From the breath-taking canal front properties tucked away in Salt Creek, to the grand Seafire Residences with sweeping views of the Caribbean Sea, the Cayman Islands’ property market is flourishing.
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To get an independent overview of how things are standing in the property market we asked Charterland, who produce the annual Cayman Property Review, what the highlights are.
Overview
Here is what we found: there was a total of 1,857 property transfers in 2018, up by 9% from 2017, and the total value of these sales was over CI$800 million – the highest total value for sales in one year on record and a huge 17.8% increase on 2017. What is interesting is that the average value of sales is up 8% from CI$399k to CI$430k, however, this fluctuates considerably depending on where you are buying in Cayman. For example, there were only 101 sales of condominiums on Seven Mile Beach in 2018, and the value of these properties were up considerably.
At The Pinnacle for example, the average sale price was US$2,365,445 which was an impressive 25% higher than 2017. This trend continued at the Regal Beach Club which saw two sales in 2018; both were up 19% from 2017. George Town Villas saw an average increase of 28% over the sales made in 2017. Properties on the lower end in south George Town also saw an increase. In 2018 there were a total of 10 sales of two-bedroom units in the Retreats and these showed a 21% increase from the average sale price in 2017. The same increase can be seen in residential homes and also land. In Savannah the cost per square foot of land increased by an average of 19.6%. Grand Harbour saw an increase of 33%.
It should also be noted that there has been a significant increase in the value of sales in all segments of the market between CI$250k and CI$4.99 million. When we asked a realtor about the market he said that you have to be fairly sure what you want as things move almost as soon as they come on the market, and if you think about it too long the property/land will have gone. It’s a nice position for existing homeowners to be in and there is no signs of it slowing down.
Related Content
Cayman Real Estate Overview
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Guide to the new real estate developments in the Cayman Islands including recent developments and upcoming projects scheduled in the near future.
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Seven Mile Beach & West Bay
Discover the pinnacle of oceanfront luxury living along the Seven Mile Beach corridor. New developments to look out for include: The Grove, featuring 58 studios and single-bedroom residences with easy access to SMB, private balconies overlooking courtyards and bustling retail spaces. Property owners will also have access to rooftop pools, BBQ and bar facilities.
Stone Island, in the Cayman Islands Yacht Club, is a gated community of 44 canal front residences. These homes are 3-storeys, with open concept living spaces and private plunge pools among other superb amenities. Aqua, at the southern end of SMB, is 10 full floor units, with 360 degree views, designed to capture unobstructed views of the Caribbean Sea. The residences have a sleek exterior, with modern architecture, and home-owners have access to an infinity pool, plus their own private balcony.
Nearby is the new Seacrest, another 10-storey complex with two units per floor already sold out, and also the Grand Hyatt Beach Resort which is a five-star 351-room property with both hotel rooms and residences, featuring studio apartments as well as 1, 2, and 3-bedroom properties available. One of SMB’s oldest condominiums, Lacovia has received permission to remodel, planning to replace the current residences with three 10-storey buildings, promising a whole new level of luxury. Located between Avalon and Harbour Heights, WaterMark will boast 10-storeys and 54 extravagant units, along with a pedestrian sky bridge and multiple swimming pools.
There is also Diamond’s Edge, which is located between the Grand Caymanian Resort and Lallique Point. This is an exclusive oceanfront gated development with direct boating access via a private channel to the North Sound. It will have lush landscaping, finished seawalls and high-end cantilevered docks. Every property offers direct access to the North Sound Golf Club and lot sizes are being sold from 0.6 to 1.5 acres.
ONE Canal Point, which will have 73 units in total, ranging from 1-3 bedrooms (plus den), condos and townhouses, offers world class amenities, including a dog park, community fruit tree orchard, a 25 metre lap pool and communal roof terrace and owners lounge. Prices start at US$600,000 and reach up to just under US$2 million. Located just north of Seven Mile Beach, will be SeaDreams, an exclusive boutique condominium development that boasts uninterrupted ocean views. With 4-storeys and only 2-units per floor residents will enjoy large living spaces, as well as fantastic amenities including a pool and BBQ area.
East End
Find a weekend retreat at Rum Point Club, which opened in 2020 and boasts 31 brand new beachfront condos over 5 storeys, and a range of one to four bedroom units. The property overlooks 486 ft of pristine white sand beach. Sunrise Estates poses the pinnacle of green living, offering two or four bedroom eco-homes with complete on-grid solar package options and energy efficient design including gas appliances. The contemporary architecture and modern amenities combine to produce a modern environmentally conscious community, as well as having an onsite gym, children’s playground, and beach access.
South Sound & Grand Harbour
Snag a boutique property in South Sound. In keeping with surrounding luxurious townhouses and developments, Karma Seaview is a high end contemporary boutique development, comprising of ten 1, 2, or 3 bedroom residences across 3 floors, each with a view of the South Sound seaside stretching before them. The property boasts a swimming pool, gym and roof terrace among many other amenities to cater to a luxurious beachside lifestyle.
Located in Grand Harbour is Grand Palmyra, a gated community of 3-storey townhomes allowing families spacious 4 bedroom residences, with a pool, balcony, private backyard, and seating area. Also close to Grand Harbour is Aura, a collection of 39 luxury 2 or 3 bedroom apartments. Each residence spans 1 or 2 storeys, and is designed to capture maximum sunlight. The homes encourage a healthy lifestyle with a fully equipped gym and 75 ft lap pool, and also provides a secluded cove, BBQ area, and children’s playground providing opportunities for fun and relaxation. Allure, which will be comprised of two and three-bedroom luxury condos, hugs the Island’s coastline, offering tenants’ unimpeded views of the North South. Units start at US$488,000. Situated between Periwinkle and the Shoppes in Grand Harbour, Harbour Walk boasts a variety of retail, office, and residential spaces. Residents of the one and two bed homes have access to rooftop chill-zones with fire pits, an infinity pool, gymnasium and yoga area, 1000 ft rooftop jogging area, and electric car charging stations, alongside easy access to the shops and business operating nearby.
Paraiso, located at the end of Lord’s Way, boasts 12 modern canal-front homes. Each unit will have their own private dock and plunge pool, along with a green space and private patio area. Pre-construction pricing starts at US$870,507 for a 3 bed, 3.5 bath, and separate den area.
The Dart Group
The group is continuing its major expansion of Camana Bay, with infrastructure enhancements and new developments as the company begins its residential build-out. OLEA is a waterfront community of townhouses, duplexes, and condominiums located to the south of Camana Bay’s centre. The houses are linked by footpaths and green spaces, with the centerpiece a resort-style swimming pool at the heart of the community. The residences will have solar panels, and will be cooled with geothermal systems, along with multiple other energy efficient appliances. Other amenities include outdoor BBQ areas, a kid’s playground, a communal herb garden, a gym, and a yoga green.
Also in Camana Bay, a 60,000 sq ft Foster’s Supermarket has just opened and is the grocery store’s largest location to date. It will be accompanied by a four-level car park, walkways and a large dining area. Neighbouring the Esterley Tibbetts Highway and Nexus Way, a corporate development expected to be Dart Group Headquarters is planned, as well as a pedestrian subway, linking Camana Bay and Cayman International School with the National Gallery and the future home of Rugby Cayman. This footway will allow pedestrians to cross the Esterley Tibbetts Highway without interfering with traffic.
Structuring Property Investments
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.