Real Estate
Saunders calls for tax on foreign-owned property
(CNS): Chris Saunders, the independent opposition MP for Bodden Town West, has filed a private member’s motion asking the government to create a Healthcare Protection Fund through an annual fee of 2% on real estate properties owned by foreigners. In a video message on social media, Saunders and UPM backbench MP McKeeva Bush, who is […]
Realtor warns of more rent increases in 2023
(CNS): With the cost of residential rental accommodation already sky-high in the Cayman Islands, a local realtor is warning that rents could go even higher this year. Micheal Joseph, from Property Cayman and a veteran real estate agent, has said in his predictions for the property market over the next twelve months that the current […]
Hint of slowdown in runaway property market
(CNS): The Cayman Islands real estate market is finally beginning to slow down after several years of a runaway sector where high demand and a shortage of homes to buy led to very high prices. According to a local real estate agent, both the value and number of sales fell during the third quarter of […]
Cryptocurrency property sale overseen by CIMA
(CNS): A real estate agent raised eyebrows across the community after conducting the first-ever sale of property where a buyer used cryptocurrency. The details of the sale and buyer haven’t been released, but the Cayman Islands Monetary Authority (CIMA) has said that the multi-million dollar deal conducted using virtual assess was above board because the […]
Real estate still poses high risk of money laundering
(CNS): More than 40% of property developers and real estate agents selected last year by the Department of Commerce and Investment for inspection for their anti-money laundering processes were found to be non-compliant with the regulations. According to both the DCI’s 2021 Supervisory Report and the National Risk Assessment 2021, which have both been made […]
McTaggart accuses Bryan of breaching ministers’ code
(CNS): Tourism Minister Kenneth Bryan’s appearance in a social media video promoting his wife’s real estate business is a breach of the Ministerial Code of Conduct, Opposition Leader Roy McTaggart said in a statement released Monday. The PPM leader said he was greatly troubled by the “shocking video”, which he said was a flagrant breach […]
Lacovia 10-storey revamp delayed over costs
(CNS): The first strata-backed redevelopment of an existing Seven Mile Beach condo community has been delayed. Construction on the Lacovia revamp, converting it into three 10-storey towers, was due to start this month, but although the start date has been rescheduled, “the project will be proceeding”, Kim Lund, the realtor and agent on the project, […]
Real estate sellers won’t get work permit carve-out
(CNS): Over the last decade around 150 work permits have been issued to real estate agents, according to numbers released by WORC. In the last year alone 25 permits have been issued in what realtors call a competitive market with limited inventory. But government is not contemplating carving out these jobs for Caymanians. While PACT […]
Property sales exceeded $1B mark in 2021
(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 […]
Businesses ramp up pressure to reopen
(CNS): A number of Cayman’s larger business owners and developers are joining forces to ramp up the pressure on government and the public to fully reopen the borders by embarking on a concerted campaign to convince people that it is time to live with COVID-19. Government has hinted that it may lift isolation restrictions for […]
Developers, realtors offered AML seminar
(CNS): A number of financial service experts have created an anti-money laundering (AML) seminar designed for people in real estate and development to help them understand the risks and vulnerabilities of their sector and the need for them, just like financial institutions, to know their clients. The question of the property sector’s vulnerability to financial […]
