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The Cayman Islands Real Estate Development Panorama
The Cayman Islands is an island nation in the Caribbean Sea, about 550 miles south of Miami, Florida. The official language is English, with a population of approximately 65,000 people, and is made up of three main islands: Grand Cayman (the largest), Little Cayman, and Cayman Brac. Grand Cayman is the site of George Town, the capital city of the Cayman Islands and the largest city in the British West Indies. As such, it’s a popular travel destination for many people around the world.
The country’s economy relies heavily on financial services and tourism. In fact, more than 90% of its GDP comes from those two sectors alone. The country has no income or capital gains tax, yet it still maintains one of the highest standards of living in the Americas.
The Cayman Islands government has been promoting real estate development to diversify its economy. The country’s economy is heavily dependent on tourism, and financial services, so real estate development can be an important source of revenue.
The Cayman Islands government has also been encouraging foreign investment in real estate by reducing regulations on developers and making it easier for foreigners to obtain visas.
In addition to being an attractive tourist destination, it’s also home to some very lucrative real estate developments that offer opportunities for foreign buyers looking to invest in high-end properties in a country with excellent security and stability, low tax rates, and an above-average economic growth rate.
The Cayman Islands are home to many luxury hotels, resorts, and condominium developments. The country has become a popular destination for luxury home buyers, investors, and real estate developers like Michael Ryan.
Mike Ryan, Silverfin Development, and Grand Cayman
Michael Ryan is an entrepreneur, real estate developer, and Chairman of Silverfin Development Company, private property development and investment firm based in Grand Cayman.
Michael Ryan has been involved in the real estate industry for over 30 years, working on some of the most recognizable projects in the Cayman Islands. He’s worked with everyone from international developers to local home builders, as well as managing his portfolio of properties throughout the region.
Michael Ryan is the founder of Silverfin Development Company, one of the largest independent property developers on Grand Cayman. In 2006, after completing the construction of The Ritz-Carlton Grand Cayman Resort, Mike Ryan began focusing his projects mainly in the Cayman Islands, which was quickly becoming a popular Caribbean destination for tourists and investors alike. He saw a tremendous opportunity to develop luxury real estate projects with designs, amenities, and resort-like services never seen before in the Islands.
Silverfin Development Company is a private property development firm based in Grand Cayman. Mike Ryan founded Silverfin in 2001 with the mission of building a luxury resort that would be marketed as an upscale destination for travelers worldwide to enjoy. The company has been involved in the real estate industry for over 20 years, developing resorts, residential projects, and commercial buildings in the Cayman Islands and other Caribbean destinations such as Costa Rica.
Residential Multi-dwelling Developments
The shores of Grand Cayman have seen, over the past 20 years, numerous new condo buildings being built. These oceanfront-facing multi-dwelling developments offer the luxury and privacy of a stand-alone home but come with amenities that every luxury buyer and investor expects. With the high demand for oceanfront property along Seven Mile Beach and George Town, developers have stepped up to the plate delivering unique properties built to the highest standards.From local residents to overseas investors, multi-dwelling developments are a popular investment, either to live full time or rent out on a short-term basis through the property’s rental pool. These developments are ideal for the luxury traveler who seeks modern-day amenities within a beach setting along with all the comforts of home.
Why investing in real estate in the Cayman Islands is a good idea
The real estate development boom in the Cayman Islands can be attributed to multiple factors:
- The Cayman Islands have no direct taxation in the form of corporate, capital gains, inheritance, personal income, or recurring property taxes.
- There’s an influx of foreign buyers relocating to Cayman (digital nomads and others).
- It puts no restriction on foreign ownership.
- It has a sophisticated infrastructure with modern hospitals, reliable telecommunications, quality education, and an extensive paved road network.
- It offers an enviable high standard of living.
- It is a wealthy, educated island with a low crime rate and judicial system based on English Common Law, with the UK’s Privy Council serving as the highest court of appeal.
- It has a stable democratic government with strong anti-money laundering regulations.
- Location: 45mins to Miami, 3hrs to NYC, and direct flights to London, LAX, Toronto, and Dallas.
Hotel and Resort Development in the Cayman Islands
Due to its location, the Cayman Islands is ideally situated to attract tourism from North America, Europe, and South America. With over 250 flights per week from 17 different cities in the US alone, it is also one of the most accessible destinations from many major American airports – making it an ideal location for business travelers and holidaymakers alike.
The massive growth in tourism is one reason why real estate developers are pursuing new projects in the Cayman Islands. Tourism is an important sector of the economy, with more than 1.5 million visitors yearly. The majority of these tourists are from North America and Europe, but there has been an increase in international visitors as well.
The Cayman Islands are also becoming increasingly popular with wealthy Americans and Canadians who want to invest their money in a safe place that offers favorable tax laws and investment opportunities. The growing number of wealthy foreigners who buy property in the Cayman Islands has increased the demand for luxury hotels, condos, and villas that cater to this market segment.
Real estate developers in the Cayman Islands are building new hotels and resorts at an astonishing rate. Most of these developments will be luxury hotels with high-end amenities that appeal to wealthy tourists who want a top-notch experience during their vacation. These luxury hotels will be located primarily on Seven Mile Beach in the West Bay district and along Grand Cayman’s East End.
