Rising Tourism Brings Real-Estate Bonanza to Grand Cayman

Cayman Islands realtors point to increased flights from key North American destinations and hurricane-free weather in 2017.

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

With increasing stay-over 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 nation recorded its best stay-over visitation figures yet in 2017 with 418,403 stayover visitors, a record-breaking increase of nearly nine percent over 2016.

Real estate numbers have risen in kind. An increase in the value of sales hit a record best of CI$679 million in 2017 - a nine per cent increase from the year before, according to the most recent property report by Cayman Islands-based independent property consultants, Charterland.

Experts point to the broader visitation picture as a driver of real estate, which they say is reflective of the increased tourism numbers. Ian Jameson, 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 non-stop 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 - the Kimpton Seafire Resort + Spa and the adjacent units for sale, 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 available for sale, according to the Charterland report. Data showed 130 beachfront condominiums sold on Seven Mile Beach last year, a 20 percent jump from 2016 purchases. “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.”