If you are looking for an eight-bedroom estate on 250 feet of Caribbean beachfront, then perhaps the Castillo Caribe fits the bill.
Q&A: Biggest hurdle is residency
Last Updated: May 06, 2011
Will Castillo Caribe fetch US$59.5 million (Dh218.5m)? Unlikely. Although the market has improved significantly this year and brokers are seeing more interest in Cayman Islands property than since 2008, the most expensive luxury properties are slow to move - none worth more than $6m sold last year.
How much does the average property cost? According to the lands and survey department, the average price of a residential home sold in March this year was $645,442.
Then it's a good time to snag a bargain? Probably, but residential prices have not dropped as much as many US markets, for example, because Cayman Islands property did not rocket in value so much during the boom years.
Is the tax-neutral status of the islands still under threat? Although buyers must pay stamp duty on property purchases, the islands do not levy property, income, capital gains or inheritance tax. Because the local economy has improved in 2011, new taxes now look unlikely.
What else should foreign buyers consider? There are no restrictions on foreign property ownership, but securing working or residency permits can be a hassle. Investors receive a residency certificate for 25 years if they spend $900,000 on property.
This 48,000 square foot Cayman Islands mansion was built only in 2008 when the 35-year-old software billionaire Jerry Beck decided to retire to the islands. It is situated on Grand Cayman, just south of George Town, and listed for US$59.5 million (Dh218.5m) with Sotheby's International Realty.
It is the most expensive home for sale in the Cayman Islands. The next dearest residential property available is the Twin Coves Estate, another eight-bedroom, ocean-front property on Grand Cayman, which is up for grabs for a mere $17.8m.
So what do you get for almost $60? The Castillo Caribe has a 5,000-sq-ft great room with two grand staircases and floor-to-ceiling windows looking out to sea. Then there's the banquet hall, wine cellar, spa, gymnasium, rooftop helipad, swimming pool and grotto that would surely meet the approval of the magazine publisher Hugh Hefner, tennis court, indoor golf and a cinema. Fortunately, since it is right on the beach, the house also meets the top hurricane resistance specifications.
Cayman Island residential sales since January 2010:
Last Updated: May 05, 2011
1 Four-bedroom house on Finger Cay Road, sold Dec 2010 $4.5m.
2 Three-bedroom Sovereign condominium, sold Jan 2011 $3.8m.
3 Four-bedroom Commonwealth condo, sold Jan 2011 $3.3m.
4 Three-bedroom Water's Edge condo, sold March 2011 $3.1m.
5 Three-bedroom condo at The Meridian, sold Feb 2010 $2.8m
Source: Cireba
Still, it has been on the market for almost a year, which is no surprise considering last year was a terrible time to try to sell property in the Cayman Islands, much worse than 2009. Residential prices fell between 10 per cent and 25 per cent compared with 2009 and land transfers declined 23 per cent.
That was because many financial institutions based in the Cayman Islands laid off expatriates during the recession, which reduced the resident population, and with it, demand for property. After the islands posted a budget deficit, there were also fears the UK government would impose direct taxation on the UK Overseas Territory. This made would-be investors wary and few properties changed hands, even along the popular Seven Mile Beach on Grand Cayman, which attracts many foreign buyers.
However, if you buy the Castillo Caribe, you do not just get the house and grounds. To sweeten the price tag, the owners are also throwing in all the furnishings, from the grand piano in the great room to the bouncy castle and ball pool in the kids' playroom.
The Quote: "Last year, there was the recession, the budget deficit and murmurings of a property tax, which led property investors to be nervous. But this year is a very different story." Jeremy Hurst, the president of the Cayman Islands Real Estate Brokers Association
business@thenational.ae
Company%20Profile
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Company%20Profile
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
Normal People
Sally Rooney, Faber & Faber
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match details
Wales v Hungary
Cardiff City Stadium, kick-off 11.45pm
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School counsellors on mental well-being
Schools counsellors in Abu Dhabi have put a number of provisions in place to help support pupils returning to the classroom next week.
Many children will resume in-person lessons for the first time in 10 months and parents previously raised concerns about the long-term effects of distance learning.
Schools leaders and counsellors said extra support will be offered to anyone that needs it. Additionally, heads of years will be on hand to offer advice or coping mechanisms to ease any concerns.
“Anxiety this time round has really spiralled, more so than from the first lockdown at the beginning of the pandemic,” said Priya Mitchell, counsellor at The British School Al Khubairat in Abu Dhabi.
“Some have got used to being at home don’t want to go back, while others are desperate to get back.
“We have seen an increase in depressive symptoms, especially with older pupils, and self-harm is starting younger.
“It is worrying and has taught us how important it is that we prioritise mental well-being.”
Ms Mitchell said she was liaising more with heads of year so they can support and offer advice to pupils if the demand is there.
The school will also carry out mental well-being checks so they can pick up on any behavioural patterns and put interventions in place to help pupils.
At Raha International School, the well-being team has provided parents with assessment surveys to see how they can support students at home to transition back to school.
“They have created a Well-being Resource Bank that parents have access to on information on various domains of mental health for students and families,” a team member said.
“Our pastoral team have been working with students to help ease the transition and reduce anxiety that [pupils] may experience after some have been nearly a year off campus.
"Special secondary tutorial classes have also focused on preparing students for their return; going over new guidelines, expectations and daily schedules.”
'The Sky is Everywhere'
Director:Josephine Decker
Stars:Grace Kaufman, Pico Alexander, Jacques Colimon
Rating:2/5
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
RESULT
Fifth ODI, at Headingley
England 351/9
Pakistan 297
England win by 54 runs (win series 4-0)
Results
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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UAE currency: the story behind the money in your pockets
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Race card for Super Saturday
4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
