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
• Grand Hyatt resort and residences along Seven Mile Beach, which nears completion of superstructure; • Kailani Grand Cayman resort and residences along Seven Mile Beach; • Hotel Indigo near Seven Mile Beach has opened within the last 12 months to rave reviews; • ONE | GT hotel and residences located in George Town, a project that seeks to kick- start rejuvenation of the capital, is projected to be completed during 2025; • 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.
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 While market activity has reduced due to high borrowing costs coupled with global economi - cal and political uncertainty, the Cayman Islands real estate market has nonetheless continued to produce resilient 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. Several 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;
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