Cayman Islands show record real estate sales for 2017

Real estate experts attribute Cayman Islands’ growth in tourism to an active hurricane season in North America.

Experts in the Cayman Islands real estate industry noticed an increase in flights from key North American destinations in 2017. The tri-island Caribbean nation also recorded its best stay-over visitation figures and hit a real estate sales record of $696 million, increasing by a record-breaking 9 percent in 2017 versus the prior year, according to the most recent property report by Cayman Islands-based independent property consultants, Charterland. Experts say they believe that the increased amount of tourism is driving real estate sales.

Cayman Islands Realtors have also noticed that the increase in air travel and tourism can be partially attributed to an active 2017 hurricane season in North America that left Grand Cayman untouched.

“Last year’s storms brought an influx of people who were previously unfamiliar with Grand Cayman, but this has led to more sales as they have fallen in love with the island and are keen to make here their second home,” said Ruth Gustafsson, an associate broker for Provenance Properties Cayman Islands, the Cayman Islands Christie’s International Real Estate affiliate and the sole real estate brokerage for Dart Real Estate.

The increase in visitation to the Cayman Islands can also be attributed to the Kimpton hotel’s clientele, who are attracted to the island by their loyalty to the brand. The Kimpton Seafire Resort + Spa and the adjacent condos for sale at The Residences at Seafire are popular among tourists who wish to settle down in the Cayman Islands.

The Residences at Seafire is a waterfront 10-story architectural gem. Developed by Dart Real Estate, it houses a collection of 62 distinct residences which marry contemporary Caribbean style with high design. The Residences are exclusively represented by Provenance Properties Cayman Islands, and are offering one- to five-bedroom condos starting at $1.5 million.

The Residences are also located along Seven Mile Beach, a popular tourist destination in Grand Cayman. Seven Mile Beach is the area of choice for real estate sales due to the number of Grand Cayman luxury properties for sale, according to the Charterland report. Data showed 130 beachfront condominiums sold on Seven Mile Beach last year, a 20-percent jump from 2016 purchases.