Cayman islands attract high-quality clientele through having a sophisticated and robust financial services industry at the heart of its economy. The result of this is that other business can flourish from its strong foundation.
By not solely relying on the tourism industry, like many Caribbean islands, the diversification and strengthening of the economy lead to a much more sustainable future.
Amidst increased consumer and investor confidence Cayman Islands property market is now gaining momentum. Property transactions are picking up and residential property construction is improving considerably.
The number of single-family home sales has increased from US$18,308,833.16 to US$44,910,332.77, which is a 30 percent increase. This represents a 145 percent increase of the value of these properties sold.
The ultra-Luxury sector of the residential market is starting to establish itself. Earlier this year a home in Vista del Mar sold for a around US$8 million, a record for a single-family home in the Cayman Islands. This sale confirms that international investors are seeing real value in Cayman real estate products.
Cayman has also begun to diversify further by the development of a destination healthcare industry and strengthening of its maritime industry.
Through the strength of all these industries, Cayman’s real estate industry has evolved into a separate and important economic pillar of its own.
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