I promised earlier in the week to write a bit about the state of the real estate market here in the Cayman Islands. So today, as my vacation winds to an end and I start the inevitable "wouldn't it be fun to have a place here?" fantasy, I am back with my report.
Just as in the states, the Cayman Islands real estate market has declined over the past couple of years. Compared to home though, and especially if, like me, "Home Means Nevada", that decline has been modest. According to the Cayman Island Real Estate Brokers' Association, as quoted by a local Remax publication, sales declined over the past two years both in number of units and in average sales price (see table). They note though that last year's activity was not uniform from month to month, but rather began to pick up towards the end of the year, and that that increased activity seems to be carrying forward into 2011.
| # units sold | Total $ volume sold | Avg $ / unit | |
| 2010 | 431 | $222,000,000 | $515,000 |
| 2009 | 550 | $290,000,000 | $527,000 |
| % Change | 21% | 23.4% | 2.3% |
(prices quoted in US Dollars)
Optimism about the future has resulted in a resurgence of new construction projects. Most of the high 
profile communities feature large beachfront units, four or more bedrooms, and over-the-top amenities such as day spas and state of the art workout facilities with prices to match.
Sea Breeze is a recently completed community featuring 4 BR, 4.5 bath units starting at about $3,000,000 USD. It is situated at the north end of Seven Mile Beach, and has the advantage of units that are available immediately.
Watercolors is a luxury condo development under construction on Seven Mile Beach near the Ritz Carlton. Three to four bedroom units start at $2.7 million USD. The Ritz also has multimillion US dollar condo units for sale.
Ca
mana Bay is a planned community featuring shops, commercial and professional buildings, restaurants, and a school. Residential units are planned to extend from North Sound to the beach.
Not in the multimillion dollar resort home market? Me either! The good news is that there are many older developments with smaller units at more reasonable prices. Complexes on the beach can be found in the $400,000 USD range, though the less expensive units may have "garden views." If you don't mind crossing the street to get to the beach, or living on the water but not in a desirable beach area, prices drop further into the $200 - 300k range.
There are also very nice residential areas with more typical single family homes. Some, such as the gated community of Canal Point, feature homes on canals that access North Sound. Prices start at about a million.
If you are in the market for a Caribbean getaway spot, Grand 
Cayman is definitely worth a look. Advantages of owning here that are cited by Remax or that I have observed include the following:
- great lifestyle (I can vouch for that one!)
- low crime rate
- stable government
- no social or racial unrest (Friendly population from all over the world, everyone seems to get along)
- no annual property tax
- no sales, inheritance, or death tax
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