How to build a home in Cayman, environmentally friendly options, suggestions on selecting a team, architects, land surveyors, general contractors and structural engineers.
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As predicted, in 2024 we saw building costs continue to increase, which significantly affected the viability of new developments for many.
In May of 2024, BCQS reported a circa 8.5% annual increase in the cost of construction for Cayman, and as per the latest economic report for the Cayman Islands, there was a reduction of total building permit values, around 28%, for the first three quarters of 2023 when compared with the same period in 2022. The number of permits shrank from 825 to 548. Recently, developers have had to pull out of projects due to the rapidly increasing construction costs and difficulties obtaining construction financing. Since the end of 2023, Cayman’s local banks are generally reporting a slowdown in construction finance, particularly for bigger projects over CI$1 million. Sadly, construction costs are likely to continue to increase due to the continued high shipping and materials costs, high interest rates, increases in land values and the low supply of contractors coupled with them being in high demand.
Further, due to numerous global instabilities, we are experiencing a bullwhip effect to the supply chain – small fluctuations in demand at retail level are causing progressively larger fluctuations in demand at wholesale, distributor, manufacturer and raw material supplier levels. In some areas, material costs have began to dip slightly as supply chains focus on recovery, and shipping costs are not as high as they were. Yet, both are generally much higher than pre-pandemic levels. Given the soaring costs, some developers have triggered sales agreement clauses to charge additionally to sales prices agreed pre-construction in order to cover extraordinarily inflated prices. Because of all these issues, developers are struggling to deliver projects on budget and on time, resulting in a loss of confidence for buyers for pre-construction options.
With the ever-growing population and new developments becoming less viable for builders, demand outweighing supply continues to increase.
The Five Reasons to Engage an ICIA Member
Sponsored By Institute of Cayman Islands ArchitectsAdvice on Building Your Homekeyboard_arrow_right
This section will provide prospective home owners (or builders) with detailed information on the various approaches one can follow when building in the Cayman Islands, including the associated pros and cons on things that need to be considered.
Building Optionskeyboard_arrow_right
There are several general models of how construction contracts are structured and there are good reasons to recommend one over another in particular situations.
Building Professionalskeyboard_arrow_right
Cayman has a whole host of building professionals to choose from whether you’re seeking an architect, a general contractor, a quantity surveyor or otherwise. Read more for our recommendations.
Architects
The Cayman Islands has a wonderful selection of qualified and experienced architects and the quality and style of our architecture stands testimony to that.
Construction Managers
A construction manager or quantity surveyor is used when setting up construction contracts. Here is a list of recommended construction managers.
General Contractors
Local Cayman construction companies, contractors and builders for commercial and residential building projects and renovation jobs in the Cayman Islands.
Land Surveyors
Find licensed land surveyors in Grand Cayman, Cayman Brac and Little Cayman for boundary surveys, subdivision mapping, topographical surveys plus more.
Chartered Quantity Surveyors
Need a building budget? Find chartered quantity surveyors in the Cayman Islands for property building and development cost management and consultation.
Project Managers
Building seem overwhelming? Find top project managers in Cayman who can oversee your building or renovation projects, while keeping the team on track!
Civil & Structural Engineers
You guide to civil engineers in Cayman who provide consulting services, geotechnical and foundation engineering, soil/piling tests plus structural reports.
Roofing Contractors
Roofing contractors in the Cayman Islands who install standing seam metal roofs, shingles, installations and repairs for residential and commercial projects.
Building Materialskeyboard_arrow_right
In this section we focus on primary building materials used in the Cayman Islands: concrete blocks, driveway and walkway surfacing, Insulate Concrete Forms (ICF) and spray foam.
Concrete Blocks & Pavers
Need durable building materials? Concrete blocks are used for solid construction in Cayman. Find a company that sells blocks, pavers and other materials.
Insulated Concrete Forms
Cayman is hot! Luckily insulated concrete forms helps to keep the cool air in your home. Find out why this building material is a must plus where to buy it.
Driveway & Walkway Surfacing
Driveway surfacing plus walkway resurfacing can transform the outside of your residential or commercial property.
Desalination Systems
A desalination system will help you secure water resources in the event of a hurricane or another emergency.
Spray Foam Insulation
Using spray foam insulation when building in the Cayman Islands will reduce air leakage which can help keep those A/C costs down.