28 Aug 2018
With increasing stayover tourism numbers to the Cayman Islands, experts in the local real estate industry say the jurisdiction is poised to reap the rewards.
The tri-island Caribbean country recorded its best stayover visitation figures ever for a first quarter in 2018 with 134,170 stayover visitors, a record-breaking increase of more than 20 per cent over the first three months of 2017.
Real estate numbers have risen in kind. An increase in the value of real estate sales hit a record best of US$814 million in 2017 - a nine percent increase from the year before, according to the most recent property report by Cayman Islands-based independent property consultants, Charterland. These numbers continue to hold steady with value of real estate sales for the first three months of 2018 reaching US$208 million, according to reports from The Cayman Islands Real Estate Brokers Association (CIREBA).
Experts point to the broader visitation picture as a driver of real estate, which they say is reflective of the increased tourism numbers. Ian Jamieson, head of property and banking finance at Cayman Islands law firm Solomon Harris, agreed visitation can convert to real estate sales. “Many of my clients who decide to buy here tell me that they first came over as tourists staying in local hotels three or four times before deciding that they would like to live in Grand Cayman,” he says.
Growth in air travel can also be attributed to the introduction of more nonstop flights from key North American gateways like Dallas, and a Kimpton hotel clientele attracted to the island by their loyalty to the brand about its first luxury property - Kimpton Seafire Resort + Spa - and the adjacent condos for sale on Seven Mile Beach, The Residences at Seafire.
Realtors also note the increase in visitation can be partially attributed to an active 2017 hurricane season which left Grand Cayman untouched. “Last year’s storms brought an influx of people who were previously unfamiliar with Grand Cayman, but this has led to more sales as they have fallen in love with the island and are keen to make here their second home,” says Ruth Gustafsson, associate broker for Provenance Properties Cayman Islands, the local Christie’s International Real Estate affiliate.
A popular tourist destination, Seven Mile Beach remains the area of choice for real estate sales due to the number of Grand Cayman luxury properties for sale. CIREBA reports show 126 condominiums sold on Seven Mile Beach this year, only four condominiums less than the total number of 2017 purchases according to the Charterland report.
“Sales are robust for luxury product and Seven Mile Beach is always an area of interest,” said Ms Gustafsson. “Resort-residential product like The Residences at Seafire and The Ritz-Carlton, Grand Cayman are always popular. We’ve also seen this interest extend past the Seven Mile Beach corridor inland to canal-front developments and luxury single-family homes across the island.”
For more information on Grand Cayman luxury beachfront properties for sale, such as The Residences at Seafire which offers one- to five-bedroom condos starting from US$1.5 million, visit provenanceproperties.com
ABOUT PROVENANCE PROPERTIES CAYMAN ISLANDS
Provenance Properties is the exclusive Cayman Islands Christie’s International Real Estate affiliate, the sole real estate brokerage for Dart Real Estate and a member of the Cayman Islands Real Estate Brokers Association (CIREBA).
Provenance provides singular access to a large and growing portfolio of private residences, condominiums, hotel residences and land in the Cayman Islands. Provenance is your gateway to the community that embraces all the Dart places have to offer, inclusive of special event invitations, custom and experiences. In addition to premium entry to the Cayman Islands most desirable properties, Provenance leverages the experience and reputation of the region’s premier real estate developer.
ABOUT THE RESIDENCES AT SEAFIRE
The Residences at Seafire is a waterfront 10-storey architectural gem on Grand Cayman in the Cayman Islands. Developed by Dart Real Estate, it houses a collection of 62 distinct residences which marry contemporary Caribbean style with high-design. The Residences are exclusively represented by Provenance Properties Cayman Islands, the Cayman Islands Christie’s International Real Estate affiliate.
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