GRAND CAYMAN, Cayman Islands – The ailing US economy is fueling a boom for Cayman Island rentals and real estate sales. Europeans are capitalizing on a weak dollar and the wealthy continue to come and are buying property on the Caribbean’s most affluent island. This is according to Grand Cayman Villas & Condos – a company that rents luxury oceanfront property on the island.
The island is a picture of a remarkable recovery and the economy thrives despite multiple setbacks. The last test was Hurricane Ivan’s destruction in 2004 that destroyed many homes on the island. With 2008’s global economic pressures, prices aren’t necessarily dropping, but a weak dollar is creating bargains for the international buyer. Of course the word “bargain” is relative in this playground for the wealthy.
“Europeans (with valuable currency) are still flocking to the Cayman Islands to rent and to buy vacation villas. If they sell the villa for the same price as they bought it (in US dollars) five years from now they can make a decent return, assuming the dollar strengthens. When they dollar has gotten stronger they will be able to buy more pounds and Euros with their dollar-denominated proceeds,” said Jim Leavitt, Principle of Grand Cayman Villas and Condos.
Grand Cayman Villas & Condos have added many new rental properties this year. They include the Beachcomber condo on 7 Mile Beach, 5BR Coral Kai, 4BR Gypsy, 4BR Coral Loft, 6BR Twin Palms, 3BR Innesfree, 4BR Kai Vista, and 6BR Pease Bay House.
Even with strong sales, business has shifted to favor the wealthy. Smaller villas and condos are not renting as quickly but larger homes are booking in advance. “The demand for larger homes continues to remain strong in Grand Cayman. Demand for two bedroom condos has waned a bit in the past six months. These are families who will vacation regardless of the economy – thick or thin. The amount of recession-proof wealth in the world is sometimes staggering”
November & December are a great time to visit the Cayman Islands. The Rum Point restaurant is set to reopen in November. “The Cayman Kai area needs the additional dining alternative.” Then Pirates Week is coming November 6 to 16th – for more details see www.PiratesWeekFestival.com. The Grand Cayman Villas & Condos web site keeps visitors updated with dining and activities links as well as information about recent business openings and changes.
Grand Cayman, the largest of the three Cayman Islands, is one of the top five financial centers in the world. It’s known as the safest island in the Caribbean, with the highest standard of living. Hurricane Ivan helped the economy on the island since real estate covered by insurance has been rebuilt. In the process, the island has been upgraded.
New luxury resorts and condos have sprung up and the island has new roads and an improved airport. The weather averages 75 degrees in the winter and the waters are known for their spectacular scuba diving and snorkeling.
