Property sales exceeded $1B mark in 2021

| 26/01/2022 | 136 Comments
Jerry Beck’s South Sound mansion on the market for $50M (photo courtesy of Cayman Islands Sotheby’s International Realty)

(CNS): In 2021, for the first time in its history, the Cayman Islands exceeded $1.054 billion in property sales in a year, according to local realtor James Bovell. An owner at ReMax, one of Cayman’s agencies dealing with high-end sales, Bovell revealed the figure in his regular blog about the local real estate market. While he stressed the positives of a booming market, several people on social media have pointed out that it was only positive for the favoured few.

The Cayman Islands’ current unprecedented scale of development is apparently still not enough to feed the demand for luxury residences from offshore buyers, and there is little sign that the negative impact of development on ordinary people will be addressed anytime soon. As Premier Wayne Panton noted recently in an address to the country, people believe “Cayman gone” and it appears it was the realtors who sold it.

But while Panton has vowed to change things and rode into office following a campaign focused on the need for Cayman to address sustainability and prepare ourselves for the impending climate change, he recently told the Cayman Compass that development would still be a major driver of the country’s economy for several more years.

Despite growing public opposition to development that is focused on overseas investors, which is having a detrimental effect on the community, government is still heavily dependent on the sector that is growing economically.

But because so much real estate is being purchased by overseas owners as investment vehicles rather than homes, property prices are increasing across the board, which creates a shortage of homes for even wealthy residents to buy and pushes rents ever higher. As real estate agents rake in the commission, homelessness is a reality now for more local people than ever before in Cayman’s history.

People who own property already may find it has increased in value, but it can still be a challenge to buy a larger home if they need to. For those wanting to get on the property ladder, the step onto that first rung is almost impossible and often beyond the reach of any but the highest earners in the community.

But the real estate sector is making hay, and given investors’ appetite for more and more condos, they are encouraging the long development boom. Bovell said there are currently 1,408 active listings in CIREBA, of which 403 are pending and 317 are pending or conditional, which means there are only 688 listings available for sale.

“Even with new developments coming on the market especially over the last three years, inventory continues to decline,” he said adding that the overall inventory across the same period has fallen by around 5.7% but its value is growing. Bovell said the average sale price now is $1.575 million, which is $400,000 more than the average sale price in 2019.

Transactions themselves have increased by more than 48% since 2019, when there were 831 deals, with a total of 1,045 last year.

The sale of multi-million-dollar properties to overseas owners is fuelling the real estate market, and even during lockdown the rich were doing their best to buy their way out of the pandemic. Until September 2021, Cayman was in the enviable position of being COVID-free and wealthy investors took to buying property here to get away from the virus. In October 2020 alone realtors flogged $100 million worth of Cayman property to rich overseas owners.

Bovell sees little sign of the bubble bursting, even as sales slow due to a shortage of property to sell. The problems of the supply chain and rising costs are slowing down the completion of several of the major condo projects, which realtors are eager to get their hands on, and once the developers readjust their prices to account for the increase in the price of materials, they will be available at an even higher price.

Meanwhile, land will also keep the real estate industry alive and well. There was an increase of almost 400% in land sales in Cayman Brac and Little Cayman last year. Agents are happy to sell to people who have no plans for immediate development but want to snap up a piece of paradise before it is all gone.

“Much like developers who are grabbling with the cost to build, some people may not build right away but want to ensure they purchase the land they want before prices will undoubtedly increase,” Bovell said.

“Throughout 2021, land in the Sister Islands, which is much more reasonably priced compared to Grand Cayman, saw an unprecedented boom. In 2019, there were $3.46 million in land sales in the Sister Islands and in 2020 that jumped to $5.9 million and in 2021 skyrocketed to $29.1 million, which is a 393% year-over-year increase.”

The ReMax owner pointed to what he sees as the concept of buying property, be it raw land or a condo on Seven Mile Beach, not necessarily to own a home but for security. But for most that security is unaffordable, which also means that they can’t secure a home either. And while interest rates are still low, making it even easier for those with the means to access even more money, they are set to rise, which even Bovell said will make the current situation far worse for all but the privileged few.

