With four years of robust growth and dozens of projects underway, real estate development continues to forge ahead in the Cayman Islands. According to industry analysts, there are currently around 40 planned or active residential property developments in the islands, as well as commercial buildings, hotels and other projects.
Many projects are concentrated along the expensive and desirable Seven Mile Beach and in South Sound, but from the East End to West Bay, every region of Grand Cayman is part of the boom in buying real estate in the Cayman Islands.
Development is bringing substantial changes to infrastructure, particularly transportation, and projects currently underway on Grand Cayman are expected to further increase property demand and tourist arrivals. Airport expansion has been undertaken and the George Town port is undergoing redevelopment that will add further berthing facilities for cruise ships and mega yachts.
Demand for residential and commercial space at the new town of Camana Bay continues. The area, stretching from Seven Mile Beach to the North Sound, where so much Cayman luxury property is located, is being expanded to include 200 new homes and condominiums.
Applications were recently approved for a new 10-storey apartment building and a new five-storey office block as part of the Camana Bay expansion, with the new commercial office building expected to be completed by 2021, and the residential building, on the eastern side of the Esterley Tibbetts Highway, close to the new Foster’s supermarket, by 2022.
There are also still lots of empty plots of land available on the islands, which provides many opportunities for investors who want more freedom in how they invest in their Cayman Islands property. No direct taxes means the property can be passed on duty-free to family members and vacant land can be owned and held for future investment potential without restrictions.
With a booming market, no monthly or annual property tax, council or capital gains tax levied in the Cayman Islands, property investment is an attractive draw for those looking for a retirement home, holiday getaway or simply a Cayman Islands rental property ROI.
A local broker will be able to make recommendations such as location, nearby facilities, whether to purchase a house versus a condo and, importantly, accurate pricing and valuation. Cayman realtors should be able to advise buyers on properties that are suitable for review, advise them how to get pre-qualified for a mortgage with a bank, if needed, and should be able to introduce potential buyers to ancillary service providers, such as bankers, surveyors and legal advisers.
There are a number of advantages to hiring a real estate broker, most obviously the advantage of expert local knowledge of Cayman Islands realty. Working with a member of the Cayman Islands Real Estate Brokers Association (CIREBA) guarantees you are dealing with a trained, qualified professional whose business is conducted under the strict CIREBA Code of Ethics. It also opens up Cayman’s MLS (multiple listing system), a boon for potential buyers and the first of its kind in the Caribbean. The buyer only needs to share their personal information with one real estate agent to gain access to all listings on the island.
Recent and current activity in the Cayman Islands property market has demonstrated that investing in the real estate market in the Cayman Islands is both secure and profitable. The economic, political and social stability of the islands makes investing here safer and more desirable compared to other Caribbean destinations.
As the population of the islands continues to increase, so does the demand for Cayman Islands property for sale. This increase in the population, alongside a high standard of living and economic growth, contributes to the bright future of the real estate market in the Cayman Islands.
