Real Estate
Developers pose major AML risks
(CNS): As property development and construction continues to surge across the Cayman Islands, it’s not just the natural environment that is at risk. The large number of developments for commercial purposes, especially beach and waterfront condo and apartment projects, are posing a risk to the jurisdiction because of their vulnerability to money laundering.
‘Risky’ sectors given online compliance route
(CNS): The Department of Commerce and Investment (DCI) has launched an online system for the owners of and those doing business in real estate and jewellery to help them comply with regulations relating to their sales. What are now known as designated non-financial business and professions or DNFBPs for short are the latest risky areas […]
Realtors try to remain upbeat
(CNS): With a 50% drop in real estate sales in March and April, according to figures from the real estate sector body, CIREBA, realtors are trying to remain upbeat about the future. The sector, known for its public optimism even in the worst of circumstances, may be in for a rough time, even though the […]
CIG tackling rising rent and house prices
(CNS): The explosion in the cost of rent on Grand Cayman, which many believe is exacerbated by the growth locally in the use of short-term rental platforms like Airbnb, plus the rising property prices, often blamed on foreign investment, is having a huge effect on the cost of living. In response, Housing Minister Dwayne Seymour […]
Gov’t to take on housing challenge
(CNS): The premier has announced a number of measures that he claimed his government will be introducing over the next two years to tackle the mounting problem in the Cayman Islands of unaffordable housing. With rents soaring and developers concentrating on building luxury condos, working Caymanians can no longer afford to buy a home and […]
High rents help fuel inflation trouble
(CNS): The local inflation rate showed no sign of slowing down at the start of this year after a near 20% increase in residential rents in the twelve months between March last year and this led to an increase of 4.5% in the cost of living. Inflation has proved to be a thorn in the […]
DCI introduces new rules in face of risks
(CNS): The Department of Commerce and Investment has introduced several new board policies that will come into force on Wednesday, 1 May, as part of its new role supervising designated non-financial businesses and professions, such as real estate agents and precious metal dealers. The DCI is now tasked with ensuring that measures are in place […]
Developers vulnerable to money laundering
(CNS): Developers who are selling their expensive properties directly to customers are not subject to any oversight, which the Caribbean Financial Action Task Force has said leaves them vulnerable to money laundering and terrorist financing. In the recently published mutual evaluation report for the Cayman Islands that outlined some of the threats this jurisdiction faces […]
No end in sight for Cayman’s property boom
(CNS): The steady rise in property prices on Grand Cayman continued its trajectory last year, with a significant jump in the sale price of Seven Mile Beach condos, which had a 35% increase over the average value of similar sales in 2017, according to the current Cayman Property Review by chartered surveyors, Charterland. There was […]
Conference to ask if property boom can last
(CNS): The question of whether or not the local real estate boom of recent years is sustainable will be one of the main topics of discussion at the Cayman Islands Property and Construction Conference, to be held in March next year, hosted by the Cayman branch of RICS, the professional body of quantity surveyors. The issue […]
Eastern Districts missing out on surge in property prices
(CNS): The strong performance of the US economy has driven some phenomenal growth in property prices in the Cayman Islands over the past year, but in a bifurcated market the biggest gains have been strictly limited to the Seven Mile Beach peninsula. Property consultants Charterland, in their annual Cayman Islands Property Review, found that both the […]
