News

In the last year I have noticed an upsurge in the number of high end vacation rentals that have become available for visitors who may be part of a multi-generational family group looking to share a single family home for their vacation.

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.

The devastating hurricane season that hit competitor islands in the Eastern Caribbean last year (in particular hurricanes Irma and Maria which wreaked havoc in places such as the British Virgin Islands and US Virgin Islands, St Martin and Anguilla) has undoubtedly created some additional uplift as far as diverting tourists to Cayman.

Parts of the Caribbean impacted by the dreadful hurricane season of 2017 are currently undergoing tremendous change as they rebuild their tourism and real estate products. This means increasing pressure on the Cayman Islands to improve our own product by diversifying our offering for visitors and residents, in terms of where they can stay and where they can live. There is a danger that those jurisdictions now receiving insurance payouts for the damage inflicted by hurricanes Irma and Maria last year will eventually end up with a superior product than what we can offer, so in many respects it’s important for us to keep ahead.

Resort development along Seven Mile Beach has some brand new and exciting resorts. Aqua, a luxury 10-story condominium complex is being developed on the southern end of Seven Mile Beach. Each of these 10 limited edition residences will open via a private elevator to a spacious floor plan with 360 degree ocean views, chef’s kitchen, four bedrooms, expansive indoor and outdoor entertaining areas. On-site security and five star concierge service. Prices are expected to start in the US$3.5 million pre-sale range.

This month I would like to explore the ways in which investors could benefit from investing in the most sought-after piece of real estate in the Cayman Islands and the hurdles that they may face in the process.

In this update I think it is timely to reflect on the year that has past and the impact it has made on the industry. 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 demands and slowing inventory.

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. This means that the window of opportunity for buyers is narrowing, so action is needed now to avoid disappointment.