Crownworld

Author Archive: Robert McCrimmon

Cayman’s property market is booming with record sales figures seen in 2017

There were almost $700 million in property sales last year, the highest figure ever recorded, according to surveyors Charterland.

The Charterland analyzed every property transfer registered with the Land Registry last year to compile its market analysis report.

Some of the more significant sales include Dart’s $32 million purchase of the Royal Palms development site, the $21 million acquisition of the Pageant Beach Hotel site by a development consortium led by Howard Hospitality Group and the $10 million sales of the Coconut Walk Estate on Boggy Sand Road.

Dart’s purchase of The Ritz-Carlton, estimated at around $220 million in the report, is not included in the statistics because it involved the share transfer of a land holding company rather than a land transfer.

Beyond those major sales principally the Seven Mile Beach condo market was driving the overall upward trend.

The strength of the U.S. economy was likely fueling increased interest in holiday homes in Grand Cayman’s main tourism district.

Simon Watson, a partner at Charterland, said he believed the property development market would continue to be a key driver of the Cayman Islands economy in coming years. (more…)

March 20, 2018 Blog, , Read more >

Pageant Beach Hotel Resort has Moved a Step Closer

Pageant Beach Hotel resort has moved a step closer after the developer finalized a US$25-million deal on Dec 7th.

The Howard Hospitality Group, which opened the Margaritaville resort earlier this year, has partnered with New Jersey-based Madison Hill Properties for the project.

Planning permission was granted in October and hopes to open a new luxury 5-star resort at the site in late 2020.

The resort will include 30,000 square feet of conference space, five pools, seven bars and restaurants, a private screening room, spa and gym, and approximately 400 guest rooms and suites.

The resort will eventually employ a permanent staff of around 500 people. (more…)

December 13, 2017 Blog, , Read more >

Immigration Good for Caymans Growth

Premier Alden McLaughlin believes that immigration in Cayman has been an important and positive factor that has contributed to the growth of the islands.

The opposition benches expressed sentiments about refusing work permits and stopping the grant of status. The premier said the jurisdiction was the envy of the region because it had not been a victim of ‘insular thinking and prejudice’ and that Cayman owed its success to immigration.

While he agrees that immigration needs to be properly managed ‘it is immigration that has allowed these islands and all of us to develop the way we have’. By saying that nobody should be granted status was the kind of thinking that had set other places in the region, such ass the Bahamas, far behind.

‘Properly managed, immigration provides opportunities for our people,’ the premier stated, adding that this belief was the major difference between his administration and the policy position of the opposition. The premier said he believed that immigration has provided the current economic foundation that Cayman now enjoys. (more…)

November 7, 2017 Blog, , Read more >

5 Consecutive Years of Economic Growth

The Cayman Islands have experienced five consecutive years of economic growth.

Cayman’s gross domestic product reached $2.8 billion at the end of 2015 and grew a further 3 percent in the first half of 2016.

“It exceeds the initial GDP forecast for the year of 2.1 percent and is the highest growth rate since 2007,” Said Finance Minister Marco Archer in a statement accompanying the new numbers.

The economy outpaced government’s forecasts in 2016 and grew faster than it did in the first half of 2015.

As of Spring 2016, Cayman’s population increased 2.7 percent from the previous year, standing at 61,259.

The number of work permits continued to grow, increasing to 23,411 as of mid-2016.

The total unemployment rate fell to 3.9 percent, and the unemployment rate of Caymanians dropped to 5.6 percent.

Cruise arrivals continued to grow, up 7.1 percent from last year. However, there was a dip in air arrivals, down 1.4 percent.

(more…)

November 7, 2017 Blog, , Read more >

New undersea fiber-optic cable project could benefit Cayman.

Currently, the Cayman Islands are connected to only two underwater fiber-optic cable systems, both around 20 years old.

Deep Blue Cable is working on an ambitious plan to lay a 7,456-mile subsea cable that will initially connect 12 markets in the Caribbean by the end of the decade.

Underwater fiber would provide more security in the case of one of the other networks experiencing a failure.

Decrease broadband prices in a region that were lagging behind most of the rest of the world.