“Unfortunately, as interest rates increase and real estate prices continue to rise, the affordability gap will continue,” he said, adding that he still believes the Cayman Islands real estate market will continue to be robust in 2022, even if a little slower. If anything, Bovell predicts that foreign investment will become even more prevalent as the wealthy global nomads seek to relocate.

The Global Citizen Concierge Programme in Cayman, introduced by the Department of Tourism during the COVID lockdown, as well as the massive growth in foreigners buying property here is reflected in recent budget figures. These show that residency revenue from “persons of independent means” who have bought their way into the Cayman Islands increased by more than 75% this year over the previous three years, bringing in over CI$8 million for government coffers.

This is just one of a multitude of government policies over the last ten years that have changed the landscape here, including steady closed-door changes to the outdated planning laws favouring development, as well as a development-focused planning board.

As well as not being able to afford to buy a home or move from one to another, Caymanians are also worried about the lack of access to the beach resulting from ocean-front development and the massive detrimental environmental impact the open-door property sales policy has had.

With no restrictions on who can buy land, it is no surprise that it goes to the highest bidder.

Writing on CPI, the Spanish investigative journalism site recently, Kayla Young, a former Compass reporter and environmental journalist, takes a deep dive into Cayman’s development landscape and its environmental consequences. She notes that many of the problems that have led Cayman to the current situation in relation to over-development are historic government policies that have effectively failed the ordinary people.

Share your vote!

How do you feel after reading this?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid
Print Friendly, PDF & Email

Tags: , , ,

Category: Business, development, Local News, Real Estate

Comments (136)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    One question: If locals are not the majority of the buyers and sellers in the RE market, does the record even matter however large it gets?

    Gentrification and cultural genocide at work. Never lasts and always leaves a path of destruction in its wake for locals to clean up the mess after the party is over that they weren’t even invited to.

    I hope someone is taking serious notes on CIREBA for prosecution charges. Money laundering is rife here thanks to them and most of those “record sales” originate from laundered funds and legal loophole transactions. Telling not asking about the shady characters in that organisation.

  2. Chris Johnson says:

    Of all the posts Roy Bodden has hit the nail on the head. Just whom are we developing Cayman for? Arising from the success of the real estate development industry we have seen a huge surge in real estate values at all levels. Regrettably the surge at the lower level means that Caymanians are finding it almost impossible to purchase property. There is also a knock on effect with rents increasing.

    Meanwhile salaries are not keeping pace with inflation and a rise in interest rates is inevitable later in the year. The job market is poor and will remain so until tourism takes off.

    50 years ago with a population of 12,000 Caymanians, families had an abundance of property which had been in their families for years and which was passed on to the next generation. This is no longer the case with many families which makes it even more difficult to build a house.

    This entire situation is now precarious and needs be addressed by Government as a matter of urgency.

    • Anonymous says:

      “WE” are not developing, the government of the day is encouraging/allowing development , because it needs/wants the income generated by import duties, license fees, transfer taxes, not to mention the employment it provides to feed it’s needs.

      Until we find another revenue stream to meet the income provided by development, then we are developing for …US.

    • Anonymous says:

      If the property market is booming why is it taking so long for Ryan and Crighton to sell the Fin condos?

  3. Collie Buddzz says:

    It’s all well and good for the realestate Mafiya to be bragging about 1billion dollars in sales but can they translate that to the average Cayman resident exactly 1 how that benefits us 2 why is our government in debt and burrowing money 400 million to be exact in issuing a Bullet bond .3 why the average caymanian cannot afford even an apartment now because unless you get a government backed house and land loan now it’s totally out of reach.

