Investing in Cayman Property
Property investment ideas in Cayman are plentiful. From high-end new builds along Seven Mile Beach to energy efficient townhomes in South Sound, the property market in the Cayman Islands is not lacking in diversity. And neither is it showing any signs of slowing down, but instead boasting an upsurge in construction and real estate development with dozens of projects still in the planning stages.
Consistent growth in the tourism industry combined with a lack of room stock means investors are practically tripping over themselves to buy, develop and sell prime sectors of real estate in the Cayman Islands.
Go West to Crystal Cove, a sophisticated development in Crystal Harbour offering six 4,937 square foot villas, each with a roof top terrace and a pool overlooking the North Sound. Each property has a private dock and Italian-themed kitchen with European appliances. Nearby, located on a private peninsula by the Yacht Club, exclusive community Stone Island is set to break ground. The $110 million development will create 44 three-story residences with an array of luxury amenities in a residential/resort setting, from a tennis court, waterfront boardwalk, boat slips, and fitness studio to a children’s centre.
Seven Mile Beach saw two additional high-end properties with the transformation of Treasure Island into Margaritaville Resort and the long-awaited opening of the Kimpton Seafire Resort & Spa in November 2016. The new Margaritaville Resort boasts 285 suites, multiple bars plus designated kid’s zones with a two-story slide. The renovation of the first phase of 110 condominium suites on the property is slated to be completed in 2016.
In the meantime, the Kimpton has been cited as ‘a whole new pricing paradigm’. This elegant new hotel was conceptualized amid higher construction costs, limited roomstock balanced against growing demand, desire for healthy profits by developers and a willingness of a younger, more elite group of investors to pay top dollar. This exclusivity will extend to the Seafire Residences opening in 2017: a 10-story tower with access to all the Kimpton’s luxury facilities and private rooftop terraces set to become the highest gathering points on Island. The 62 residences are already selling fast, for a record US$1,700 per square foot.
A new housing development will be completed in Magellan Quay, Governor’s Harbour in 2018. Developed by Edgewater, The Residences at Magellan Quay start at $870,000. One of the 3,5000 square-foot properties is slated to have three bedrooms and three bathrooms, a pool plus outdoor kitchen and privacy wall.
Go East to find your ideal weekend retreat at Rum Point Club which is currently in construction and will boast 32 brand new beautiful beachfront condos. With the enviable property overlooking 500 feet of pristine white sand beach, this is an ideal choice for an investor looking to expand his or her portfolio. Glimpse Cayman’s future in the iconic design of St. James Point. Nestled on the pristine shores of Beach Bay, the 5-star hotel will come to represent modernity through its dramatic design and non-traditional site, expanding Cayman’s tourism industry into the eastern districts, acting as a catalyst for further growth. The hotel will provide 200 rooms and 75 residential units stretching across the 16 acres of enviable seafront property. Combined with Ironwood and a planned area-development for Cayman Kai, including a new hotel, marina and restaurant, the future for Grand Cayman’s eastern districts looks very bright.
Go South to snag a boutique property. The Sanctuary is on 10 exceptional acres in lovely South Sound. Located between Venetia and The Lakes, this gated community comprises of 30 garden villas ranging from three to four bedrooms. Each owner has almost 3,500 square feet of open living space that can be fully customised. Luxury lifestyle amenities include a gym, yoga studio, tennis court, spa, juice bar and much more. An abundance of residential properties along South Sound offer never-before-seen, entirely unique features. Periwinkle community at Grand Harbour, for instance, benefits from becoming the first LEED-certified and truly sustainable residential community in Cayman. Everything from the construction materials, to landscaping and rooftop solar panels will be environmentally sound. And the China’s Datang Investments complex hopes to stand out with an exclusive shopping centre set amongst its 30 condominiums. The highly anticipated Cayman Enterprise City (CEC) campus will break ground in late 2016 in South Sound, on a sweeping property that is just over 50 acres. CEC, a special economic zone that is attracting unique offshore businesses, may increase the demand for residential offerings in the area.
The Dart Group is continuing a major $300 million expansion of Camana Bay, starting with the alterations to the Esterley Tibbetts highway and in the future expanding Cayman International School, building a supermarket and home goods store and creating new residential units such as the 10-story tower, 10 North. The Camana Bay Link, a pedestrian subway, will allow safe passage from CIS to future sports facilities and the National Gallery. The Maris Avenue bridge will provide vehicular and pedestrian access to Camana Bay’s Festival Green, allowing boats up to 18 ft to pass underneath.The group has also purchased multiple properties along the Seven Mile Beach corridor including the old Hyatt Hotel site and along with the Britannia Villas, they plan to integrate them into the greater Camana Bay area. The Beach Suites and the Britannia golf course closed in August 2016. How that vast property will be reimagined has not been announced. They acquired Dragon Bay, The Ritz-Carlton, Barefoot Beach in East End and made their first investment in Little Cayman – Paradise Villas.
Capital Developments by the Government will be led by the redevelopment of the Owen Roberts International Airport, cited as the ‘most important infrastructure enhancement’ for Cayman and set for completion by 2018.
If want to diversify your investment portfolio and invest in property in the Cayman Islands, then you will need to work with a specialist that can find you the right investment opportunities. If you are looking to structure your property investments in the Cayman Islands, we suggest you contact Sterling Trust (Cayman) Limited and they will help you choose the best ownership structure.