Cayman – a solid force in a sea of change

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 key to diversification

Much discussion has taken place over the past couple of years on the need for Cayman to expand its reliance on its two traditional economic pillars – financial services and tourism – and its quickly developing third, real estate, and look to embrace new forms of industry that will fit seamlessly with existing business, while at the same time broaden Cayman’s economic reach.

 

Real estate: The third pillar of Cayman’s economy

It is well understood that the first two industry power houses have been mainstays of the economy over the years; however the real estate and development industry has been intrinsically linked to both tourism and financial services, providing the physical framework within which both can operate, while at the same time contributing significant sums to the Cayman Islands government’s finances and the country’s economy as a whole.

The true meaning of diversification

The economic headlines over the summer very much concentrated on jitters on the world markets which forced dramatic drops in the various international indexes, yet digging a little deeper behind the headlines gives a picture of steady, if painfully slow, growth in the US which ought to be carefully considered against this backdrop of market freefalling.

Relocating to Cayman

  Pressures from international regulatory bodies placed upon entities to show a physical presence in their offshore location has meant that the Cayman Islands are quickly becoming an attractive place for relocation.

Opportunity knocks

 It is certainly not a secret that the volume and value of real estate transactions has fallen dramatically over the last two years. Statistics from both Lands & Survey and CIREBA, our real estate association have confirmed that time and time again. 

Timing is everything

When opportunity knocks…time is of the essence and timing is everything, all these phrases epitomise the current timing of the real estate market in the Cayman Islands.

The real state of the real estate market

Some of this is the fault of the media which in recent times has become much more of a sales tool than an objective source of information. But I think some of it is also the result of focusing on short term trends rather than taking a longer term view.

Something real positive – at last!

Here we are in the middle of summer which is not the usual time for good news in the Caribbean real estate markets. And further, I am not known for trying to make positive predictions without good solid evidence to support it.

Happy New Year?

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.

Remedies for economic woes: cut costs and crime

So, what’s happening in the real estate market and what factors are there that may have significant impact on it in the coming months or years? 
Well, Coldwell Banker’s mid-year Market Report is now out in hard copy and on our website. There is not room to reprint it here, but in summary the last six months have continued the downward trend of prices and sales volume.  However, just in the last month or two we have seen a marked increase in activity. Why? Well, there are several possibilities.

Steady as she goes…

Although our year to date sales figures cannot possibly keep pace with previous years due to the decrease in foreign investment, we would describe...

Hard assets for hard times

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.

 

Real Estate Review: Time for a Caymanian overhaul

As the Baby Boomers age, finding ways to earn passive income has become more important. Many of them are ready to retire from their regular jobs and have been looking to supplement pensions, retirement accounts and Social Security to enable them to retain their usual lifestyle.