Why OLEA is the Cayman Islands’ Hottest Real Estate
The waterfront town of Camana Bay, located just across from Seven Mile Beach, has long been a vibrant destination in Grand Cayman.
And now it’s home to one of the Cayman Islands’ newest and arguably hottest real estate offerings, too.
It’s called OLEA, and it’s the first-ever for-sale residential real estate at Camana Bay, set in the 685-acre, walkable community, with amenities ranging from a yoga green to a resort-style swimming pool to the first-ever lazy river
A 10-minute walk away from the acclaimed Seven Mile Beach and a 10-minute drive from the Owen Roberts International Airport further lends to the appeal of this harbourfront development.
OLEA is a joint venture between Dart Real Estate and the NCB Group, two of the Cayman Islands’ leading development companies, with the first phase of residences set for occupancy in May 2021. OLEA also has received award acclaim, having won the five-star award for Best Sustainable Residential Development in the Americas at the International Property Awards in 2019.
In all, OLEA will have 124 homes for sale across all of its phases. The residential properties include condominiums, townhomes and duplexes ranging in price from approximately US$660,000 to $2 million.
So far, 82 units have been released for sale, with 57 units already sold and just 25 units left, according to Provenance Properties, the exclusive Christie’s International Real Estate affiliate in the Cayman Islands, which is marketing the property.
“Most of our interest is coming from our local working professionals (partners/lawyers/etc) and some overseas interest (USA/Canada) due to the Global Citizen and residency by investment programs,” said Shanice Ebanks, sales specialist at Provenance Properties.
The typical 7.5 percent stamp tax (land transfer fee) on real estate transactions in Grand Cayman will actually be paid by the developer for all purchases made at OLEA before June 30, 2021.
Even better? OLEA is one of the Caribbean’s greenest real estate projects, with a broad focus on sustainability and its own solar array (it’s also built to Miami-Dade Hurricane standards).
While it’s a residential community, OLEA is well-suited to those looking for the “lock and leave” lifestyle, too — from part-time residents to snowbirds looking to escape winter weather.
“Another factor that is driving interest to OLEA would be the pre-paid stamp duty tax and the central location in the Seven Mile Beach corridor and unrivaled amenities that OLEA will offer,” Ebanks told Caribbean Journal Invest.
And then there’s the greatest amenity: Camana Bay itself, the mixed-use community that’s a veritable town square, with an array of shops and restaurants, commercial office space, a movie theatre and an endless slate of activities from farmers markets to art installations.