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To successfully buy residential property investments abroad depends on understanding local and external forces. Population, affluence and supply of land and housing will all greatly affect house price growth in excess of general inflation. Without all of these variables the housing market can stall or even send values downward.
Savills have recently published ‘World Residential Markets – Performance and Prospects‘, a report that identities what strategies international investors should look to adopt to take advantage of the way the world economy is heading.
The research looks mostly at the rise of secondary properties, growth of second-tier cities and the rise of international resorts.
‘Safe havens’ like London, New York, Hong Kong and Singapore have been and look likely to remain sound investments. The key to overseas investment is finding the higher yielding, lower-price purchases with higher capital growth potential.
One part of the world the report singled out was the Caribbean, and in particular, the Cayman Islands. Tourism is all important to the Caribbean, but Cayman like the British Virgin Islands benefits from a more diverse economy with more than half its GDP generated by the financial services sector. This attracts residents relocating from overseas businesses which in turn supports a prime residential market for long-term residents through high paid jobs. (more…)
Robert McCrimmon
September 29, 2015
Blogaffluence, Airport, Cayman, Cayman Brac, Cayman Islands, cruise port, Dart Reality, economy, housing, housing market, inflation, investments, investments abroad, Ironwood, Little Cayman, local and external forces, population, real estate, report, residential property, Savills, supply of land
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The big conversation in Grand Cayman at the moment is what to do with the cruise port.
It is widely agreed that the port needs expanding but environmentalists and locals have raised massive concerns over the damage the proposed new berthing port would do to acres of reef and animal habitats.
Currently, the Cayman Government has proposed a $250 million berthing facility that would fit up to four cruise ships with access directly to the shore. That proposal looks very much in doubt after an environmental impact statement was released 9th of June. It was estimated that around 15 acres of reef would be completely destroyed with another 20 acres negatively affected.
The impact of the project would affect Georgetown Harbor’s snorkeling, scuba diving, boat tours, recreational fishing, and other marine activities that brings between CI$19 million to CI$22 million annually to the Cayman Islands. (more…)
Robert McCrimmon
August 25, 2015
Blogberthing facility, cable car, Cayman, cruise, cruise ships, dredging, Emirates Air Line, GreenTech Group, James Eldon Whittaker Jr, Next Development, port, Sky Bridge
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Cayman Brac has seen a twenty percent rise in air arrivals from this time last year.
The increased numbers are the outcome of the upgrades Charles Kirkconnel International Airport underwent during the past year, which were only officially opened in February 2015.
The upgrades included the construction of a Hold Baggage Screening (HBS) Room, which is a necessity for international travel to the United States, an In-transit lounge, and an arrivals hall. The run way also has the capability to accommodate all of the aircraft that can land at the Owen Roberts International airport, on Grand Cayman, apart from the British Airways Boeing 767. (more…)
Jason Pickthall
August 7, 2015
Blogair arrivals, arrival growth, arrivals hall, business, Cayman Brac, Cayman Brac Businesses, Cayman Government, Cayman Island, Charles Kirkconnell International Airport, development, economy, entrepreneurs, Hold Baggage Screening, In-transit lounge, investors, land, Owen Roberts International Airport, property, real estate, tourism
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Tourist numbers in Cayman hit an all time high in 2014 with air arrivals up 11 per cent on 2013 and cruise ship numbers up more than 23 percent.
This growth has resulted in developers building homes and expanding resort hotels. This has opened the door for investors to come in and buy houses and condos all over the Cayman Islands and capture the lucrative sun-seekers holiday and rental market.
High tourist numbers has been the catalyst for the boost to Cayman’s economy. Usually a quick increase in housing comes from a dramatic increase in population. However Caymans full time population, although steadily increasing, is still less than 60,000. (more…)
Robert McCrimmon
July 22, 2015
Blogbuilding, Cannes, Cayman, Cayman Islands, developers, growth, hotels, Monaco, population, properties, property, Santa Barbara, tourism, tourist, visitor
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The number of non-Caymanian workers has steadily increased in the past two years, according to Immigration Department records. In 2012 the number was 20,360 to 22,232 in 2014.
Foreign workers are employed on work permits, government contracts, special economic zone permits or awaiting the outcome of permanent residence applications.
These figures support the trend of Caymans strong resurgence following the countries economic decline during the worlds recession of 2008-2009, in which non-Caymanian worker numbers dropped from its high of around 26,500 to around 18,500.
Non-Caymanian workers now make up about 51 percent of the total work force. Caymanian unemployment also dropped 1.5 percent to 7.9 percent, bringing Cayman’s total unemployment rate to 4.7 percent.
The rise in the workforce corresponds to the opening of Cayman Enterprise City, a knowledge-based and technology focused Special Economic Zone. Work permits have continually increased since its creation three years ago.
Immigration records reported about 250 work permits being held by the economic zone companies, which is nearly 50 percent up from the previous year.
