To successfully buy residential property investments abroad depends on understanding local and external forces. Population, affluence and supply of land and housing will all greatly affect house price growth in excess of general inflation. Without all of these variables the housing market can stall or even send values downward.
Savills have recently published ‘World Residential Markets – Performance and Prospects‘, a report that identities what strategies international investors should look to adopt to take advantage of the way the world economy is heading.
The research looks mostly at the rise of secondary properties, growth of second-tier cities and the rise of international resorts.
‘Safe havens’ like London, New York, Hong Kong and Singapore have been and look likely to remain sound investments. The key to overseas investment is finding the higher yielding, lower-price purchases with higher capital growth potential.
One part of the world the report singled out was the Caribbean, and in particular, the Cayman Islands. Tourism is all important to the Caribbean, but Cayman like the British Virgin Islands benefits from a more diverse economy with more than half its GDP generated by the financial services sector. This attracts residents relocating from overseas businesses which in turn supports a prime residential market for long-term residents through high paid jobs. (more…)
Robert McCrimmon
September 29, 2015
Blogaffluence, Airport, Cayman, Cayman Brac, Cayman Islands, cruise port, Dart Reality, economy, housing, housing market, inflation, investments, investments abroad, Ironwood, Little Cayman, local and external forces, population, real estate, report, residential property, Savills, supply of land
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The big conversation in Grand Cayman at the moment is what to do with the cruise port.
It is widely agreed that the port needs expanding but environmentalists and locals have raised massive concerns over the damage the proposed new berthing port would do to acres of reef and animal habitats.
Currently, the Cayman Government has proposed a $250 million berthing facility that would fit up to four cruise ships with access directly to the shore. That proposal looks very much in doubt after an environmental impact statement was released 9th of June. It was estimated that around 15 acres of reef would be completely destroyed with another 20 acres negatively affected.
The impact of the project would affect Georgetown Harbor’s snorkeling, scuba diving, boat tours, recreational fishing, and other marine activities that brings between CI$19 million to CI$22 million annually to the Cayman Islands. (more…)
Robert McCrimmon
August 25, 2015
Blogberthing facility, cable car, Cayman, cruise, cruise ships, dredging, Emirates Air Line, GreenTech Group, James Eldon Whittaker Jr, Next Development, port, Sky Bridge
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Tourist numbers in Cayman hit an all time high in 2014 with air arrivals up 11 per cent on 2013 and cruise ship numbers up more than 23 percent.
This growth has resulted in developers building homes and expanding resort hotels. This has opened the door for investors to come in and buy houses and condos all over the Cayman Islands and capture the lucrative sun-seekers holiday and rental market.
High tourist numbers has been the catalyst for the boost to Cayman’s economy. Usually a quick increase in housing comes from a dramatic increase in population. However Caymans full time population, although steadily increasing, is still less than 60,000. (more…)
Robert McCrimmon
July 22, 2015
Blogbuilding, Cannes, Cayman, Cayman Islands, developers, growth, hotels, Monaco, population, properties, property, Santa Barbara, tourism, tourist, visitor
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The Economics and Statistics office announced a 2.1 percent growth in Caymans estimated Gross Domestic Product during 2014, the highest since 2007.
It has been the second consecutive year that the central government has recorded overall fiscal surplus which has amounted to CI$93.2 million attributed to improved revenue collection.
The strong fiscal position the government has found itself in has enabled them to reduce its outstanding debt by $25.9 million to $534.0 million at the end of 2014.
It was also noted that the average income in the Cayman Islands raised from CI$47,170 in 2013 to CI$48,095 in 2014, an increase of just under 2 percent.
The increase of tourism arrivals from both air and sea is believed to have had a strong impact on the Gross Domestic Product with growth in areas such as hotels and restaurants, transport, storage and communications, wholesale and retail trade. Air arrivals in 2014 were up 10.8 percent on the previous year and Cruise ship arrivals up a massive 17 percent on 2013. (more…)
Robert McCrimmon
July 20, 2015
BlogCayman, Cayman Government, Cayman Islands, Cruise ship, Economics and Statistics office, economy, government, Gross Domestic Product, growth, tourism
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The travel website has announced that it will recognise recipients that have consistently received positive ratings and have earned Certificates of Excellence over a five year period.
This year dive resorts Sunset House, Compass Point and Southern Cross Club will be all named in Trip Advisors Hall of Fame. (more…)
Robert McCrimmon
June 29, 2015
Blogaward-winning, Caribbean, Cayman, Certificates of Excellence, Compass Point, Hall of Fame, Southern Cross Club, Sunset House, travel lists, TripAdviser
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Last week Cayfilm announced the final pieces of the film festival. Most notably is the Thursday night event at Camana Bay which opens the festival with the Caribbean Premiere of ‘Serena’, a drama starring ‘Hunger Games’ Academy Award® winner Jennifer Lawrence and ‘Limitless’ Academy Award® nominee Bradley Cooper.
