Savills World Residential Market Report. Understand Global Investment Trends.

Cayman offers its residents a secure, low-crime environment, coupled with good infrastructure and international schools making it appealing for families. With a population of just 57,000, 96% live in grand Cayman, the largest of the three islands, the remainder on Cayman Brac and Little Cayman, 89 miles to the northeast.

 

 
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Savills 5 year market prognosis is one of "high growth" for Cayman Islands.

It is one of the richest countries in the Caribbean. Cayman is a British Overseas Territory but enjoys strong links to the US, the major tourist source market (accounting for more than three quarters of tourist arrivals) and one of the largest foreign resident groups. The government plans to leverage this link by establishing ‘Health City’, a medical tourism facility aimed at the North American market. The government has also established ‘Cayman Enterprise City’, a special economic zone planned to attract new technology, finance and education investment. This is hoped to diversify the islands’ economy, which is dominated by the financial services sector, which currently accounts for 55% of the island’s GDP.  Cayman is ranked 39 in the global Financial Centres index.

Tourism is the island’s other major economic contributor, which grew by 10.8% in 2014, among the fastest rate in the region. The industry is supported by flight links to 12 North American cities, and London, as well as regional destinations. It is also one of the most popular stopovers for cruise passengers in the region. The Cayman Island residential markets are a mixture of condominiums and single family homes. Seven Mile Beach is characterised by condominiums popular with second home owners seeking lock-up-and-leave property. Cayman’s strong financial services sector means there is a buoyant relocation market. Those moving to the island may rent initially, but for those staying longer term single family homes are favoured, particularly in the north of the island. While the island’s real estate markets suffered during the global economic downturn, reaching their lowest point in 2010, they saw some improvement in 2013 and 2014.  Development plot sales are enjoying a resurgence, as are condominium developments on Seven Mile Beach and with the continued shift up-market in Cayman island real estate, Savills 5 year market prognosis is one of "high growth".

 

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