Real Estate as an Economic Driver

  • 1 year ago
  • 1
The real estate market is changing; life in general, in almost every aspect, is changing. Here at 1503 Property Group, we embrace change, in fact, we thrive in it.  As the economy starts to open back up in the coming weeks, we are putting new safety and distancing practices in place for engaging with agents, showing properties and getting back to work in a safe way, while still leveraging the virtual processes that we have already implemented.

More details on the changes we are putting in place will be announced soon.  That said, what isn’t changing is the fact that real estate is and always has been a key force in driving our local economy.

We know that there are many people whose homeownership plans may have changed as a result of coronavirus and for those that have had to put plans on hold we’re here to help whenever you’re ready. However, if you’re still in a position to buy a home, just know that you’re a major economic force in the local economy.

When you purchase a property, you’re driving the economy. In the Economic and Statistics Office’s “Economy at a Glance” report they list 25 key economic indicators with Property Transfers and Value of Planning Approvals as two key components. So while you’re fulfilling your need for shelter you’re also stimulating the economy and generating jobs and income for a whole host of companies.

It doesn’t end with the seller or the real estate companies, the positive economic effect of a real estate transaction includes the lending institutions, the valuers, the home inspectors, insurance companies, attorneys, the Cayman Islands Government and many more important contributors to the process. Following the transaction the business benefactors in most instances also include contractors, hardware stores, furniture stores, pool companies, landscapers, locksmiths.… the list goes on.  And while you may only see a few faces throughout your real estate transaction there are teams of people behind the scenes at each of these companies getting the job done.

1503 Bottom Line
The importance of homeownership to long term financial health cannot be understated.  The essential need for shelter and a safe place to live is not going away so if you are in a position to buy a property your purchase will be a key contributor to our economic recovery. While creating economic gains for yourself and your family you are also creating gains for many local companies, the government and the overall economy.  Whether you’re ready to make a move now or later we’re here to help and have the skills and knowledge to assist you as you assist the economy.

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