Hopefully amidst all the financial woes and gloomy predictions, we will all find time to give thanks for all the blessings we have received over this past Christmas Season.
There are so many benefits that can be enjoyed by owning a property in the Cayman islands, not least of which is that it is a beautiful jurisdiction with year-round sunshine and just an hour’s hop from the States, so buying a home in the Cayman Islands should be at the heart of any investors wealth management programme.
These past few years have seen massive upheavals in the economies of many countries around the world, big and small, yet Cayman remains strong as a resilient jurisdiction that continues to offer a professionally skilled workforce second to none, opportunities for growth, innovation in development and a lifestyle that is still envied the world over.
The frustrating part is that sellers do not want to hear what we have to tell them, in other words, that their property is not worth what they think it is and that they have to list lower if they expect to get their property sold. This was an inevitable reaction to the worldwide economic crisis, which is heavily affecting the US. Real estate values had been inflated in the US for some time and it was only a question of when (not if) their market would turn. That, combined with the decline in the stock market and very tight credit, has made it difficult for many Americans to make discretionary purchases. As much of our buying pool is from within the US, the slowing of our real estate market should surprise no one.
Some see the inking of these agreements as a further erosion of Cayman’s strict privacy laws that have helped the location build a successful wealth management industry for those who need to keep their financial affairs private for reasons of safety and so on.
I am excited for Cayman’s future. Sensible financial management by government, developing infrastructure, coupled with an improving U.S. economy all point towards Cayman’s economy leading the region in the months and years to come.
Keeping Cayman’s primary industry on track means real estate can continue its upward trajectory.