Page 137 - Demo

has only two residences available for sale starting at just over US$4,300,000; and The WaterMark Residences comprised of 54 condominiums, which is more than 60 per cent sold out and starting at just less than US$6,000,000 per residence.
Over the last five years, a growing trend has shown that
new Seven Mile Beach development is focusing on the upper end of the market, building multi-million dollar, ultra-exclusive residences. The Cayman Islands are attracting affluent visitors and investors, more and more of whom are making Grand Cayman their domicile. Because of this, these upper end Seven Mile Beach condominiums are being developed as private residences. They are not renting out to vacationing tourists on a daily or weekly basis. Rentals are restricted to a minimum of one month or more to limit the amount of transient rental activity.
At the end of 2018, there were only four beachfront or beach view Seven Mile Beach condominiums for sale below US$1,000,000, not counting pre-construction sales at the Grand Hyatt Grand Cayman Resort. There were only 15 in total, below US$2,000,000. With demand remaining strong and almost no existing inventory available, pre-construction sales are the only option, at this price level.
Vacant beachfront land for new development along Seven Mile Beach is virtually non-existent. The trend now is for older condominium developments, that were built approximately
30 to 40 years ago, to be knocked down and redeveloped.
As we enter the next decade, this trend will become more common place. Older developments are mostly three stories high, whereas current building heights allow up to 10 stories, so a developer has some leverage, if they have to pay a high price for the land.
Grand Cayman is a victim of its own success. Its desirability as a destination for tourism and new residents has created a vacuum in vacation homes and residences for sale. Buying pre-construction is the best viable option to owning a property in a location that is only getting better and more sought after every year.
High end finishes
“
The ultra-luxurious WaterColours
View from the WaterColours terrace
Real Estate
A GROWING TREND HAS SHOWN
THAT NEW SEVEN MILE BEACH
DEVELOPMENT IS FOCUSING ON
THE UPPER END OF THE MARKET
Superb Seven Mile Beach views
destination Cayman 2019 | 135