    • Anonymous says:

      How it benefits Cayman …
      1. It benefits us through providing massive income without you and me paying income tax.
      2. Govt is borrowing $400,000,000. Look after it’s self imposed NAU needs.
      3. The average Caymanian is the victim of high cost to do anything in Cayman. So instead
      of frittering the 400m on imported economic dependents, a mortgage fund , to help qualified Caymanians.
      Not only will that assist Caymanians, but it will at least see some returns enabling govt’s debt to be serviced.

  4. Anonymous says:

    Great news!

  5. Anonymous says:

    When you start making overseas buyers pay more fees or tax them, will a Caymanian corporation owned by a Gibraltar corporation count as foreign? Asking for a friend.

    • Anonymous says:

      Only Cayman corps can own Cayman real estate.

    • Anonymous says:

      It would be illegal for the director’s of the structure incorporated in Gibraltar to transfer the shares with the effect that ownership in CI company’s underlaying assets (land) would transfer without permission from the FS and paying stamp duty. So basically, that loophole doesn’t exist.

      • Anonymous says:

        It says this where? And secondly would “foreign” or “local” stamp duty apply, which is the question originally asked? Since there is no such law about foreigners presently, I guess the question is moot.

  6. Anonymous says:

    Everyone should take the time to read the article by Kayla Young. Click on it above. My reaction was mixed with rage, horror, disgust and then resignation as we all knew what was going on and have felt powerless to stop the insanity.
    We couldn’t get it done at the polls due to the political vote buying system. Other political veterans were just as guilty despite crying integrity. They were once ministers and did nothing to update the Development Plan Laws.
    The new planning minister speaks about addressing these concerns yet fills the planning board with unqualified cronies and mangrove destruction continues.
    There is no oversight to hold these ill equipped board members accountable despite the Auditor General’s observations.
    The same planning Minister Jay Ebanks recently filled the National Housing Trust Board with ill equipped and unqualified cronies.
    The new Premier Wayne Panton has a vision to address these problems but will not be able to enact any legislation as his new Ministers especially the new planning Minister Jay Ebanks is uneducated himself and cannot even grasp the hypocrisy of appointing his ill equipped boards.
    We have no standards at the top so we will be left with status quo until the next election.
    Cayman you need to stop burying your head in the sand and start campaigning from now to get rid of the PACT government and residue PPM.
    We deserve better. It is not too late.
    If I can get even 100 likes I will step out of the shadows very soon.

    • Anonymous says:

      I was going to like your comment until I read that you require magical fake internet points to do something about your islands.

      • Anonymous says:

        Sorry you read my comment that way and I respect your opinion.
        My intent was to start conversations as stepping out in the public comes with unintended consequences and victimization.
        I take your point sir and shall remain anonymous and be guided accordingly

        • Shenika says:

          If you can make a differenc, if you can do something great for our country /our community then you need to speak up I will support you and alot of other young caymanians will support you share on everything 345 Instagram page spread the word I’m tired of people having more of a say over our island and where we can go and can’t go in our own home. They even took the beach from us it use to be able beautiful thing driving home in the afternoon but now all you can see is concrete its so sad and we need people that can make a difference stand up and fight we’re are here and will support you don’t give up on young caymanians we might not know every hush hush details of what’s happening but we do know this is injustice and we will back you and everyone else because in God we trust.

  7. Anonymous says:

    No one should be able to, “Buy their Way In To Cayman” period. Raise stamp duty for Foreign transactions and property ownership and place a tax on Foreign Ownership of Cayman lands. Or have the international tax cooperation report land ownership of Foreign Ownership to their home country, and not just for banking regulations. Also, increase the criteria to receive status grants and permanent residency. Who ever is not from here, and of no real significance to our country, people or community, doesn’t need to be here at all.

