July Real Estate Highlights
Delve into July’s property trends with our streamlined market snapshot.
Properties Sold
45 properties
Prices Ranging
US$30,000 US$8.75M
Under Contract
68 properties
Properties For Sale
1214 properties
Barbados-Cayman Route
Starting October 1st, Cayman Airways will begin direct flights from Grand Cayman to Barbados. This has many of us asking: why another (competitive) Caribbean Island? What’s the financial benefit? What does Cayman offer Barbados residents, and vice versa? Hon. Ministor Kenneth Bryan feels good about it, but time will tell if this will be profitable and viable.
There are other destinations that could be more popular and attractive: Bermuda (as a huge business affiliate for many companies and banks here), North American states and central Canada were all hoped-for routes, and of course the bet was on Vegas (pun intended!).
At any rate, we do have a large variety of airlines getting people to and from Cayman year-round and our tourism revenue is back to the 2019 levels and getting stronger.
The Sky Is The Limit
Plans were finally approved for the Westin Hotel to undergo a massive site expansion, offering 234 more rooms, a restaurant, rooftop bar, conference center, gym and much more. This will be another 10-story building on Seven Mile Beach, but the Westin site can handle it and of course, their beach is phenomenal. Unlike the Marriott Hotel, their setbacks are better which will keep the beach line healthy.
Speaking of UP…at last count there were twelve 10-story buildings going up or newly-completed in Cayman: The Watermark, Aqua, Indigo Hotel, Camana Bay’s Nexus office building and Kapuk retail/rentals, and Curio by Hilton are all changing our landscape and meeting the demands for our business and residential community.
We have also heard rumors that Central George Town could see it’s first 10-story office building in town. This isn’t the first 10-story building in town, though, as the ONE|GT residences are underway. Watch this space to see if the rumor comes to fruition.
