Well that time of year is finally upon us. With the long Easter weekend coming and going, we here in the real estate business in the Cayman Islands mark the end of the tourist winter season.
The days of multiple showings, open houses and putting the miles on the tires are now in the past and everyone on the island can take a moment and catch their collective breath.
Or can they?
In the not-so-distant past this time of the year would see a drastic reduction in the amount of tourists on our shores – as well as a marked decrease in the amount of people here to purchase real estate. Though we do still see less people on average in the warmer month, this trend is slowing changing. Real estate professionals, tour operators, shop owners and street vendors that, in the past, would have maybe taken their vacations are now staying on and continuing to work deep into the summer months.
What does this trend mean? Well some have posited the theory that the recent terror attacks in Paris and Belgium – coupled with the growing refugee crisis - have made North American tourists weary of vacationing in European capitals. With these destinations showing increasing unrest, tumult and growing instability -Cayman and the Caribbean region en masse is now looking like the safe and secure alternative.
This could also be a contributing factor to the recent increase in investment in Cayman, and the region in general. With savvy investors seeking secure places to put their money, our quiet safe little atolls are quickly becoming the business venture of choice for these discerning folks. Only time will tell of course as these macro economic trends unfold, but we here in Cayman are certainly happy to have the extra visitors, stay over tourists and long-term investors.