The film is set in the North Carolina Mountains during the late 1920’s and features Serena, played by Lawrence, and her husband George, played by Cooper, as two newly-weds who go on to build a timber empire. (more…)
Robert McCrimmon
June 15, 2015
BlogAlexa Pena Vega, Andy Summers, Bradley Cooper, Camana Bay, Can't Stand Losing You - Surviving the Police, CayFilm, Cayman, Grey Goose, Hunger Games, Jennifer Lawrence, Limitless, Nicky Whelan, Regal Cinemas, Serena, Stewart Copeland, Sting, The Animals
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The first Cayfilm, Cayman International Film Festival, is all set to start on Thursday 18th June 2015, and will last until Saturday 20th June. The festival will comprise daily film screenings, question and answer sessions with filmmakers, panel discussions, workshops, an exclusive premiere screening and a celebrity gala event.
Cayfilm is the brainchild of filmmaker, photographer and Emmy winning video editor Tony Mark. After attending New York University’s Tisch School of the Arts Film Program Tony moved to Hollywood in 1992 where he immediately acquired work as an editor. Now with over twenty years experience in the film business and over forty movies to his credit Tony now lives in Grand Cayman where he dedicates his time teaching film and different disciplines within the industry. (more…)
Robert McCrimmon
May 19, 2015
BlogBrian Cox, CayFilm, Cayman, Grand Cayman, Harquail Theater, Hollywood Regal Theater, InkTip Script Listing, International Film Festival, James V Hart, Loren Carpenter, panels, Paul Schrader, Pixar, Regal Camana Bay movie theater, Rick Gomez, Ritz-Carlton, screenings, The National Gallery, Tony Mark, Wes Studi, workshops
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A US$40 million planning application of Camana Bay has been submitted to widen and realign the Esterley Tibbetts Highway. The plans include a four-lane divided highway, an underpass and a pedestrian-friendly ramp over the realigned road.
Once the four-lane bypass is completed the existing road will transition to a low-speed internal road though Camana Bay.
The $40 million road is phase one of a US$400 million build-out plan of the area by the Cayman Islands Government and Dart Realty (Cayman Ltd.). Phase two will aim to add a pedestrian overpass over West Bay Road to Seven Mile Beach, and the final phase will be a newly constructed five star hotel and residence on Seven Mile Beach. (more…)
Jason Pickthall
April 29, 2015
BlogAlden McLaughlin, Camana Bay, Cayman, Caymanians, Dart Realty (Cayman Ltd.), Esterley Tibbetts Highway, planning, Seven Mile Beach
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Cayman Enterprise City (CEC) welcomed high-level delegations of the tech industry, in conjunction with the Internet Marketing Association (IMA) to Grand Cayman on April 9th 2015. The trip was part of Cayman’s initiative to bring leading tech companies to the Cayman, and to develop the partnership between CEC and IMA.
The Cayman delegation met with business leaders from leading technology brands including Google, Microsoft, and Adobe. Despite business relations being at an early stage all parties seemed delighted with at the prospect and expect big things in the future. A co-hosted annual conference is in Cayman is in the pipeline, starting with a 300 attendee next year.
It has also been reported that the IMA has taken steps to become part of the Special Economic Zone, according to Chairman of the IMA Sinan Kanatsiz
Sinan Kanatsiz went on to say “We are excited that our partnership with CEC has been taken to the next level by bringing leadership from American business interests to the Cayman Islands. This event materialises a vision created in September 2014 during IMA’s flagship event, IMPACT14 in Las Vegas. The IMA looks forward to creating more economic investment opportunities for CEC and appreciates all of CEC’s contributions to date. This trip has been so successful that we plan to co-host with CEC a much larger annual event in Cayman starting next year.”
Jason Pickthall
April 16, 2015
BlogAdobe, business, Cayman, Cayman Enterprise City, CEC, Google, Grand Cayman, IMA, IMPACT 14, Internet Marketing Association, Microsoft, SEZ, Sinan Kanatsiz, Special Economic Zone, tech
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Cayman has been the backdrop to many may major film productions over the years, including ‘Into the Blue’ staring Paul Walker and Jessica Alba and ‘The Firm’ staring Tom Cruse. However now the Film Commission Board is trying to be more active in bringing more movie, TV, commercial and documentary production crews to the Cayman Islands.
During 2014 the Film Commission moved from the Department of Commerce and Investment to the Department of Tourism. (more…)
Jason Pickthall
February 26, 2015
BlogCayman, Cayman film board, Cayman Island Film Commission, Cayman Islands, commercial, Department of Tourism, documentary production, film, Hollywood, movie, niche, productions, TV
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