada, prices can easily reach between US$1,000 to well over US$2,000 per square foot and that is usually for a condo with no view.
In comparison, you can buy a brand-new oceanfront condo for US$850 per square foot at the newly announced Serrana on the shores of North West Point.
As for Seven Mile Beach, the islands most expensive real estate area, prices can range from US$1,416 per square foot for a 2 level Penthouse with private Sky Deck and pool at Aqua Bay to US$1,879 for a stunning residence at The Watermark, which undoubtedly will be the epitome of luxurious living with bespoke amenities being built by the Property Award-winning team behind The WaterColours.
Additionally, as many people are transitioning to a permanent work from home situation, the desire for standalone homes is also increasing with space for a dedicated office, a yard and pool to enjoy and most importantly privacy in your own space both inside and out.
Montage at South Sound offers you just that: a four-bedroom, three-bathroom, 3,800 sq. ft. home in a family-oriented community within walking distance to the beaches at South Sound and many of the schools at under US$400 per square foot.
So back to the original question. What does this mean for real estate in the Cayman Islands? As more and more people look for their perfect place to live, the Cayman Islands will continue to grow as a realistic option versus a dream. Many people will take advantage of the Global Citizen Concierge program which allows persons who are employed outside of the Cayman Islands with the financial independency to live and work remotely in the Cayman Islands for up to 2 years. Similarly, others will utilize the real estate component to qualify for Cayman residency.
With how much of the world now operates in this “new normal”, the real estate market in Cayman will flourish not only throughout 2021 but for many years to come.