As of September 2015, there are seven new multi-million dollar developments slated for Grand Cayman that are designed to draw in tourists. In conjunction with this ambitious expansion, the airport is seeing significant growth. With so many hotels and condos being built, potential investors might wonder whether there are advantages to owning real estate in Grand Cayman.
For a number of reasons, the answer is still a resounding “yes,” even without purchasing commercial real estate in Cayman.
The Trouble with Accommodations
A major reason that the Cayman Islands economy has experienced a slowdown, independent of the state of the market, is that the island has been unable to accommodate the number of visitors that want to visit. This has ensured steady supply, but expansion of the island is required if owners are to see any real value.
Now that the airport is beginning to show signs of expansion, and hotels are following suit, owners of real estate in Cayman Islands are in a unique competitive position. Who wants to stay at just another hotel when a home is equally as affordable?
The Key is Tourism
As the tourism industry grows, more visitors flock to the islands. The diving industry alone is a major contributor to visitors from around the world. With more access to smaller islands like Little Brac, the “adventure” sense that the islands provide will bring larger groups of tourists together and create a need for temporary housing.
Tourism is one of the biggest economic indicators that there is opportunity for investors who wish to purchase real estate in the Cayman Islands.