Urban development is fast catching up in the Cayman Islands, particularly in Camana Bay area, where numerous real estate companies are slowly turning the once sleepy British outpost colony into one urbanized array of commercially viable corporate investment endeavor, worth over $800 million dollars as of date. The Cayman Islands is one of the most sought after and frequently visited tourist destination by people from all over the world. It’s almost perfect weather and calm waters had resulted in the rise of a booming tourist industry dating as far back as the 1930′s. The Cayman group of islands has attracted tourists which resulted in it’s steady rising economic growth.
Economic growth is a sign of a healthy industry, which in turn, also attracts other industries as well. In the case multinational shipping registry companies that have set up their headquarters there and more than a dozen international banking firms have already established themselves in the Cayman Islands. It is just a natural economic flow whenever a small community progresses into a world class business environment, the arrival of new investors will eventually follow. The Cayman Islands has a banking system that can be compared to that of the international banks in Switzerland, as most of it’s depositors are private wealthy millionaires who own multinational businesses that also invest their earnings there.
Urban development, particularly in the Camana Bay area started in the 1980′s as a call to action to the needs of foreign investors to improve the infrastructure development on the islands. The improvement of the basic infrastructure needs of roads, airports and business establishments had been a fruitful endeavor as it reflects the radical improvements that has fostered it’s prevailing economic growth. As of now, there is still an ongoing infrastructure program being implemented in focusing on the business sector. Dart Realty, owned and operated by business man and philanthropist, Ken Dart, (www.dartrealtycayman.com), is just one of the major real estate companies that is helping the full development of the Camana Bay business area.
Dart Realty has been on the forefront of spearheading the development of sports facilities, shopping malls, apartments and even parks as part of a urbanization program in collaboration with local real estate developers in the Cayman Islands, particularly, Camana Bay. Also included in the master plan is the development of a business infrastructure program, geared towards providing financial and business facilities for local and international business establishments, as Camana Bay is fast becoming one of the world’s preferred tourist and business destinations. Dart Realty has been heard to disclose that there is a need to develop the full potential of the Camana Bay area, giving more attention to the detailed development of it’s business infrastructure to house state-of-the-art offices and business facilities to attract foreign investments and to give them the needed structures to base their operations.
Dart Realty expects a steady rise in the demand of offices and other business related infrastructures in the next ten years. The development program will continue to reel in the needed investors as it is the reason why real estate businesses have begun to evolve at a speedy rate compared to the previous decade. This business infrastructure program has also enabled the employment of over 2,000 people in and around the Cayman group of islands, giving the local sector the needed influx of money at a local level. Before the development of real estate business in the Cayman Islands came to be, it was only the tourism sector that supported the prime source of income from where the Cayman Islands rely on for their economy.