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    The Cayman Islands Real Estate Development Panorama

    Ritz Carlton Cayman Island Real Estate Development

    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.

    FIN Interior, Cayman Islands Real Estate

    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 development 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.

    The Residences The Ritz-Carlton Grand Cayman
    The Residences The Ritz-Carlton Grand Cayman

    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.

    Bird view FIN Cayman Islands Real Estate Development

    What is so special about the Cayman Islands?

    The Cayman Islands offer a unique blend of natural beauty, investment incentives, and luxurious amenities, making them a premier destination for luxury real estate ventures. Among the reasons are:

    Cayman Islands luxury Developments
    • 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, unparalleled natural beauty, and a favorable investment environment, making it a top choice for luxury real estate development.
    • It is a wealthy, educated island with a low crime rate and a 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: 45 minutes to Miami, 3 hours to NYC, and direct flights to London, LAX, Toronto, and Dallas.

    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. 
    • The islands offer stable property appreciation rates, ensuring a secure investment. 
    • The tourism sector continues to thrive, providing investors with a steady rental income stream.
    • The government’s commitment to infrastructure development enhances property values and overall investment potential.

    Hotel and Resort Development in the Cayman Islands

    Balcony FIN Grand Cayman Real Estate Development

    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.

    Cayman Resorts

    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

    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 and developer 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.

    Ritz Carlton Mike Ryan Real Estate Development

    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 multi-dwelling residential is FIN Grand Cayman, Michael Ryan’s most recent construction, which sets 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-bedroom 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.

    Prisma map Cayman Islands Real Estate Development
    FIN Grand Cayman Real Estate Development

    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. The positive news is that investors can expect all these things in a Mike Ryan construction.

    Learn more about real estate in the Cayman Islands

    Projects

    Michael Ryan is known for his innovative approach to luxury real estate development and his dedication to the environment. His teams work tirelessly to ensure that every detail of each project is carefully considered and executed with the utmost care.

    Prisma Cayman Islands Luxury Real Estate Development
    PRISMA
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    Prisma is Michael Ryan’s latest project in the making. Prisma is set to be a residential, retail, and commercial development that will redefine the Crystal Harbour community.

    Prisma will be anchored by a Boutique Hotel and will offer a mix of residential offerings, including lofts, townhomes, duplexes, and single-family homes. The project also provides a series of private commercial, retail, and food and beverage offerings all woven around a quiet marine basin.

    FIN Grand Cayman
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    FIN Grand Cayman is a 44-unit private luxury residential development on over two acres of oceanfront land in George Town, Grand Cayman. Michael Ryan partnered with longtime local partner Dale Crighton and other international partners, including Mantis, Linley, SPPARC, and Guy Harvey, to develop this project.

    Lloyds Chambers
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    A 230,000-square-foot office building acquired by Michael Ryan and his partners John Snow and Fosun in 2013, Hermes fully leased it.

    Michael Ryan took this prime site behind the Tower of London. He crafted a redevelopment scheme called The Butterfly, virtually doubling the square footage while maintaining critical historical view lines.

    The Ritz-Carlton Grand Cayman Resort
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    The Ritz-Carlton Grand Cayman is a luxury hotel located on Seven Mile Beach in the Cayman Islands. It was opened in 2005 and renovated in 2021.

    The hotel comprises 365 rooms/suites and 93 private residences. It consists of two main buildings: the Waterway, which houses the lobby, restaurants, spa, and guest rooms facing the lagoon and golf course, and a separate U-shaped complex of rooms and residential suites overlooking a pool and restaurants facing the ocean.

    The Residences at The Ritz-Carlton Grand Cayman Resort
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    The Residences are ninety-three luxury-serviced oceanfront residences on the most expansive stretch of Seven Mile Beach in Georgetown, Cayman Islands.

    Exclusive Island
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    He developed sixteen waterfront residences with private beaches and landing areas for Exclusive Resorts in 2006. It is their number one most requested destination in the world.

    The DeckHouses
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    The DeckHouses are Nineteen private waterfront homes that merge the appeal of a remote island with the comforts of a world-class luxury resort.

    La Costa
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    La Costa is a 101 Villa development project overlooking Playa Hermosa in Guanacaste, Costa Rica. It was the first stand-alone villa project in Costa Rica to incorporate private plunge pools and hotel services within a destination resort environment.

    Cacique del Mar
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    Cacique Del Mar is a 600-acre master planned destination resort purchased from former Costa Rican President Daniel Odube, following his vision of bringing the benefits of sustainable tourism development to rural areas of Costa Rica. A balanced, environmentally sustainable approach was