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Cayman is enjoying a real estate boom
B ooo m t i m e ! By Kim Lund
T“ GRAND CAYMAN’S
MOST POPULAR AREA FOR TOURISTS AND SECOND HOME PURCHASES
ver the next 10 years, Grand Cayman will develop and improve at an exponential pace – this is no longer the island that time forgot. There is a growing, select market of people searching for those rare locations that have a uniquely high quality of life for visitors and residents. The Cayman Islands is on that short list.
Demand increases every year, as substantiated by our consistent increases in air arrivals that are currently into the double digits and our population growth. Because of this, our real estate market is expanding and appreciating, creating an excellent opportunity for those who want to purchase a primary residence, vacation home, or make an investment in Grand Cayman. The downside risk of having a loss, when you decide to sell, is miniscule.
At present, Grand Cayman resembles a building site, in some respects. There
seems to be construction everywhere, from single family homes to apartment and condominium complexes, and new hotels. Commercial development is rampant, as well, especially along the Seven Mile Beach corridor, predominantly in Camana Bay and along the east side of West Bay Road.
Additionally, large infrastructure projects like the new airport and new roads are also underway. Grand Cayman is in a growth spurt and when it eventually slows down, the results will be nothing short of astounding. Almost every new project surpasses what has been accomplished previously.
Other than a few exceptions, most of this development growth started slowly, around 2012. From 2000 to 2012, there was some development, but it was muted, as our country and economy consolidated and laid the groundwork for this current phase of rapid and prolonged expansion.
HE SEVEN MILE BEACH CORRIDOR IS
destination Cayman 2019 | 133
Real Estate