CAYMAN ISLANDS Law and Practice Contributed by: Norman Klein and Adam Johnson, Appleby
Appleby 9th Floor, 60 Nexus Way
Camana Bay PO Box 190 Grand Cayman KY1-1104 Tel: +345 949 4900 Email: cayman@applebyglobal.com Web: www.applebyglobal.com
1. General 1.1 Main Sources of Law
• Kailani Grand Cayman resort and residences along Seven Mile Beach; • Hotel Indigo near Seven Mile Beach, which nears completion; • ONE | GT hotel and residences located in George Town, a project that seeks to kick- start rejuvenation of the capital, and which in the last 12 months secured its senior devel - opment financing and commenced construc - tion; • Watermark residences, a premium luxury con - dominium complex along Seven Mile Beach nears completion; • Lacovia, a premium luxury condominium complex along Seven Mile Beach secured its senior redevelopment financing and began demolition; and • Prisma, a luxury townhome and condominium complex located in the Crystal Harbour devel - opment, recently commenced construction. In addition, the Cayman Islands’ largest devel - oper, Dart Realty, recently broke ground on its new ten-story office building within in its self- sufficient town known as Camana Bay. Remediation work on the George Town landfill site continues, with plans for new waste-to-ener -
Real estate in the Cayman Islands is primarily governed by legislation and case law, although decisions in commonwealth jurisdictions may be considered in circumstances where there is no relevant local legislation or case law. 1.2 Main Market Trends and Deals The Cayman Islands real estate market has con - tinued to produce strong sales and price results over the last 12 months. Luxury condos along the famous Seven Mile Beach continue to attract overseas investment, at increasing prices. Sev - eral major projects are nearing completion. The leisure and tourism sector remains active, with several projects underway. Developments of note include: • Mandarin Oriental resort and residences at Beach Bay; • Grand Hyatt resort and residences along Sev - en Mile Beach, which in the last 12 months secured its senior development financing and has recently commenced construction;
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