Ogier advises on ultra-luxury residential property purchase

With a listing price of $9.45m, Ogier has advised on a record-breaking purchase in the island’s ultra-luxury residential market.

The price of one of Cayman’s most exclusive multi-million dollar homes, situated in the luxury residential community of Vista Del Mar, beats the previous highest value sale in Cayman by nearly half a million dollars.

Such a significant sale supports market commentaries indicating that while the value of property transfers during 2015 registered at CI$592m, up a significant $58m or 11% compared to 2014, these figures are poised to grow even further during 2016.

Recent statistics from the CIREBA note that the number of property sales in the Cayman Islands at the start of 2016 has already outperformed 2014 by a massive 47%.

Oliver Goodwin, a member of Ogier’s Local Business practice, said: “As a record price paid for a residential property in the ultra-luxury residential market in the Cayman Islands, this sale seems to form part of a wider market sentiment that the Cayman residential real estate market is set for a sustained growth period in 2016 and beyond.

Cline Glidden, also a member of the Local Business practice, added: “Ogier is extremely proud to have advised on such a significant house purchase and to be playing its part in the exciting recovery and growth of the Cayman real estate market.”

Reported offers on penthouses at the Residences, at the ultra-modern new Kimpton Hotel and Resort, Sea Fire, exceed $1,700 per sq.ft., a 30% increase on record highs previously set by properties at the Ritz and the Water Colours. Ironwood is due to start construction at the end of 2016 and there is a significant amount of new condominium developments in South Sound, illustrating the anticipated recovery for the Cayman Islands property market.