How has the Real Estate market in the Cayman Islands been affected by Covid-19
By Tristan Ralston on 16th October, 2020
Many businesses worldwide have been left shaken in the wake of Covid-19, but not the real estate industry. In particular, Grand Cayman’s property market seems buoyant and positive since the end of lockdown. We discussed travel procedures, the affects of Coronavirus on the island and Grand Cayman property opportunities with real estate titan Kim Lund.
When can vacation home owners come and enjoy their property once more in the Cayman Islands?
As of 1st October, the Cayman Islands’ borders began a phased reopening and entry has been limited to select categories of travelers arriving by aeroplane.
What is the procedure for travel to Grand Cayman?
Those looking to fly to the Cayman Islands must apply to Travel Cayman for approval to travel, quarantine on arrival for a minimum of 14 days, should have health Insurance with COVID-19 coverage and agree to a PCR test at the airport on arrival.
For further information please visit www.exploregov.ky.
What can you expect when you land at the Owen Roberts International Airport?
Once they arrive and are safely out of quarantine, they can expect to be able to enjoy most of the facilities and amenities that would have normally been available to them, with some notable exceptions. Generally most restaurants, bars, shops, hotels, offices, grocery stores, etc… are all fully open and so far, the limited amount of activity has been quite good, considering it is only the local market. Businesses directly dependent on our tourism industry have been hit hard by the lack of tourism. The George Town shops and businesses are suffering, due to no cruise ships or stayover tourism, as are many of the other tourism related activities and tours, especially watersports oriented businesses like trips to Stingray City and the Sandbar.
What is being done to protect the safety of people on island?
There is still a very strict quarantine for any new arrivals into Cayman. They have to take a COVID test when they arrive and then are in quarantine for at least 14 days (at this stage) before being retested again. They cannot leave quarantine until their test results are negative.
How has Covid impacted the real estate industry in the Cayman Islands?
We have seen a relief rally, right after our lockdown ended and the real estate companies opened again and started marketing. A broad wave of buying activity emerged and spread through both the local domestic market and resort market. A lot of existing property sold, but predominantly the pre-construction market appeared to be the most active and continues to generate significant activity, as this is a major section of the real estate market currently. Many Purchasers who were considering investing in Cayman decided to proceed after COVID, as they felt this was a safe place for themselves and their families, due to how we handled COVID, as well as a safe jurisdiction from a good investment standpoint.
How has the construction of new developments such as the Grand Hyatt, the Watermark, Dolphin Point Club and the Hilton been impacted by Covid?
Surprisingly, most of these newly planned or under construction developments have been positively impacted, as a number of new Purchasers, as well as repeat Purchasers decided to proceed with making an investment after having gone through COVID in their home locations and countries. It seems that COVID was the impetus that pushed a number of Purchasers to decide to purchase a residence in an alternative, perhaps safer location. Even now, record sales continue to be realized at some of these new developments and activity remains brisk.
Read more: Buyers guide to real estate in the Cayman Islands