The local economy and real estate market is improving, however, it is still happening at a slow pace in terms of genuine activity.
The Cayman Islands is at a crossroads.
Right now immigration is a particularly difficult issue. Employment issues are always exacerbated when the economy is slow.
A far-reaching immigration reform plan will let some work permit holders stay in Cayman for longer, but will allow fewer to obtain permanent resident status.
Cayman looks for a major shift in its immigration policies, going away from 40 years of appointed boards controlling the system.
Some very select properties and locations are seeing stronger interest and activity.
Over the next five to ten years, the Cayman Islands will change a great deal, due to development of major infrastructure and the arrival of new residents.
Sports tourism is flourishing in the Cayman Islands to the extent that as one major event is staged another one comes along faster than a West Indies bouncer.
Expatriates may be the foci of debate on immigration, but the topic concerns everyone in Cayman.
Campbells partner Guy Manning is four mountains into his challenge to climb the highest mountains on each of the seven continents.
While 2013 may not be a stellar year, it will most likely be the starting year of several years of improvement.
All the optimism in the world cannot change reality. And the reality is that the real estate market has been bad, is still bad, and currently not improving. The statistics tell the story. Period.
Usually when talking about sports tourism in Cayman, much emphasis is placed on hosting major events, such as June’s Flowers Sea Swim or the upcoming World Open for women’s squash in December, but golf deserves a place at the table.
The WaterColours residences, on Seven Mile Beach, is now officially the tallest building in the Cayman Islands, as the eighth floor slab has just been poured.
Caymanian Jeffrey Wight gave up a good job in the civil service for the challenging position in the private sector managing the sports and recreation facilities at Camana Bay.
The Immigration (Amendment) Law 2012 has now come into force, having been made effective on 5 June 2012. This new Law heralds major changes to the immigration system in the Cayman Islands, since it creates new categories of permissions for investors who wish to live in the Islands as well as business visitors.
Recent news about activity in our real estate industry is not the most encouraging. While the new supply of properties coming onto the market seems to have levelled off, demand still remains weak and continues to influence the market dynamics.
Based on past experience, when the Cayman Islands have had stay-over tourism that is continuing to pick up and major projects starting, our real estate market has improved and eventually prospered. We seem to be entering that upward trend of our real estate market cycle currently.
As we head into the fourth year of a lingering recession, it is apparent that this downturn has certainly taken its toll on the real estate market and the economy, not to mention the investment attitudes of our customers. Prices and activity have been driven down to a low that is uncharacteristic for the Cayman real estate market.
Corporate sponsorship sought for off the beaten track.