The ultra-luxury sector of the residential market is really starting to establish itself and confirms that international investors are seeing real value in Cayman real estate product.
There has been remarkable recent activity in the $3 million and higher market in high-end residential homes.
The market in this case appears to be made up of both local buyers and those from overseas looking to have their own space while they live here, either temporarily for a few months of the year, or permanently.
During the last nine months, the market has been extremely buoyant. The buyer’s market of the last few years is giving way to a seller’s.
Growth is centred along Seven Mile Beach for condominiums, and Cayman Kai, on the island’s north, for single-family homes.
The most expensive housing are along Seven Mile Beach, a coral-sand beach located on the western end of Grand Cayman island, where property prices can reach as high as KYD1,066 (US$1,300) per square foot (sq. ft.).
Freehold property transfers rose 11% in 2015 to nearly US$711 million.
While the continued pressure for global transparency in the offshore financial services sector persists, the industry appears to be relatively stable amid a thriving M&A market.
The performance of the Cayman Islands financial services sector is considered a benchmark for the industry regionally.
The tourism industry in the Cayman Islands continues to thrive along with the region and continues to have the highest ADR of any destination in the Caribbean.
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