Optimism continues for Cayman Islands and Caribbean real estate in latest report

Since our recent news letter of March 20th 2013 in which we talked about Jeremy Hurst, Owner and Broker of International Realty Group Ltd. moderating at the inaugural RICS conference, BCQS International Property and Development Consultants throughout Latin America and the Caribbean have published their 3rd annual construction market trend report. In line with the general consensus at the RCIS conference the BCQS report also confirms that there is indeed some glimmer of light on the horizon of the Caribbean Real Estate industry, three years after the 2008 financial crisis.2013 may begin to provide some positive signs that the tides are at last turning. Jeremy Hurst also noted an upturn in the real estate market during the RICS conference. TheBCQS report notes that key Caribbean dependents such as the US, Canada and Europe are now showing indications of economic stabilization, the 2012 US election is over and a general consensus in forecasts for more balanced commodities trading over the foreseeable future appears to be the norm, We could at last be on the road to economic recovery!It would appear that banks are now initiating steps for reviewing, evaluating and off loading their liabilities, which may be just the stimulus required for the Caribbean region. With a now crucial acceptance of revised property pricing levels needed, this could provide the steady food supply to willing purchasers, and we might begin to see some faith restored to the marketplace and the region, along with an improved access to funding. In terms of Cayman Islands Real Estate, both residential and commercial sales and leasing, a positive trend is tangible. Jeremy Hurst noted that the new bypass from Seven Mile Beach to West Bay opens up endless opportunities for West Bay as an investment option. With its island style homes on tree lined lanes and its fair share of good restaurants and outdoor activities along with its close proximity to Seven Mile Beach, this area of Grand Cayman is a beautiful area to consider home. The Cayman Islands is seeing a remarkable amount of growth in the financial sector as well and with proposed developments such as Cayman Enterprise City and the Shetty Hospital which will be focused on medical tourism, there is also bound to be a boost in the residential market, leasing and for sale in the Eastern districts of Cayman. IRG has access to a wealth of properties on its portfolio with professional realtors who understand the Cayman Islands real estate industry inside and out and who can advise on secure commercial and residential property investment.