    • Anonymous says:

      As a dependent of one of these residency by investment grants let me first state that I accept that I may have a bias but please allow me to provide my thoughts for your consideration. These individuals buy properties that first time Caymanian home owners can never afford for the right to live in Cayman and contribute through their consumption to the economy (which is the contribution model that Cayman has chosen), they can’t work or own businesses. Who will buy and maintain these condo’s and homes that are priced at between 3-30 million? Shouldn’t we be more worried about the 25,000 folks on work permits competing for Caymanian jobs and buying the apartments in the range between $400K to $1 million which is directly competing with Caymanians for jobs and housing. They aren’t “buying” their way into Cayman” but are working their way in to the detriment of Caymanians. The wealthy have made their wealth elsewhere and have chosen to come to spend it in Cayman and you think that is Cayman’s problem?. If the $1.2 million is deemed as being too low then the Government simply needs to raise the threshold. Is there some mistaken belief that the condo’s on Seven mile or the homes in the gated developments are going to drop in price to be a solution for first time home owners? Let’s all hope that never happens.

    • Anonymous says:

      Don’t forget the buy property for PR point scheme and the SEZC (which elimites the Caymanian partner aspect) fast track to PR.

    • Anonymous says:

      So you guys want to be poor like the other islands? Ok by me, I’ve already got my beach house and no desire to be Caymanian. Makes no difference who you report me to. This might drive down future real estate price increases but I’m up 150% so I don’t much care. The attitude is concerning however. It makes Florida seem more appealing. It has a better beach and annual costs are about half of Cayman.

    • Anonymous says:

      That’s right, come here as economic migrants with your pregnant daughters, and we will buy your wotes .

    • Anonymous says:

      I agree with you 100% that people shouldn’t be buying their way into the country. That said, manipulating the market by taxing people differently etc will not create the equality you’re seeking. The BVI already does this, by having a higher stamp duty for non-belongers than for belongers. It makes things more expensive of course for foreigners. Take a look at the BVI housing market, google “oil nut bay” and “moskito island”. The prices there are absolutely insane. On the order of 5-10x higher than here and the stamp duty rules are not slowing down foreign purchases at all, nor closing the income gap for local people. It pads the government coffers, but I can assure you that money going into any government’s pockets rarely actually improves the overall situation for the citizens of that country.

      Do your reading, Bahamas, TCI, BVI etc all have very restrictive rules about foreigners and how they can get the right to work or status etc. Are any of those places better off than here? The short answer is no.

      This country has a good and growing economy, and you can’t have a great economy which relies heavily on foreign workers living here and simultaneously expect them to not want to own homes. You also can’t have a growing economy and expect the housing market to stay affordable forever. Look at Boston, New York, San Francisco; do you think anyone who grew up in those cities in the 1960’s can afford to buy a home their now if they didn’t have family money or a great job of their own to fund it? Are they running around trying to pass laws that only Boston-born people can buy a home in Boston? No.

      C’mon, it’s supply and demand and that simple. The answer isn’t messing around with the taxes and all this nonsense. Government needs to consider stamp duty reductions for homes and construction materials under a certain value, then you will have more supply in that market segment and people will be incentivized to build in that market – that means more homes and more affordability. In tandem the education system has to be fixed so that young caymanians are having better job prospects and earning potential which allows them access to higher parts of the market.

  8. sini-cal says:

    This is one area very popular with money launderers, but I’m sure every CIREBA member carries out exhaustive source of funds checks, even if it risks his sky high commission.

  9. Anonymous says:

    Is that US$ or CI$?

  10. Anonymous says:

    Annual property taxes for foreign owners please.

  11. Anonymous says:

    I have it on good authority from a CIREBA broker – there has never been a better time to buy – or sell – property in the Cayman Islands than right now.

    • Anonymous says:

      Me too. Thanks local radio for the reminder!

    • Anonymous says:

      And it will be same story in 2, 5 and 10 years time. Not so much 20 years time because half the island will be underwater.

    • Anonymous says:

      They’re quite right, the stock market is controlled by money managers ( for fees that you dare not question) who then invest their massive incomes in real estate, like mansions in Cayman and Little Cayman.
      Your property purchase provides capital growth and monthly income without having your wealthy manager explain “it’s market forces”.

  12. Anonymous says:

    Let us all hope that we never see the day when one must pay for good beach and sea access.

