MCGAW-LUMSDEN PUSHES FOR MORE CAYMANIAN ACCESS TO REAL-ESTATE MARKET

A series of motions and questions in the Cayman Islands Parliament have signalled a high-level rethink of the lucrative real estate sector, principally aimed at ensuring more Caymanian participation.

In what is seen as possibly the most significant development, the broad acceptance by MPs on both sides of the Chamber of a motion by Hon. MP Pearlina McGaw-Lumsden of the main opposition People’s Progressive Movement(PPM/Progressives) could set in motion several changes in the sector.

Tabling her Motion to Protect and Prioritise Caymanian Participation in the Real Estate Sector, the first-time MP argued for more Caymanian involvement in the sector. “There’s a growing concern among many Caymanians that opportunities within this sector have increasingly become inaccessible to them, while the greater share of the economic benefits associated with the sale and transfer of Caymanian real estate is flowing elsewhere.”

The MP for George Town West - who is also Deputy Speaker - said the need to address this disparity has long been known, and steps need to be taken to rebalance the situation. She noted that a successful Private Member’s Motion in February 2025 called for the regulation of real estate agents in the Cayman Islands. “That motion recognised concerns regarding the operations of the industry and called for greater oversight, accountability, professionalism, and consumer protection,” she recalled.

MP McGaw-Lumsden explained that her motion sought to build on that foundation to ensure that Caymanians equally benefit from the opportunities in the sector. “If this House has already accepted that the real estate sector is important enough to warrant greater regulation, then it’s entirely appropriate that we should also consider who should principally benefit from the opportunities created within that sector.”

INCLUSION NOT EXCLUSION

She also stressed and reassured that her motion was not intended to sideline industry professionals who already meet the immigration, work and residency requirements to participate in the real estate market and who have contributed to its success over the years. “This motion does not seek to undermine the industry. It does not seek to discourage investment. It does not seek to unfairly penalise any individual who has operated lawfully and professionally. Rather, it asks the government to review and consider how Caymanians can remain central participants in an industry that is directly connected to one of our country’s most valuable and finite resources.”

The George Town West MP also said that the need to create further opportunities in the real estate sector for Caymanians was not only to address present imbalances but to secure future opportunities for them.

“Every mature economy must ask itself a simple question: Who is being trained today to lead tomorrow? If Caymanians are not entering this profession in meaningful numbers today, who will represent Caymanian interests within the industry 10, 20 or 30 years from now?” she wondered. “This motion is therefore not only about the present, but it is also about the future,” she affirmed.

Mrs McGaw-Lumsden also said that her motion “to Protect and Prioritise Caymanian Participation in the Real Estate Sector” also had implications for other sectors of the economy and industry.

GOVERNMENT SUPPORT

Accepting the motion and committing his National Coalition for Caymanian(NCFC) administration to following through on it, Hon. Premier Andre Ebanks said the objectives align with what the government is already considering.  “Caymanians have evolved and need a greater stake in the success that is coming to their country. You’re right, that this shouldn’t be a surprise. There have been past motions, and no one should be stunned by this…I think Caymanians listening to this will say that they know that they are qualified to do so now. I’m not talking about being entitled; they’re already in the game now, and they are not being given the tools, the legislative power, and the regulatory power to excel. So you have the commitment of this government.” The Premier also agreed that the concept could also be extended to other sectors.

OTHER REAL-ESTATE-RELATED MATTERS

The McGaw-Lumsen motion is one of a series of matters pertaining to the real estate sector that’s being addressed in Parliament. They have taken the form of various motions and questions from the Opposition to the government.

Hon. Leader of the Opposition, Joey Hew, also successfully tabled a motion calling for legislative reforms ‘to ensure landowners receive fair compensation within clear statutory timeframes when their property is compulsorily acquired for public purposes.” 

According to Mr Hew, “No one should have to carry the financial burden of waiting years for fair compensation after their land has been acquired by the Government…While we recognise that roads, schools and other public projects are necessary for our country’s development, fairness demands that property owners are compensated promptly and at the true market value of what has been taken.”

Among the other real estate-related matters addressed during the sitting were questions about what unpublished policies or guidelines are applied by the Central Planning Authority(CPA) when considering applications for developments containing more than two dwelling units or commercial developments within areas zoned Low Density Residential. Another Private Members’/Opposition motion dealt with advancing the implementation of the Residential Tenancies Act.