The Cayman Property Review
The Cayman Property Review, an independent property survey conducted by Charterland, a chartered surveying company based in the Cayman Islands which reports that the total number of open market transfers registered with the Cayman Islands Land Registry.
Although Cayman was not spared from the direct effects of the global financial recession of 2008, it is continuing to bounce back and 2015 was another good year for the Cayman property market. 2015 saw a 14.5% increase in market transfers over 2014 and a 6% increase in total values of transfers. In fact, the total value of sales in 2015 was just over CI$536 million, which is the third highest on record giving property owners much to feel confident about (Source: Charterland).
In terms of commercial development, 2016 saw some frenetic activity, with Dart leading the way. No sooner had PWC moved into 18 Forum Lane in Camana Bay, then Dart began constructing its sister building, which is slated for completion in early 2017.
Along with the National Roads Authority, Dart began the expansion of the Esterley Tibbetts Highway to four lanes, which will help ease congestion through Camana Bay and along the highway at peak hours.
Construction of the new Kimpton Seafire Resort & Spa has been swift and residents were delighted when it opened its doors in November 2016. It is also rumoured that Dart is planning to construct a five-star property, thought to be a Four Seasons Hotel, just north of Tiki Beach which will be open by 2020. In 2016 Dart also acquired the Grand Cayman Beach Suites property and Britannia Golf course but as yet, no plans for either site have been publicly released.
While development has been active in the Seven Mile Beach area, George Town has not seen much improvement. The government has promised it will look at revitalising the capital— enhancing areas around historical landmarks and pedestrianising roads, but we wait to hear about more concrete plans. News on the controversial new cruise ship terminal has gone quiet while the Government decides if it’s feasible to move the wreck of the Balboa, as well as live coral from the affected footprint of the development.
Cayman Enterprise City is looking to break ground on its main 850,000 sq ft. campus late in 2016. There are currently over 180 companies from across the globe operating from the Special Economic Zone’s current location.
Health City is continuing its success and 2016 saw additional investment with plans to develop a commercial centre and hotel nearby. The hospital also won its US accreditation in April 2016, paving the way for more international patients.
Over in Frank Sound, the Ironwood development has been granted planning permission to start work in late 2016 on land excavation and preparation for the Arnold Palmer 18-hole championship golf course and 9-hole executive course. The developer ultimately hopes to construct a town centre and residential community with restaurants, cafés, shops and a cinema. This is a significant step for the largely undeveloped districts of North Side and East End and will appeal to tourists and residents who may prefer a slower pace of life away from the Seven Mile Beach area.