News

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.

A $10 million piece of beachfront property in East End once slated for a Mandarin Oriental Hotel has been acquired by Dart Realty, the developer has confirmed.

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.

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.

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.

Dart Realty’s Chief Executive Officer Mark VanDevelde is the point man in negotiations involving one of the most far-reaching deals the Cayman Island Goverment has ever entertained. The Journal discussed that deal and other matters concerning the Dart Group with VanDevelde over dinner at Camana Bay’s Abacus restaurant.