  13. Truth says:

    Same thing all over the world. Those who work hard and often make more money and buy the land and homes. Those who find working is too hard complain and make those who work the bad guys. Caribbean culture is not on your side. Caymanians already own less of the land than expats do and getting less and less each year. This is normal where locals are still getting a third world education and leadership comes from third world education. The best days for those who don’t wanna work are now past us. Stop complaining and get to work.

  14. Wanda says:

    Us Caymanians be so poor in our own county

    • Anonymous says:

      Caymanians failed to see the value of their property if it was Bush, or Swamp or Sandy ground and sold it to the stupid foreigner.
      The stupid foreigner then turned those parcels into developable land, and sold for profit.
      Can’t blame foreigners for your lack of appreciation for what you had, appreciate what you have now.
      Here endeth the lesson.

  15. Anonymous says:

    Don’t worry, 2% to 2.25% interest rate is already te’ed up for this year and probably another 2 % on the books for 2023. The 3 deviation from trend bubble in everything market is going to correct and plenty of cheap real estate on for the taking. Young Caymanians just need to cash up and wait for the timmmmberrrr!

    As for the Government, they better stop relying on this because it coming to a halt. I give it 12 months max.

  16. tom says:

    The issue of affordable housing is not unique to Cayman, it is a reality in any large city in North America. The cost of urban real estate has increased significantly faster than incomes. Realistically Cayman’s real estate market is pretty closely tied to the US, and money has been virtually free in the US since 2008, thus the real estate and stock market booms. As long as fixed income pays nothing, investors pump their money into stocks and real estate looking for better returns. It sucks, but it won’t change until the US financial system is no longer artificially inflated (printing money). Sure, we can impose taxes and restrictions on foreign ownership, but that is like taking the most popular item on a restaurant’s menu and doubling it because people like it..surprise, nobody wants it anymore. . If you take away what attracts foreign investment then you will lose a certain amount of foreign investment … but so many of you forget that foreign money is the only money that keeps this island going, and keeps us from paying income tax. Chase away foreign investment and you lose jobs and revenue, and housing prices will come down, but it is hard to buy a home when you have lost your job.

    • Anonymous says:

      Thank you Tom, let’s hope Saunders and others who seem to think Cayman can do it by themselves, will read and understand this.

  17. Anonymous says:

    That’s still 5,000 million less than the estimated wealth of Caymans largest developer a few years back, ‘Live Work & Play ! 🏓

  18. Anonymous says:

    All the boo hoo poor me Caymanians nees to get a grip!

    Its Caymanians in government that could do something about it but don’t. Its Caymanians that are the biggest developers and exert their influence over other Caymanians to get these things approved. Wake up and smell the concrete.

  19. Anonymous says:

    All real estate agents on island should be caymanian. Mega commissions at 7% jeez.

    • Anonymous says:

      The commission % needs to go WAY DOWN!

      • Anonymous says:

        It’s anti-competitive and I’ve not idea why it’s not been disbanded.
        Can you imagine the outcry if all the supermarket chains got together and decided a pint of milk should cost CI$25?! Same thing.

        • Anonymous says:

          I’m pretty sure the supermarkets do collude on a significant proportion of frequently sold goods.

    • Hubert says:

      6:41, But for all real estate agents to be Caymanian they need to improve their skills in mathematics and English writing skills. They also need to learn to respond to emails and voice mails in a reasonable length of time.

      Education is the key.

  20. Anonymous says:

    Start by rescinding the up-zoning given to the wealthy and connected privileged in downtown GT. Make developers pay for infrastructure improvement costs and affordable housing for locals and allow them to get bonus densities as a result.

    The giveaway by the Progressives without providing any benefit to the common Caymanian is outright thievery.

    They need to be prosecuted for this.

    • Anonymous says:

      What is up-zoning? Just curious and would
      love some examples/context.

