Rebuilt Grand Cayman Boasts Hot Real Estate Market
Looking for a new real estate opportunity? While most markets are crumbling, the island of Grand Cayman is enjoying quite a boom. The combination of a thriving financial services industry and buoyant tourism led prices 10% higher last year, according to Kim Lund, owner of ReMax Cayman Islands, and should push values up another 15% to 20% this year.
Don’t, however, expect any bargains. The Ritz-Carlton, for example, is offering two-bedroom condos starting at $2.9 million. If that seems high to you for a Caribbean island, you’re not alone.
In fairness, Mr. Lund points out that the Ritz-Carlton properties are on the island’s most prestigious shore, known as Seven Mile Beach, and they offer the high-end amenities available at the Ritz’s 365-room luxury resort next door. They are also a favorite destination of the hedge fund types who frequent the place.