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Experts are predicting continued strength in Cayman’s real estate market for 2010. “Overseas investor-oriented markets finally bottomed out in July 2009 and are now generating increased sales and showing improved demand,” said Kim Lund, broker/ owner of Remax Cayman Islands. 



“Our overseas purchasers have started coming back and results indicate strengthening resort market sales, starting from the summer of 2009 up to now,” said Mr Lund. He said that Cayman would see “a complete paradigm shift in both development prospects and real estate activity this year.” Mr Lund regards 2010 as “a year of consolidation in the housing market.” He said that activity has picked up dramatically and would lay the groundwork for some major new projects and the continuation of others. The most important thing is to “first review where we have been, in order to get an understanding of where we are right now and where we are heading in 2010,” he said. 



He also indicated that local residential real estate activity remained fairly active despite the real estate downturn of 2009. “During the first six months of 2009, there were a total of only 21 condominiums sold on Seven Mile Beach, he said, adding, “The resort markets of Seven Mile Beach, Cayman Kai, and East End took the brunt of the slowdown from the end of 2008.” He said that those figures compare to an almost double amount of 40 sold in 2008, and triple amount of 63 sold in 2007. “Figures show that the first half of the year is the strongest sales cycle for resort properties,” he said. 



Local architect Burns Connolly said that architects are usually ahead of the construction curve. “We are normally seven months ahead of the trend on the ground,” he said, adding, “We anticipate the economy improving from a construction and real estate point of view from Easter onwards.” 





Mr Lund also said that the Cayman Islands Real Estate Brokers Association (CIREBA) is contributing to stimulate growth in the real estate market by “improving the quality of real estate agents through mandatory training, improving statistical information about sales, improving marketing and adding awareness through additional publications, and fostering more co-broking through their online MLS system.” 





Initiatives that could help diversify Cayman’s tourism base include “the proposed cruise ship berthing facility, moving the cargo port out of downtown, the dredging of the North Sound to gain access for yachts, and developing a new airport,” said Mr Lund. “These are some very difficult decisions that need to be made, some of which will not be popular at the onset,” he said, adding, “Opening restaurants and bars beyond midnight on Saturday and moving the dump out of George Town would also help.” 



Mr Lund credits the Premier Hon McKeeva Bush, saying, “I give credit to our Premier and his government for their vision and their action, to date. The Cayman Islands were very close to becoming the ‘Islands that time forgot’.” Due to the actions taken recently by government, “we have hope and opportunity, once again.” Mr Lund said that from a tourism standpoint, the Cayman Islands can regain its credibility as a sought-after tourism destination.

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