Step into the heart of summer’s real estate activity with our June market digest.
Last month we announced that Cayman Airways was expanding their routes to Panama. In addition to that, they have also increased flights for the summer to Montego Bay and La Ceiba Honduras. WELL NOW GET THIS!!!!!! The Honorable Minister for Tourism, Kenneth Bryan, has created the buzz that a new “exciting” route will be announced shortly. The talk is that it’s Las Vegas as part of their Los Angeles route, but nothing official has been released yet, nor has the route appeared on KX’s website. Either way, this is good news as Minister Bryan continues to promote Cayman globally as a world class destination. PLUS it only increases options for those on the west coast of North America, making it easier to get here than ever before.
Our travel figures are slowly getting back to where they were pre-Covid in 2019. With the increased number of places to stay (hotels, private homes, resorts) that have come online since 2019, businesses continue to flourish, and in many cases, reinvent themselves, to increase Cayman’s attractions and experiences. We have a great core ethos here and you can see everyone working together to make this island even better!
This is NOTHING like Christmas in Cayman….honestly it’s just gorgeous island-wide. From the elaborate home and garden décor, hotel lobbies to leave you in awe, the many roundabouts and of course complexes like Camana Bay and shops in George Town…everywhere you look, Christmas is there! Activities for every age group are in high gear and there is NEVER a dull moment! Christmas concerts at many churches and public venues, Santa photo-ops, giveaways, festive menu items at many of our fine restaurants and of course, a general feeling of magic, Caribbean Style, is offered to our locals and visitors alike. The only Holiday event we don’t have is snow…but who needs jackets and layered clothing when flip flops, shorts, and a hat are so much more comforable? Check out these sites to (try to!) keep up with all the events.
If you aren’t able to leave the island for the summer, why not vacation where so many others do: here in Cayman! Take advantage of the summer deals for places in Cayman Kai/North Side, Seven Mile Beach and even our Sister Islands.
Check out sites like www.CaymanIslands.ky (official Tourism Website), www.ExploreCayman.com and for booking anything whether you’re local or overseas, check out the huge inventory of properties at www.CaymanVacation.com local rates applicable if you qualify; they’ll help you through it all.
We mentioned in December the interest rates and insurance premiums would affect our market in 2023 and indeed, both really have. Insurance figures island-wide have risen sharply and we’ve seen 20-30% increases in strata fees due to that. Private home coverage has jumped as well, meaning unavoidable and uncontrollable expenses for homeowners has increased dramatically in the last year. Worrying? YES, but we all have to adjust our sails and figure out a new budget, as it won’t be getting better anytime soon. (Someone said to us the other day: this is the new ‘normal’). The thought is that interest rates will start coming down in late 2024 but it’s doubtful insurance figures will.
With that, we encourage mortgage holders to meet with their banks and discuss options. We are talking ourselves out of business when we say it’s not always a good time to buy or sell, but we pride ourselves on being REAL ESTATE ADVISORS. Each listing is on the market for various reasons: upgrading, downsizing, relocating, finances or illness, etc. We cannot say that the new listings coming up daily are ‘distressed’ or an indication of market jitters.
It’s simply that owner’s decision and our market clientele is mixed with locals and overseas owners each doing what they need to do for their portfolio. Personally, we wouldn’t let interest rates affect your decision if you feel it’s the best one for you: over a 20-30 year mortgage period, you’ll roll through many waves of rates and when they go down, inventory will change and you don’t want to have ‘buyer’s’ or ‘seller’s’ remorse!