Embrace the nuances of May’s real estate market with our comprehensive overview.
It was announced in late May that Dart’s newest hotel, Indigo ?, is set to be completed in 2024. It is located next to The Kimpton, will be 10 stories and offer 282 rooms. This is another fine project by Dart (the man and his team never do anything half-way!) and will complement the existing upscale hotels like Kimpton, Ritz and The Westin…along with the under-construction – and brisk sales of – Curio Collection by Hilton, Grand Hyatt, ONE|GT and Mandarin Oriental. Cayman’s tourism experiences continue to improve in all ways: accommodations, dining experiences, diving and of course, tons of airline options – even private jet services!
Combined with our many condos, private homes and fine hotels like Hampton Inn, Marriott, and more we have an array of properties and activities for any budget and tastes.
We really do have some great airline service routes! Now, our national airline – Cayman Airways – is flying direct to Panama once again. This was a route in place before covid and now is back on the flight schedule. Starting later this month, those who want to experience the Panamanian culture and enjoy fine shopping and dining (and not go to Miami!) can hope on and head on over for a great vacation! It’s no secret that Miami International Airport is one of the worst in the world, so let’s branch out and go somewhere different! Los Angeles, Dallas, Panama, Denver, La Ceiba, New York via our lovely KX planes, or London, Toronto, Atlanta, and more via other carriers. COVID restrictions are done, let’s get out there and see the world once again.
Check out www.CaymanAirways.com for more info and make this summer one of travel and fun!
Yes, the market tends to slow down in the summer months – locals are focused on their summer plans, it’s generally slow for tourism and therefore overseas buyers and June to October is just typically very quiet. There is a buying slowdown amid interest rates, too so that as we know hasn’t helped that much. There are more ‘urgent’ sales and lots of price reductions and let’s be honest: more of that will happen. The good news? Buying is still happening! With over 60 properties sold in May (averaging 3 per work day in May…lots of holidays – thanks, King Charles!) we had a fairly active month. There were serious bidding wars on some new listings, both on homes in the eastern districts and Seven Mile Beach condos….so we are down a bit but not out. We’ll keep focused on the good news and not play into the recession drum that keeps beating. As we’ve said before – we’ll weather it just fine.