Real Estate

New developments continue across the residential sectors of Grand Cayman, adding to the diverse portfolio of properties. West Bay road improvements have seen a second overpass project managed by DART of which a further extension has just been approved; this could possibly pave the way for a five-star hotel project that would bridge West Bay Road.

Work on the Esterley Tibbets bypass continues after DART opened their first underpass on this stretch of road. Once finalized the improvements would alleviate traffic congestion even more than it already has.

Commuters from the Eastern Districts still face heavy congestion in the mornings while work continues on the Linford Pearson bypass.

In 2017, the planning authority approved 1,013 projects, ranging from private homes to major hotels, worth a combined value of $688 million. The previous highest recorded net value for planning approvals in a year was $481 million, in 2008. Several major developers hailed the impact that the increase in investment will have on the economy and job creation in particular.

With a growing selection of residential and commercial properties, a solid infrastructure, stable politics and a strong GDP the Cayman Islands can confidently set its self apart as a top real estate investment destination within the Caribbean. Tourism numbers have broken all records and because of disastrous hurricanes in the Eastern Caribbean, Cayman saw an increase in cruise ship visitors and stay-over tourists. The continued and very welcome expansion of Owen’s Roberts International Airport will be critical in accommodating the tourism sector as it expands further.