    • Wanda says:

      what a shame

    • Anonymous says:

      Its standard in UK. If you build 20 houses, you need to contribute to the infrastructure. Imagine if the big developers had to do that around Hurleys..they might actually come up with a solution

    • Anonymous says:

      What were the Progressives giveaways? Examples please. What I do know is that the last two Progressives governments helped grow the economy, helped decrease Caymanian unemployment by half, built government reserves and cut our debt in half. In terms of the environment they completed the work to get a modern waste management solution in place, broadened the protected land areas and expanded marine parks. Sounds like a good record to me.

      • Anonymous says:

        No worries Alden got his tittle for selling us out ! That should be enough 821pm debt paid in full !

  21. Anonymous says:

    How long has Castillo Caribe been on the market now?!

    • Anon says:

      Since it was built like 13 years ago lol… 50 mil down to 30 back up to 50. Of course, 50 now doesn’t go nearly as far as 50 back then. The irony of using an image of that monstrosity as an indicator of a buoyant market.

      • Anon says:

        After I posted this I remembered that it was briefly up for 60 mil around 2011 lol… What a joke… couldn’t even find a buyer at half that years later…

      • Anonymous says:

        Great comments! What’s worse is look at the Algae ridden water in front on this now decade old Castillo Caribe. Use your eyes, your common sense. EVERY tourist or home buyer in the Caribbean…what do they always pay tip dollar for?? BEAUTIFUL TURQUOISE BLUE CRYSTAL CLEAR WATERFRONTS!!

        It’s been over a decade now since 2010! I can’t see this property genuinely worth more. I agree with you that it’s a mistake to place this unsold property as the cover pick of an article about a record breaking year for sold real estate in the Cayman Islands.

      • Anonymous says:

        Regarding Castillo Caribe….these are just my own thoughts about the property..

        Part of me feels sorry for the owner of Castillo Caribe. As any homeowner you build something with a vision and a dream in mind…multimillionaire or not. However, in my humble opinion, there is a trifecta of factors that have done serious damage to Castillo’s value as a property. 1) The algae green looking waters the make up it’s waterfront. Simply not an inviting place to swim or have social gatherings. 2) The property itself once constructed, stopping too close to the beachfront which is why I’ve speculated a sea wall HAD to be built.

        AND 3) Sadly, at 48000 square feet, this property misses the mark entirely in my opinion as a genuine SINGLE FAMILY HOME. The pictures don’t have the look and feel of a family home where kids have their own rooms that take on a childlike look and feel. For example, you build a huge property of this scale and you don’t install a decent sized pool as part of a back yard area etc for kids or guests to enjoy? You just have a small area under the large front terrace and BBQ area??

        Ironically, the best compliment I’d give about this property is the great room ie main room upon entering the property. What an elegant room with the 2 palm trees and the beautiful ceiling with its interwoven wooden pattern! Again, real beauty and elegance. Best room of the property hands down! As an observer, I just feel this property misses the mark as an inviting space that says “Caribbean home away from home for your family.”

        Once again, just my own thoughts and observations.

  22. Anonymous says:

    Assume KYC checks were done on purchasers

  23. George Ebanks says:

    This is a sign that our economy is in pretty good shape.

  24. Anonymous says:

    Was there ever a market for “starter condos” for locals? Don’t think so. In general, it looks like land being developed by outside investors would just lay there otherwise. If thats what you want, fine, pass a law that enforces that outcome, but don’t pretend that it will help Caymanians get their first home.

  25. Anonymous says:

    This government is no better than the previous government. The reality of thing in Cayman is that the same people are in charge irrespective of who gets elected.

  26. Anonymous says:

    Vancouver BC in Canada put in place a foreign buyers tax a few years ago as Asia-resident buyers were buying up a significant amount of real estate, pricing out BC residents.

    • Anonymous says:

      And it made square root of FA difference , other than the government got more tax revenue. You want to stop foreign purchasers, you limit land ownership in Cayman to locals. But the government will never do that – too many vested interests.

