News

Health City has opened a new sleep lab to treat, diagnose and study a range of sleep disorders which doctors believe could be contributing to other illnesses. Patients can spend the night at the lab while doctors monitor brain flow and breathing patterns using sophisticated equipment, including electrodes attached to the head and body.

Mike Bell, who built the Grand Harbour shopping and residential development, died in the U.S. this week. He was 51.

The general mood of tourism is upbeat, and the statistics support it: Arrivals are rising, construction is proceeding, employment is set to expand, and while economic recovery feels wobbly, optimism is guarded and hope springs.

Sales of smaller properties along Grand Cayman’s Seven Mile Beach expected to pick-up in 2014, following price increases in US housing market and increased disposable income of North American middle class that feel financially secure enough to look for vacation property.

I estimate that there have been approximately 60 to 70 new properties built over the past year, or are committed to being built in the next year that are single dwelling, family residences in the US$1.5 million to just under US$3 million price range. These properties have been developed primarily in canal-front locations, from West Bay, along the Seven Mile Beach corridor and out to Grand Harbour.

Kimpton Hotels has begun the recruitment process for the newly named Seafire Resort and Spa on Seven Mile Beach, ultimately seeking to hire 300 staff ahead of its opening in November 2016.

New construction and development abounds. This month I thought it would be a useful exercise to highlight all the new construction and development projects that are currently taking place across the Cayman Islands, emphasising the fact that Caymans economy is currently in a very positive growth period.

Investing in Cayman Islands Real Estate makes sound financial sense. Cayman has a competitive advantage over other off-shore jurisdictions, from real estate variety to advanced communications and amenities.

A recently published Caribbean Market Update, produced by Caribbean-based Integra Realty Resources, has offered good news for the Caribbean economy, noting a general improvement in tourism for the region, as well as a gradual improvement in real estate sales and an increase in foreign investment into our area.

A new stretch of road has opened connecting the airport directly to North Sound Road, bypassing Industrial Park. Plans for the short connector road were gazetted more than a decade ago. The work, which began in late May, was completed this month.