For this month’s update I thought it would be interesting to examine fairly new phenomena that I have noticed reoccur over the past couple of years, that of a shift in terms of where locals are looking to purchase a property. Over the past two years or so it has become apparent that Seven Mile Beach does not just appeal to foreign nationals looking to make Cayman their second or third home.
Traditionally locals will reside in communities around the island, such as the upscale Crystal Harbour, Yacht Club and South Sound areas, or further afield, in Prospect, Savannah, Newlands and West Bay. However, now I am seeing much more interest by locals in the Seven Mile Beach corridor, up until fairly recently generally viewed as a location pretty much the favoured spot by overseas investors only.
Down-sizing in style at the beach
But now, a number of people who reside locally but who live inland or on canal front locations are seeing beachfront property as an enticing investment and/or also as a great place to live. These individuals tend to have reached a certain time in their lives when their children have left the home and they are left with a large home that does not make sense to run any more. Instead, they are downsizing to smaller properties such as condos, but the interesting aspect is that the location they choose is the most upscale of all in the Cayman Islands: that of Seven Mile Beach.
Some of these wise investors might not yet be moving into the property, as they may have retirement in their sights just a short time down the road, so they might still be choosing to remain in their family home until the time is right to move out. However, they have been shrewd enough to realise just how highly sought-after Seven Mile Beach property is and they are making investments now that they can rent out until they decide to move in and enjoy their investment for themselves while giving them time also to sell their existing property.
A Seven Mile Beach condo is a wise investment for retirees who might not wish to spend all year round in their Cayman property, instead, they intend to spend time in different locations worldwide. Having a condo that can easily be locked up and is looked after while you are out of the country makes sense and that is another draw for such investors.
My advice to anyone residing locally who is interested in purchasing a property on Seven Mile Beach is to secure that piece of beautiful white sandy beach for themselves sooner rather than later. As a retiree, you can then enjoy your very own piece of that gorgeous location, and then hop on to a plane whenever you need to, safe in the knowledge that your property will be safe and secure upon your return. Taking the worry out of maintaining your asset has always been a big draw for the more traditional overseas investors and so the same benefits obviously apply to local investors as well.
In addition, you can easily rent out the property whenever you need to, but you still have a great place as a base for yourself and for friends and family to enjoy when they stay, benefitting the entire family.
As I have stated in many recent articles, the inventory along the Seven Mile Beach corridor has all but dried up, so if you spot a property on the market and you have an idea that you’d like to move to Seven Mile Beach, don’t hesitate as the opportunity will be lost.
In next month’s article I will be examining the impact of this drought of Seven Mile Beach property as far as the market is concerned, and how a change is therefore needed from the buyer’s perspective.
I would love to hear from you if there are any points of interest as they relate to Cayman’s real estate industry that you would like me to discuss in future articles, or if there are any questions you would like me to answer. Email: James.Bovell@bovell.ky