Happy New Year! In celebration for a new year and the end of a decade, let’s celebrate the new room milestone across the Cayman Islands.
This year, the Cayman Islands topped a 7000-room milestone, according to the Caribbean Journal. In the last three years over 1000 rooms have been across the sister islands: Grand Cayman, Cayman Brac and Little Cayman, 73% of which include condominiums and villas. This is not surprising, seeing as how vacation rental sites like Airbnb and HomeAway have seen a rapid increase world-wide. Cayman is no different for this trend of homestays.
Now, the Cayman Islands have a total of 7,027 available rooms, with 6,646 in Grand Cayman, 220 in Cayman Brac and 161 in Little Cayman. These rooms include condos, villas and hotel rooms, though it may be shocking to learn that over 4000 of these available rooms are either considered condos or villas, and only 2,700 fall into the hotel category.
And in a year of record-breaking tourism growth, it’s likely the island will continue to grow in rooms and other rental properties to accommodate the rising number of visitors to the island annually. Tourism has always been an important part of Cayman’s economy. Due to our emasculate diving, warm weather and stunning beaches, it’s likely Cayman will see an influx in tourism over the next decade. According to the Carib Journal, Cayman saw over 146,000 stay over visitors in the first quarter of 2019 alone.
If you are looking for the ideal rental property to buy in Cayman, Diamond Properties can assist you. We work with you to find what you’re looking for, whether you want to build and start from scratch, purchase a fixer-upper or invest in an upscale condo, we’ve got you covered.
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