From the breathtaking canal front properties tucked away in the North Sound waterways, to the new Bahia terraces overlooking the South Sound shoreline, the Cayman Islands’ property market is continuing to flourish this year.
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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.
Cayman Real Estate Overview
Guide to the real estate market in the Cayman Islands: learn about property trends, new developments, and the Cayman Islands Real Estate Brokers Association.
Buying Real Estate
Learn about purchasing real estate in the Cayman Islands, including mortgages & borrowing, home insurance, importing furnishings and associated costs.
Guide to the new real estate developments in the Cayman Islands including recent developments and upcoming projects scheduled in the near future.
Find the top real estate agents in the Cayman Islands to assist with your real estate transaction.
Here is what we found: there was a total of 1,936 registered property transfers in 2019. The total value of these sales was over CI$826 million, which has increased by 3.3% since 2018. Yet, what is interesting to note is that the increase in property sale numbers have not been consistent with an increase in average property values.
For instance, although the number of property sales have increased in the CI$1 million to CI$4.99 million sector in 2019, in 2020 we do not see any major changes in the average value of sales. For example, a condominium registered at the Seafire Residences sold for CI$6,315,802.
However, a family home sold on South Sound Road for CI$5,122,882, deeming itself the highest-valued home in the district, despite costing less than other luxury residences.
In residential homes and land, from 2019-2020, we have seen various increases and decreases in average sales in all areas of the Island. George Town Villas received a net increase of 22% for two sales in 2018, with their average value of 2019 sales sitting at CI$800,275. In Savannah, the average price for a property fell 19% in 2019, meaning average sale prices dropped from CI$152 per square foot to CI$123. Contrastingly, average sale prices for land in Frank Sound has exponentially increased by 17% in 2019. This may have been due to increasing demands for construction in the area, for instance development in and around Health City.
Green Building in Cayman
It is also promising to see how developers are now building properties in Cayman for a more sustainable future. Eco-friendly building is not only benefitting homeowners by reducing their energy bills and carbon emissions, but also helping to remediate the environment. Places like ONE Canal Point are being built sustainably by replanting the trees that they cleared to build the property in another orchard. In 2020, we have also seen one of Cayman’s most eco-friendly smart homes built in Patrick’s Island, energy-efficient with electric bills only being approximately CI$100 a month. With eco-friendly elements taking over Cayman’s construction market, we hope to see a steady increase in eco-homes over the following years that utilise solar-generated electricity, eco-villages with gardens and greenhouses, low-flow plumbing and materials made from recycled items.
When we asked a realtor about the future of Cayman’s property market, she said that if you would like to purchase a property, it is better to do it now than later. Throughout 2021, Grand Cayman is predicted to see a massive increase in home prices, but greater scarcity in availability. Many properties are also being sold pre-construction with the growth of new luxury developments. Here is a look at specific areas:
Seven Mile Beach & West Bay
Go West to discover the pinnacle of oceanfront luxury living along the Seven Mile Beach corridor. New developments to look out for include: La Paidion, located on Adonis Drive, West Bay, is a gated community near The Shores. They offer 1, 2, and 3-bedroom townhomes and condominiums, each with a modern urban design. 8 townhomes have roof-decks and private patios, with many amenities including green spaces, club houses, fitness centres and pools. Prices start at CI$245,000 for both townhomes and condos.
Located at the end of the Esterley Tibbetts highway in Batabano, and five minutes drive from the beach, The Meadows will be 1 to 3 bedroom, energy efficient, solar ready, hurricane and earthquake resistant townhomes. Crafted with contemporary finishes and Caribbean charm, there will be two expansive pools, two clubhouses, an exercise circuit, gymnasium and a lake. Prices start at CI$290,000.
Located just north of Seven Mile Beach will be SeaDreams, an exclusive boutique condominium development. 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.
After years of planning, the Hyatt will be developing Grand Hyatt Residences. Grand Hyatt will be a 20-storey resort located at Pageant Beach. It will feature a new 351-room hotel, with 167 residential units. Studios and 1, 2 and 3-bedroom units are priced between US$522,000 and US$4.18 million. Sales have been greater than CI$64 million since this development began.
Eleven Parc, situated on the Seven Mile Beach corridor, is comprised of 17 new townhomes. Units range from 2.5 to 3 bedrooms, all equipped with a private garage, gourmet kitchen and swimming pool. Each unit is 1,800-2,000 square foot and priced around CI$795,000.
There is also Nautica Marina Residences which is located in Crystal Harbour. These are exclusive, luxury marina-side residences in the form or 2, 3 and 4-bedroom units. These condos are perfect for boat owners requiring access to the North Sound. The price point for these properties is currently being negotiated, but you can receive more information by emailing: firstname.lastname@example.org.
Go East to purchase a condo at Ocean Vista in High Rock, pre or post construction. Located on Seaview Road, Ocean Vista is estimated to be completed in 2021, consisting of 2 and 3-bedroom units starting at CI$285,000. Being a 3-minute drive from Health City with stunning ocean views, Ocean Vista is a great opportunity for young or new investors to purchase property at lower pre-construction prices.
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 l ifestyle 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.
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 the following companies and they will help you choose the best ownership structure.