  27. Anonymous says:

    I’ve said this before and I’ll say it again. Intentionally or not, by not providing a better transport system and infrastructure, past and current governments have allowed a ridiculous price bubble to form west of Hurleys. Those with the means to do so will pay a premium not to sit in traffic for hours.
    With a better network, making a commute from eastern districts quicker, you would find more people willing to move out there which would pop the bubble.

  28. Anonymous says:

    Some rich ex-bartenders from that cartel commission. Disband the anti-competitive CIREBA.

  29. J.A.Roy Bodden says:

    This is incredible and should cause alarm bells to ring among all sensible Caymanians and residents in these islands. This level of real estate sales is unsustainable and once again I return to my perennial question “For whom are we developing”?.

    • Anonymous says:

      Modern day colonialism is a fact.

    • Anonymous says:

      The world is awash in cash. Where to put it? Stock market, check. Real estate, check. Inflation rising? Real estate, again. This can go on your whole life, as it has mine. A 20-30% pullback just shakes out the weaklings and lays a new base. Sitting by the roadside you may fall behind due to these events, but most people are happy about the past 50 years of prosperity.

      • Anonymous says:

        Global wealth equality is at an all time high, with billionaires like Elon Musk receiving government subsidies to build his fortune and fame.

        The average family is being priced out of upward prosperity and into downward poverty.

        But, the mega monoliths lining the shores are nice to look at.

        • Anonymous says:

          Global wealth equality????

          I think you’re missing an “in”

          • Anonymous says:

            it will pull back…the 3 deviation from normal market in stocks and real estate will return to trend….when the bond market is reestablished And…just like Japan, the result will be decades on pain. Alternatively, those dollars will be worthless but you’ll have a lot of them…pick the poison that’s now on offer.

            • Anonymous says:

              We had 10% inflation and stagnation under Jimmy Carter, but everything has been pretty great since. 2000, 2008 and 2020 downturns were short lived while prosperity roared on.

    • Anonymous says:

      We are developing for US… it is one of the major revenue stream that the government needs to pay its bills, including pensions and benefits of retired MLA’s.
      Easy to Pontificate .

  30. Anonymous says:

    That’s over $73m in fees to the realtors. Well done Mr. Bovel.

    • Anonymous says:

      It is utterly rediculous. Anti competitive cartel.

      • Anonymous says:

        CIREBA is not anti competitive.
        Anyone can sell real estate and not be a member of CIREBA, anyone can list their own property for sale.

        • Anonymous says:

          Very true. You can also negotiate a lower percentage if you try. CIREBA has no real means of enforcement if you do a counterletter kicking back some of the fee.

  31. Anonymous says:

    Yet, precious few competent property managers that actually show up and perform at a low-rent grade service level, let alone the mid-high one to match the equity values of their portfolio. Talk about a ripe market for disruption.

  32. Anonymous says:

    Overseas buyers should pay higher Stamp Duty Rates – this happens even in the UK.

  33. Anonymous says:

    That’s a horrible ridiculous house, I wouldn’t want it for free. And no, I’m not jealous. I live on the next street over.

  34. Anonymous says:

    A great article by Kayla Young (mentioned above) Shows the terrible state of Cayman and lack of planning and development regulations that are leading to the destruction of our beaches/island as well as making property too expensive for the average Caymanian.

    • Anonymous says:

      Quite the interesting article!

    • Anonymous says:

      I agree the article was excellent. The experience that Cayman is facing with real estate is common across North America, and especially tourist destinations. Many residents in seaside or mountain communities have been priced out of their own market by an influx of out of state, out of province, or out of country buyers.

      I would love to see the stats on how many families own 2nd and 3rd homes (vacation) compared to 30 and 50 years ago. Some are rented via air bnb or VRBO but many sit vacant for most of the year.

      Construction booms in tourism destinations are truly a double edged sword.

      It’s a complex scenario that many destinations face, and few have resolved for their residents.

    • Chris Johnson says:

      An excellent article and above all accurate.

