Market News


Cayman's Lucky 13th-May 2013

Publish Date : 07 Jul 2013

2013 may be a very lucky year for anyone buying real estate in the Cayman Islands.

There is a tremendous amount of private and public sector investment, development, and improvement to the country’s infrastructure taking place during this lucky 13th year of the century.  It has been a very long time, since we have seen this magnitude of activity.

New roads are being built from the capital, George Town, north to West Bay and east to East End, shortening driving times from the outer districts and providing a by-pass road to the main traffic arteries.  This will reduce traffic jams and open up areas that were difficult to access, providing new opportunities for investment and development.

A medical genius, who is revolutionizing how heart surgery and other critical operations are performed, has started construction on a new hospital and university complex.  This will create a medical tourism explosion in Grand Cayman that is unrivaled in this part of the world.  It will be a billion dollar investment or more, over the next 10 years.

Two new high end hotels with condominium residences are already planned and the site work for each one has started, with construction to follow shortly afterwards in 2013.  Both will have well known hotel brands and support a burgeoning tourism industry, just as demand for hotel rooms is starting to outstrip the supply, during peak times of the year.

WaterColours, the most prestigious residential beachfront development in the Cayman Islands will complete construction and open at the end of 2013, on the most prime stretch of Seven Mile Beach.  These ultra-prestigious three and four bedroom residences have the highest quality finishes of any condominium development.  They will also have many of the 5 star hotel services, from luxury cars to providing guest suites for pilots, nannies, and owner’s guests.  They feature an expansive list of services and amenities.

A new business concept of an enterprise city, aimed at attracting the elite international corporations of the world involved in science and technology, starts construction on their first set of buildings, this year.  Job estimates are in the range of 5,000 to 10,000 jobs over 10 years.  Already tremendously successful in other parts of the world, like Dubai, this business model is sought after by these similar corporations on this side of the world.

The main public beach, located in the heart of Seven Mile Beach, is being increased in size by about 300%, this year.  This new, expanded beach will now have a vast parking area, lots of shade areas, more picnic areas, and several other improvements.  Additionally, another new public beach is being developed on Seven Mile Beach in an area that was previously private land, north of the larger public beach.

Camana Bay, a commercial center with retail, offices, entertainment, restaurants, and some residential apartments, continues to expand with a focus towards developing some new residential condominiums and homes.  Further expansion to the residential component is planned for this year, now that the commercial center is well established.

Almost without exception, all of this activity will transform the Cayman Islands into an even better place to live and vacation for both residents and visitors alike, not to mention realizing better returns on real estate investments.  A couple other developments being planned for the near future, that will further enhance living and vacationing in the Cayman Islands, are the expansion of the airport and a berthing facility for cruise ships.

Just consider the huge impact of all these major improvements and developments and the positive effect it will have on real estate values, especially during the next five to ten years.  It appears that another real estate boom could be just around the corner for the Cayman Islands.

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