Government-led fiscal policy adjustments, the early reopening of the domestic economy and the high profile launch of several luxury developments, such as Lacovia Redevelopment, Aqua Bay Redevelopment, Watermark, Mandarin Oriental and Grand Hyatt, have resulted in significant increases in market demand amidst strict pandemic protocols.
GEORGE TOWN, Grand Cayman, July 7, 2022 /PRNewswire-PRWeb/ -- As we enter the second half of 2022, the Cayman Islands real estate industry continues to perform exceedingly well, producing robust sales and ever-increasing land prices despite a strict lockdown policy imposed by the COVID-19 pandemic.
Interestingly, it was the same stringent measure that resulted in the early containment and eradication of community transmission within a few months of the outbreak, which made Cayman even more attractive to property investors who wanted a safe sanctuary to live and work in while the pandemic raged across the globe.
"In the years right before the pandemic, real estate prices have already been on a steady uptick as inventory across all market sectors began to decrease," explains ERA Cayman broker, Jeanette Totten.
"That's largely why development in Cayman has continued unabated despite the lockdown. There simply weren't enough properties on the market -- whether for younger people looking to buy their first homes or for high net worth individuals who flocked to exotic locales in droves to escape large city centers and the perceived greater threat of catching COVID in those areas."
5 NEW NORMS FOR THE NEW NORMAL
One of the most obvious impacts of the "new normal" is demonstrated by how real estate agents are conducting business with clients, particularly those from overseas, who continued to purchase luxury properties -- sight unseen. Here is a breakdown of how the pandemic has changed the way we sell real estate in the Cayman Islands:
1. Handshakes are no longer the norm
"It took a while to get used to foregoing of the initial handshake when you meet a client the first time," shares John Pohlman, ERA Real Estate Agent. "Now that the pandemic is easing, we ask our clients what they prefer. Some have gotten creative with the elbow-shake."
2. Video calls are the norm
"We transitioned to using a lot more technology to interact with customers. Video calls are now the norm for initial consultations as well as actual property showings."
3. Wearing face-masks for house showings
Let's face it, one of the greatest asset a real estate agent can have is their smile. "Once the pandemic hit and everyone had to wear masks, it all of a sudden became harder to connect. We now had to talk with our eyes!" John goes on to say, "There are also times when we had to wait outside whilst the customers walked the listings alone. We weren't able to answer their questions, immediately, like before."
4. Limiting physical contact
"To keep our clients safe, we have had to socially distance ourselves and limited contact throughout the entire buying process. Everything is now done, online!" John happily points out that these safety protocols have started to ease as the country anticipates a return to "normalcy" in the coming months.
5. Buying real estate remotely
Moving forward, John believes that a strong online presence will continue to drive successful property transactions in Cayman, as people are not likely to give up the convenience of doing business remotely anytime soon — even the buyers!
PRE AND POST PANDEMIC, ONE THING REMAINS
As Cruise ships have returned and tourism is beginning to pick up, all pandemic-related real estate practices might easily be forgotten but something that has remained pre and post-pandemic is the high demand for luxury beachfront homes.
ERA represents the sale of Two Rainbows, a single-family luxury beachfront home that is also a great investment as it is already income-producing. The sunset vibes from the property are hard to find and duplicate, this is the highest standard of beach-living in the Cayman Islands and even perhaps, the Caribbean.
So, if you've ever wanted to buy a luxury beachfront home from the comfort of your home, without wasting your time or having to shake anyones hand… we've done it a few times during the pandemic and can definitely help!
Media Contact
Fevi Yu, WOWebsites LLC, 1 202-506-0448, [email protected]
SOURCE ERA Cayman
Share this article