ULI Southeast Florida/Caribbean – Financing Real Estate Development in The Caribbean: Cayman Islands Deep Dive
Ready to learn more about the Cayman Islands? Join an amazing group of speakers on May 2, 2023.
The Cayman Islands are located about an hour and a half from Miami by plane – between Jamaica and Cuba. Immediately upon arrival, you will notice that cars drive on the left-hand side, everyone speaks with a British accent, and lots of economic activity and new developments. Security, safety, and order are commonly heard as the islands best-selling points.
Population 68,136 (2022)
The Cayman Islands has one of the highest GDP per capita at $86,500 (World Bank) and real estate prices in the luxury sector range from $1,800 to $2,700 per square foot.
The new Hotel Indigo and Grand Hyatt Grand Cayman Residences are project to open their doors in 2024. Other luxury hospitality projects include:
- Kimpton Seafire (built around 2016)- US $2,031-$2,600 sales price per sq. ft. https://www.seafireresortandspa.com
- Watermark (under construction to 2023)- US $2,700 sales price per sq. ft. https://www.thewatermarkcayman.com
- Mandarin Hotel (Presales) US $2,395 sales price per sq. ft. https://moresidencesgrandcayman.com/overview#aerial-view
Some other statistics:
- 55% of GDP comes from the financial services and related companies.
- Neutral taxes, regulations, and laws
- No income taxes
- Consumption taxes is 20%.
- Real estate has a one-time 7.5% transfer fee
- No real estate taxes. The Strata/HOA is the principal holding costs
- Construction costs to build new residential $400-$600.
- 60% of the world’s hedge funds domiciled on island.
Good resources for any specific questions about setting up a business in the Cayman islands can be found at The Cayman Enterprise City https://www.caymanenterprisecity.com
Join us on May 2, 2023 for the ULI webinar.