Cayman Compass: ‘No Place Like Home’: Cayman’s Residential Property Boom

18 January 2019

By Michael Klein

The Cayman Islands is a successful and well-known offshore financial center, as well as a popular tourism hot spot, but economic growth in recent years has been driven by an entirely different industry: construction.

Developers like NCB Group strive to have one or two projects ongoing at any time. But with heightened demand, Mr. Wight said, “we’ve increased this to two to three projects.”

To meet the demand of a growing population, residential developments must incorporate a variety of products at various price points that appeal to a wider audience of potential buyers.

“For example, Cypress Pointe North features one- and three-bedroom condos, three-bedroom semi-detached homes and four-bedroom villas,” Mr. Wight said.

“OLEA is a great example of a residential community that offers a diverse mix of residences and embraces the mixed-use concept, which ultimately creates a more dynamic and balanced neighborhood. This extends our reach to single professionals, couples or families.”

OLEA is the planned residential community of condominiums, townhomes and duplexes right next to Cayman International School that has always been part of the master plan of Camana Bay.

“With the Town Centre fully established and turning a decade old in 2017, the opportunity to partner with NCB Group on a new residential development came at an opportune time,” said Justin Howe, executive vice president, Real Estate Development & Operations, at DECCO | Dart Development.

“We will break ground on the first phase of OLEA in first quarter 2019, and homeowners are scheduled to move in by August 2020. Demand has been so strong that we are now pre-selling phase two.”

The development caters to a wide variety of local residents, from families to couples and single homeowners, and has also received interest from offshore buyers looking to own a second home at Camana Bay, Mr. Howe added.

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