Page 136 - Demo

Real Estate
G“ R A N D C A Y M A N
IS IN A GROWTH SPURT AND WHEN IT EVENTUALLY SLOWS DOWN, THE RESULTS WILL BE NOTHING SHORT OF ASTOUNDING
Luxury living on Seven Mile Beach
The Seven Mile Beach corridor is Grand Cayman’s most popular area for tourists and second home purchases. This
area offers a choice of various types of condominiums on the beach, inland homes/condominiums on waterways, and homes/ condominiums in resort and residential areas like Stone Island, Ritz-Carlton, and Britannia. For overseas investment, this location is prime and has the highest demand.
While there are still some opportunities to purchase at the lower end of the price range, generally the barrier to entry can be high, depending on where you want to have a vacation home or your residence. As an example, a 400 square foot studio condominium at the recently opened Margaritaville Resort would sell in the US$275,000 to US$300,000 range. It features both rental income returns and owner’s usage opportunities.
At the other end of the spectrum, an 11,900 square foot three level penthouse residence in the newly announced,
pre-construction development of The WaterMark Residences
is for sale in the US$24,000,000 price range. This shows
a tremendous range in prices and types of properties on
Seven Mile Beach, but there are still a lot of good investment opportunities in between, albeit becoming more fleeting as time goes by.
Four brand new developments for Seven Mile Beach were announced in 2018 and they have either started construction or are about to start. Only one of the four developments has condominiums currently for sale at less than US$4,000,000 and that is the five star Grand Hyatt Grand Cayman Resort. Their studio residences start in the US$525,000 price range and one bedroom residences start at just over US$1,100,000.
The other three new developments are Seacrest’s 20 condominiums, which are sold out and had prices starting at just over US$1,600,000; Aqua’s 10 condominiums, which
134 | destination Cayman 2019
Seven Mile Beach on your doorstep