News

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.

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.

We support it as what it is, a berth for a cruise ship, Mr. Kirkconnell, who is also the deputy premier for the Progressives party government, said Tuesday. We dont support upland development; we support the rebuilding and rebranding of George Town itself as a cultural centre for this country and we believe that the cruise pier will only add to that because of the numbers it will bring.

A $50 million expansion of Owen Roberts International Airport has been approved by the Central Planning Authority.