Welcome to IRG's June 2015 newsletter!
Hopefully you'll like the new format in which we plan to bring you a refreshing blend of commentary on the local property market, relevant regional and global property news, and information on how IRG and our international affilates, Knight Frank, Leading RE and Luxury Portfolio, can bring value to you - our valued clients, customers and, of course, future customers. If none of this is for you however, please feel free to unsubscribe at the bottom of the page - the last thing we want to do is to clutter up an already full inbox!
So despite the ongoing challenges as the world and Cayman moves into a more transparent post-crash era, Cayman's economy and it's real estate market appear to be heading very much in the right direction. This new market energy has undoubtedly been boosted by the major initiatives announced by Dart, involving new top brand resorts such as the Kimpton and possibly a Four Seasons, along with plans to link Camana Bay to Seven Mile Beach by the highly innovative concept of a "development plateau" rising from the exisitng town centre over the top of the West Bay Bypass and West Bay Roads to the developer's sites on Seven Mile Beach, creating what will be stunning elevated views and the opportunity for an uninterrupted North Sound to Seven Mile Beach planned community in the process.
Wherelse in the Caribbean but Cayman would you find a solution like this? Its announcement, along with the growing success of the Cayman Enterprise Zone and an successful first year of operation for the Shetty Hospital, has convinced many residents and visitors alike that now is the time to open their bank accounts, take out mortgages where necessary and buy Cayman property. Transfers for the first quarter of 2015 show an increase of 39% in dollar volume and an increase in 18% increase in transfer numbers supporting the feeling of increased activity in the upper middle and high-end sectors of the market.
The good news is that there are still deals to be had as the market mops up the foreclosures and distressed sales which were an inevitable, if unfortunate, outcome of a crash the magnitude of the one the World's just experienced.
That said the market is still a bit of a minefield and one in which experience and strong market knowledge is key to a safe investment. Let us know if and how IRG can help.
Jeremy Hurst - Broker/Owner
+1 345 525 9900 (c) [email protected]