Robert McCrimmon
July 21, 2015
BlogCayman Enterprise City, employed, employment, Immigration Department, knowledge, non-Caymanian, records, Special Economic Zone, technology, unemployment, work
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The Economics and Statistics office announced a 2.1 percent growth in Caymans estimated Gross Domestic Product during 2014, the highest since 2007.
It has been the second consecutive year that the central government has recorded overall fiscal surplus which has amounted to CI$93.2 million attributed to improved revenue collection.
The strong fiscal position the government has found itself in has enabled them to reduce its outstanding debt by $25.9 million to $534.0 million at the end of 2014.
It was also noted that the average income in the Cayman Islands raised from CI$47,170 in 2013 to CI$48,095 in 2014, an increase of just under 2 percent.
The increase of tourism arrivals from both air and sea is believed to have had a strong impact on the Gross Domestic Product with growth in areas such as hotels and restaurants, transport, storage and communications, wholesale and retail trade. Air arrivals in 2014 were up 10.8 percent on the previous year and Cruise ship arrivals up a massive 17 percent on 2013. (more…)
Robert McCrimmon
July 20, 2015
BlogCayman, Cayman Government, Cayman Islands, Cruise ship, Economics and Statistics office, economy, government, Gross Domestic Product, growth, tourism
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Brac Reef Beach Resort on Cayman Brac is set to start to renovate in a few weeks time.
At present, the family-owned resort has 40 beach view rooms, dining, swimming pool with poolside bar, day spa, fitness center, tennis and volleyball courts and gift shop, all on a four and a half acre privately owned beach on the Southwest end of Cayman Brac.
Upgrades will include a new multi-level bar, freeform resort pool, upgrades to all of its 40 rooms, and resort-wide renovations.
Brac Reef Beach Resort is one of the newly crowned Trip Advisor’s Hall of Fame winner, a new award that recognise recipients that have consistently received positive ratings and have earned Certificates of Excellence over a five year period.
Brac Reef Beach Resort boasts the best resort diving experience in Cayman Brac, and treats divers to a one-of-a-kind valet diving experience to explore unique reef, wall and wreck dive sites.
Once the upgrades are complete the resort, that will be renamed to Cayman Brac Beach Resort, will truly be the ultimate divers’ paradise, which will also be ideal for travellers seeking a relaxing Caribbean retreat where the adventures of the sea is enhanced by the experience of the resort.
Completion of the project is aimed for November, the start of Cayman Islands tourism high season.
Jason Pickthall
July 17, 2015
BlogBrac Reef Beach Resort, Caribbean, Cayman Brac, Cayman Brac Beach Resort, Cayman Islands, diving, property, renovation, resort, retreat, Trip Advisor, Trip Advisor Hall of Fame
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United Airlines will expand their winter seasonal services from Chicago and Washington D.C. and announce new flights to Grand Cayman.
The new non-stop flights are scheduled to begin on 19 December and fly to Owen Roberts International Airport (GCM), Grand Cayman. The new Chicago flight will depart from O’Hare International Airport (ORD), Chicago, on Saturdays and continue until the 30 April 2016.
The Washington D.C. flights will fly four times a week from Washington Dulles International Airport (IAD) and will continue until 4 May, 2016. The service flights are on Monday, Wednesday, Saturday and Sunday.
The winter is Caymans busy season, when the rainy season is over and temperatures are in the lower 20s °C. It’s a great time for people to escape the cold and freezing temperatures of where they come from. The added United Airlines flights will make Cayman more accessible for consumers during their high-travel periods.
The flights are great news for people who migrate to the warmer climate for the winter, giving them more options and availability to fly to their Cayman properties, or for those wanting to get away for a warm winter break.
Robert McCrimmon
July 15, 2015
Blogavailability, cayman islands property, Cayman properties, Chicago, Grand Cayman, high travel periods, New Flights, properties, United Airlines, Washington DC, winter season
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IHS Global Insight’s new report for the U.S. Conference of Mayors has named Ocala in their top 10 list of metropolitan areas that are expected to see the most economic growth next year.
The forecast is that there is to be a large shift from the high performing energy areas that did so well in 2014 to the retirement and baby boomer areas of the South East.
Nowhere supports this better than Midland, Texas, the best economic growth in 2014, which grew 11.9%, is estimated to finish last in the list with only a 3.2% rise. (more…)
Jason Pickthall
June 29, 2015
Blogeconomic, growth, IHS Global Insight, metropolitan areas, Ocala, U.S. Conference of Mayors
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The travel website has announced that it will recognise recipients that have consistently received positive ratings and have earned Certificates of Excellence over a five year period.
This year dive resorts Sunset House, Compass Point and Southern Cross Club will be all named in Trip Advisors Hall of Fame. (more…)
Robert McCrimmon
June 29, 2015
Blogaward-winning, Caribbean, Cayman, Certificates of Excellence, Compass Point, Hall of Fame, Southern Cross Club, Sunset House, travel lists, TripAdviser
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