“In the Caribbean, the cost of broadband is about $4 per megabit per month, compared with the Atlantic, which is 40 cents per Mb per month. That’s predominantly because of the lack of competition in the area,” said Deep Blue Cable CEO Stephen Scott. (more…)

August 31, 2017 Blog, , Read more >

FIN Development Brakes Ground

Michael Ryan and Dale Crighton have broken ground on their new oceanfront condo development in George Town.

The development, Fin, aims to bring five-star resort-style elegance and amenities to the residential market.

Construction work began last week, following a two-year design and planning process, on what will be a four-story, 36-unit development on South Church Street.

Construction is expected to take two years to complete, with the first owners moving in around the summer of 2019. Around 60 percent of the units have already been pre-sold.

A salt-water lagoon will be carved into the iron-shore and a new beach created overlooking the marine park. (more…)

August 1, 2017 Uncategorized, , , Read more >

Renewed Confidence in Cayman Islands Real Estate

Market gaining momentum

The Cayman Islands market is looking good for 2017 and beyond, according to the Cayman Islands Real Estate Brokers Association.

Towards the end of 2015 activity in the real estate market began to increase. Throughout 2016 the trend continued across the Cayman. House prices are rising, there are new developments and there is a sense of increased investor confidence across the Islands.

Waterfront properties are improving at a faster rate. Not surprisingly, with growth centered around Seven Mile Beach doing the best. This trend continued through 2016 which is indicating that the market is strengthening and things overall are look up.

Limited supply on waterfront property is resulting in a shift toward a seller’s market, leading to availability being a bigger issue in 2017 than pricing. There is also increased popularity in canal-front homes, partly as they are more affordable than ocean properties but still offer buyers outstanding views and waterfront locations. (more…)

March 7, 2017 Blog, , Read more >

National Conservation Law Protects Land

New Scoring System

The Department of Environment has detailed a new scoring system to assess nominations for land to be protected under the new National Conservation Law.

For this year, funds of $6 million have been allocated to buy up environmentally sensitive land.

There will be 18 different criteria for the land under review, with a 1-5 ranking system for each category.

The system rates biological diversity as the most important criteria, with social, financial and strategic value. As well as climate value also factored into the decision-making process.

The conservation council will allocate points in a range of sub categories. Categories include the diversity of plant species, the cost of the land and its value to nature tourism. (more…)

September 12, 2016 Blog, , Read more >

Dart Buys Little Cayman Forest

Dart, one of the biggest developers in the Caribbean, has had a busy couple of years in the Cayman Islands, buying up land, beachfront, roads, hotels and restaurants on Grand Cayman. Now they have turned their attention on to the Sister Islands.

Most recently a large piece of forestland on the Little Cayman was bought back in March. Whereas on Grand Cayman the idea was to develop, the idea for Little Cayman is to preserve – for now.

The new purchase on Little Cayman will be held undeveloped for conservation with the possibility of creating a public hiking trail.

Previously Dart has bought hundreds of thousands of acres in remote areas around the globe for conservation, in Patagonia, Australia, New Zealand, U.S., Mexico, Jamaica, Canada and now Little Cayman. (more…)

July 15, 2016 Blog, Read more >

Dart Buys in Little Cayman

Dart Group continued with there busy year and confirm it will buy Paradise Villas resort and Hungry Iguana restaurant on Little Cayman.

This will be Dart’s first project on the Sister Islands, and they have reassured people that it will keep in the style of the island.

“We share the widely held view that Little Cayman’s charm comes from its quaintness and unspoiled nature. We intend to help preserve that character for this and future generations,” said Mark VanDevelde, chief executive officer of Dart Realty.

Paradise Villas is the only 100% Oceanfront Resort on Little Cayman, and a popular accommodation spot for dive tourists exploring the islands Bloody Bay Marine Park. The villas are also part of TripAdvisor’s Hall of Fame for obtaining Certificate of Excellence for 5 years in a row.

The Hungry Iguana bar and restaurant is one of only a few nightsports on the island and serves as a de facto airport departure and arrival lounge. The ‘Iggy’ also has the only true waterfront dining on the Island. (more…)

June 8, 2016 Blog, , , , Read more >