  35. Anonymous says:

    Lots of washing machines! DCI doesnt have the capacity to regulate this industry, talk about a free for all.

    CASH is being paid for many of these properties!

  36. Anonymous says:

    No surprises here just stating the obvious. No one is prepared to introduce anti trust legislation etc. to address the economic inequality that exists for Caymanians.
    Politicians kick the can down the road to stay in office and say anything to get elected.
    The right candidates won’t get elected to address these issues as they won’t get involved with the vote buying so fail at the polls.
    It is disgusting that people won’t take their blinders off and realize that the quick gratification today spells doom for their children.
    The realtors are millionaires and there are no concessions for Caymanians to level the playing field.

    • Anonymous says:

      “Youths are passed through schools that don’t teach. Then forced to search for jobs that don’t exist and finally left stranded to stare at the glamorous lives advertised around them.”-Huey Newton

  37. Anonymous says:

    See the beach in front of Jerry Becks house? That pristine mangrove dotted stretch of sand I spent my childhood exploring?

    Neither do I.

    It is now impassable. So much for our prescriptive rights.

    People (civil servants) are responsible for this. This is not Jerry’s fault. Any accountability?

  38. Anonymous says:

    Pricing the average Caymanians who wish for better housing out of existence, making the country a haven for the wealthy expats.

  39. Anonymous says:

    And we were locked down. We bad boy.

    Tourism does not run this place.

    • coht says:

      Sadly NO caymanians run the place either. Just people who don’t want caymanians to benefit.

      • Anonymous says:

        Hey, jus wondering who your government comprises of and who the big developers are. Look closer to home and you’ll realise your own people have sold you out. Unlucky.

    • tom says:

      Amazingly short sighted. A break from tourism is one thing, but who would be filling all these condos if people couldn’t come. Keep in mind ‘tourism’ isn’t the same as cruise ship visitors. The average overnight tourist family spends thousands of dollars a week in our economy. If tourism doesn’t return soon (for real) then you will see the effects on the construction boom. There are many cogs in this wheel (well, a few anyway) I am a proponent of less ships and more focus on the overnight tourist. I would say ‘no’ ships, but I think there is a market for the Star Clipper ships and other specialty ships instead of the cattle herd ships.

  40. Anonymous says:

    Disappointing and pathetic response by Wayne, Bovell’s well written article should spark concern and highlights the need for cooling measures:

    But that would require a responsible government free of corruption acting in the country’s national interests.

    • Anonymous says:

      I think you would find that if anyone actually bothered to enforce the Trade and Business Licensing Act (what it says, not what they conveniently want it to say) and further enforced the planning laws then much of the issue would not exist.

      Hundreds of landlords have no licensing, despite it being a legal requirement for anyone with more than two rental units.

      Properly administered, increasing license fees could and should be charged based on number of units. The lack of Caymanian participation could and should also be a factor taken into account.

      Meanwhile, any foreign national can own 100 airbnb units with no Trade and Business license at all. They are exempt.

      Meanwhile we have many hundreds of impoverished minimum wage workers huddled together in “single family” dwellings in plain breach of planning laws as the only available mechanism for economic survival.

      Then there is the maintenance law (not enforced) and a failure to provide any meaningful incentives to ensure mixed housing (somewhere that the nurses and teachers can afford) in any large scale mixed use development. We also fail to act to provide young people with the incentives and assistance required for them to get on the housing ladder. It is and remains perfectly achievable, provided there is a necessary leg up.

      The Cayman Islands Government did this to us. All foreseeable and foreseen. All actionable and yet no action taken.

      Come on guys! This can all be achieved and fixed without making investors unwelcome or even substantially changing our existing laws. All we have to do is stop and think and plot the solutions together.

      • Anonymous says:

        Enforcement, enforcement, enforcement is the missing piece.

        The wild west will continue until existing laws are enforced- at every level.

        • Anonymous says:

          CORRUPTION. That is what it is. It is intentional, and it is longstanding. No one is that inept for that long.

    • Anonymous says:

      Well said.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.