News

An artists impression of the planned Kimpton hotel shows how Dart Realtys $200 million project will change the visual landscape of the Seven Mile Beach area.

Gross domestic product for the Cayman Islands, a measure of economic growth, increased by 2.1 percent in 2014 to its highest level since before the global economic crisis, according to government figures released this week.

New Article CoAs published in the Caymanian Compass By: James Whittaker | james.whittaker@cfp.ky 26 February, 2014 Hundreds of dignitaries gathered to hail the birth of a third pillar of Caymans economy and a new model for global healthcare at the official opening of Health City

First quarter CIREBA sales statistics, Creating a motivated work-force in the Cayman Islands, Airport expansion and port development, Public awareness c&aign, A question of property tax, Helping Caymanians with affordable housing, Alleviating the additional burden of closing costs on property deals, Questions for our political leaders.

Morritt’s resort in East End, Grand Cayman, Cayman Islands expanding.

James discusses the objectiveness of the new Cayman Islands Permanent Residency Point system but questions the fairness of the 5 year time frame used to calculate investment in property.

The first phase of a major multiyear project to redevelop roads around George Town is under way. Work began this week on widening Godfrey Nixon Way, which connects Eastern Avenue to the Esterley Tibbetts Highway and is viewed as a key route for traffic around George Town.

The recently released IRR Viewpoint Caribbean Market Update 2016 Annual Report, written by James V. Andrews of Integra Realty Resources Caribbean, highlights some interesting discussion points when it comes to the state of Caribbean economies, especially in relation to real estate.

As recently as October 2015 I wrote how I saw the $2 million plus area of the residential homes market as remaining a difficult one for buyers to sell their properties in the short term. These properties are not moving anywhere near to the degree of other inventory, I wrote. Indeed, only ten homes of $3 million and above had been sold over the past three years. However, I also noted that I felt the market was about to change: Going forward, however, I see this becoming less of an issue. This is because desirable parcels of land are becoming increasingly less available. I went on to say that I believe as a result there will be a shift in the coming months and properties in the $2.5 million region will become a lot more appealing.

The total investments of non-residents in local financial assets was estimated at $119.3 billion by the end of 2014, according to a new report from the Economic and Statistics Office.