Based on its definition, a sanctuary (sanc·tu·ar·y) is considered a sacred place, a haven from the turmoil of human existence. Throughout history, mankind have always searched for a place of safety and shelter, like the merchant sailors looking for a safe harbour from the terrible storms, or nomads searching for a place to stop over during their travels. It became a place most desired by the select few that were able to make the discovery.
For the past ten years, the wealth-generating populous of the United States has created a real estate market dominated by urban property investment, penthouses and high rises that sell for millions upon millions of dollars. Recently, those same investors are now looking for favourable climates and positive business environments since, rich in lifestyle and safe from the uncertain political and economic fluctuations that now affect many of the large cities worldwide.
The shift has made way for a growing appetite in island real estate, exclusive and rare, with city amenities and other incentives. The Cayman Islands is poised perfectly to satisfy this growing trend as investors have seen significant returns since the recession and the market continuing to rise. Thanks to the globalisation of our economy, today’s modern investor is helping drive real-estate purchases in offshore jurisdictions, spurring demand for premium properties.
The Cayman Islands is competitive among its Caribbean neighbours who offer similar advantages. The average prime luxury 4-bed house in Cayman will cost an average of US$2.37 million, compared to Bermuda at US$4 million and British Virgin Islands at US$3 million making the Cayman Islands an attractive investment. Not to mention the relatively low levels of crime, high standard of living, racial harmony and sociable atmosphere and ease of access with ample direct flights to key US cities and the UK.
There is no denying it that in today’s world everything has changed when it comes to real estate. The same old doesn’t cut it when a market evolves. The market is demanding growth, quality, increased infrastructure and unique properties that serves priceless lifestyle opportunities. Nevertheless, it is the sanctuary of peace and happiness that most people are searching for which the Cayman Islands delivers on… ten-fold.