Cayman Islands Receives Good Press from USA Today
USA Travel just published a glowing report of the Cayman Islands, listing it best for divers and beach lovers, and the birthplace of recreational scuba in the Caribbean in 1957. Larry Olmsted reports, “Known for tourism and banking, the Cayman Islands are a work in progress, with two massive residential and tourism projects - essentially new towns - underway in the British Overseas Territory.
“The Caymans now claim to be the world’s fifth-largest financial center, with more than 600 banks. Its reputation as a tax haven attracts foreign second-home buyers. But U.S. buyers are often driven by the other thing the Cayman Islands have become synonymous with: scuba diving, ranked among the world’s best. There are also vast swaths of beaches, great restaurants, pristine natural beauty and sports of every description. Added appeal comes from the safe atmosphere and modern infrastructure.”
Grand Cayman, home to 50,000 residents, has 5-star hotels, restaurants, shops, and tourist amenities. Cayman Brac is home to 2,000 people and offers a small-town appeal.
2nd home buyers choose 7-Mile Beach on Grand Cayman, which runs from the capital, Georgetown, to West Bay at the north end of the island. Offerings include condos and large resorts, and 3 residential communities in Dragon Bay and the new resort of Camana Bay.
Olmsted compares 3 Cayman neighborhoods, 7-Mile Beach, Cayman Kai, and Little Cayman-Cayman Brac.
7-Mile Beach he lists as the top choice for investors, and top of the market price-wise. Prices vary widely from the luxury Ritz-Carlton residences to less expensive Secret Harbor. Cayman Kai, at the tip of a peninsula, is a planned community developed over 30 years. Resales run $1M - $5M. Little Cayman and Cayman Brac are famed for diving and popular with vacation home investors. Prices range from $400,000 - $500,000, approximately.
Read the USA Today article for more information.
We at Coldwell Banker thank USA Today for the great reviews and know Cayman Islands offer great values now to 2nd home buyers. Contact any of our agents to discuss a real estate purchase.