With so many new hotels and resorts being built, it is vital to understand the types of real estate developments that are taking place in this beautiful part of the world.
One of the most common types of real estate development in the Cayman Islands is resort hotels with high-end amenities. These hotels cater to tourists who want to stay in luxury properties that offer all the amenities they could ever want during their vacation. Most of these resorts are being constructed on Seven Mile Beach, one of the world’s most famous beaches, because it has white sand and clear water that attracts tourists from all over the globe.
Hotels Near Georgetown
Another type of real estate development in Cayman involves building hotels near Georgetown, which is located on Grand Cayman Island. There are several reasons why many developers are choosing this location over other parts of the island: It is close to international airports; The area has good infrastructure, and there are plenty of attractions nearby like restaurants and shopping.
Rental Condominiums offer some of the best ocean views in the Cayman Islands. They also come in different sizes depending on how much space you need for your family or group of friends traveling together. Luxury condos are also fully staffed and provide endless amenities for guests to enjoy.
The resort development boom in the Cayman Islands can be widely attributed to Mike Ryan’s vision and development of The Ritz-Carton Grand Cayman Resort. This project raised the bar for luxury real estate development and transformed luxury tourism and lifestyle in the Cayman Islands.
In 2005, Michael Ryan became the lead investor for properties on Seven Mile Beach and signed an agreement with Ritz-Carlton Hotels to build a Ritz-Carlton Grand Cayman on Seven Mile Beach. The resort opened in 2006 and has received numerous awards, including the best luxury resort in the Caribbean.
The Ritz-Carlton Grand Cayman was designed to reflect its tropical surroundings with lush landscaping, white sandy beaches, and turquoise waters. The hotel offers eight restaurants and bars, four pools, two spas, and a fitness center.
Michael Ryan and The Ritz-Carton Grand Cayman Resort
Residential Resort Developments in the Cayman Islands
The Cayman Islands real estate market is considered one of the world’s most stable, making it very attractive for foreign investors. This is especially true when it comes to residential resorts, which are booming in popularity due to their high occupancy rates and steady income streams.
Residential resorts offer a unique opportunity for investors to purchase property in a tropical paradise. They allow buyers to enjoy a vacation home or second home while renting out the rest of their property as long-term or short-term vacation rentals.
FIN Grand Cayman, a multidwelling in Grand Cayman
A great example of a residential multi-dwelling is FIN Grand Cayman, Michael Ryan’s most recent development, which is setting a new standard for luxury in the Cayman Islands. FIN Grand Cayman is a luxury residential development located in the capital city of George Town on Grand Cayman Island. The project offers 36 oceanfront luxury residences, from 2 bedrooms to 6-bedroom penthouses. These condos feature large, modern open spaces suffused with sunlight and are complemented by resort-like services and amenities like a private beach, a saltwater lagoon, an elevated glass bottom pool, a 24-hour concierge, and luxury car services.
Pre-construction Real Estate in the Cayman Islands
The market for pre-construction real estate has been steadily growing over the past few years, allowing investors to purchase prior to completion, which is typically more affordable.
Many foreign investors have seen this as an opportunity to purchase Cayman property at a lower price per square foot. As long as they were confident that their investment would be safe and secure, buying into such projects was a no-brainer for these individuals.
Investors in this type of investment are mostly local individuals looking to buy low pre-construction prices and are not risk averse. This is also a popular sector with foreign buyers planning on relocating down the road.
Investing in pre-construction real estate developments requires confidence in several factors:
- The location of the build. Investors should be confident that developers will choose a good place for development with potential high rental yields and demand for luxury condos or villas on completion. The developer needs experience building projects like this and should have an excellent track record of delivering projects within budget and on time.
- Having the ability to envision what the property will look like when finished. Investors need confidence that they can see themselves owning or renting out their investment property once it’s completed so they can make an informed decision about whether it’s worth buying low pre-construction prices today or waiting until completion before committing to a purchase.
- A strong economy is also essential because it means demand will be high for new homes, which increases rental yields and ensures that investors can make good returns on their investments once they are completed.
Learn more about real estate in the Cayman Islands
7 Luxury Hospitality Trends To Watch
Michael Ryan’s Unique Vision Becomes A Reality—A Haven of Luxury, Comfort, and Nature in Grand Cayman
How Art Deco inspired Mike Ryan and Dale Crighton to build FIN, Grand Cayman’s most luxurious residences
4 common misconceptions about investing in luxury real estate in the Cayman Islands
Michael Ryan’s vision transforms the Cayman Islands into a world-class destination
PRISMA, An Urban Oasis In The Heart Of Crystal Harbour
Five advantages of owning at Fin the future of luxury development in the caribbean
Design trends in the caribbean – How luxury real estate is transforming the architectural landscape
Environmental stewardship and real estate development – How Cayman Islands Developers are protecting the ocean
What’s next in real estate for developer Michael Ryan and the Cayman Island
What’s next in real estate for developer Michael Ryan and the Cayman Island