A recent report by Knight Frank, one of the world's leading independent real estate consultancies, titled ‘The Island Review, Assessing Current Property Market Conditions Across the World’s Top Island Destinations 2015’ reviews property markets across the world’s top island destinations and highlights a surge in popularity for the Cayman Islands’ as a destination for high net worth investors.
The data in the Knight Frank Island Review showcased a Cayman Islands property market gaining momentum with a 2.5% rise in luxury homes median sales prices. This rise saw Cayman secure fifth place for luxury residential price change in 2014. An interesting characteristic of the current real estate environment is the growing appetite of financially savvy investors. To create and preserve wealth, investors are taking advantage of the many strong return on investment (ROI) opportunities in Cayman.
The Cayman Islands is well recognized as one of the world’s most successful and stable financial centres with zero property taxes and a solid infrastructure. The direct travel links to key American gateways and access to private jet leasing agents such as NetJets provide the Cayman Islands with exposure from a variety of international investors. The Knight Frank Island Review reported that the country has seen a 50-100% increase in NetJets operated private flights over the past ten years.
Jeremy Hurst, owner of IRG, a Cayman-based real estate company and member of the Knight Frank global network, believes this trend is not limited to luxury home ownership. Mr. Hurst expects Cayman’s wider real estate market, including the commercial sector, to prosper in the coming years, "similar to 2014, local economic growth is likely to continue as the year progresses. There’s no doubt that if investors have any thoughts of purchasing a home or income producing property, now is a great time to do so”.
The Knight Frank Island Review highlights that key social and demographic trends that are shaping global real estate decisions include a focus on properties in jurisdictions that benefit from; population growth, superior infrastructure, and technological innovation.
The report finds that in spite of global economic uncertainties, the Cayman Islands real estate market remains strong. Mr. Hurst states, "We’ve seen the number of new listings increase in recent months, along with a good number of prospective buyers beginning to reach out to see homes."
International Realty Group Ltd. (IRG), Jeremy Hurst, is affiliated with a number of prestigious international networks such as Knight Frank, Luxury Portfolio International and Leading Real Estate Companies of the World, "these affiliations, allows us to offer our clients a truly global perspective to our client’s real estate needs” said Mr. Hurst.
For more information about the Knight Frank report or IRG please visit www.irgcayman.com or call 345-623-1111