Cayman Real Estate Overview
With a stable economy, high standard of living and beautiful environment, the Cayman Islands is also an ideal place for you to own property.
The Cayman property market is currently very strong, but there has been a lack of properties for sale which has kept the first half of 2018 from matching 2017, although figures are only down by about 4% over a super strong 2017. The average sale price for 2018 (year to date) is approximately 4.5% higher than 2017, but although prices have been rising over the past six months, they are either rising less slowly or tapering down slightly. Realtors are getting the sense that the Cayman property market may not be able to continue at this torrid pace and may need a breather; the price increases may be slowing the market a bit. On the supply side there is actually a 7% decrease in the number of listed units YTD over last year, but the value of the listed properties in the Cayman Islands Real Estate Brokers Association (CIREBA) is up 29% to US$1.85 billion.
Further along in this section you will be given a comprehensive break-down of popular neighbourhoods and their associated price ranges as well as an overview of all the districts in Grand Cayman, Cayman Brac and Little Cayman.
When devising a plan of action for your property search and potential purchase, a general understanding of the local market is the recommended starting point.
The Cayman Property Review, an independent property survey conducted by Charterland, a chartered surveying company based in the Cayman Islands which reports that the total number of open market transfers registered with the Cayman Islands Land Registry. Find this in-depth and interesting read by clicking here.
With no property taxes, owning land in Cayman is a solid and hassle free investment. You can build when you are ready, or sell the land for a profit when it is convenient or necessary. Land sales have increased by about 11% in the past year, but the average price of the lots has decreased by an average of 9%.
The 288 homes currently on the market (July 2018) can be found in a variety of shapes, sizes, locations and at prices ranging from a cottage in Cayman Brac at US$130,000 to a palace on Grand Cayman at US$39,950,000! The average home price sold year to date in 2018 is virtually even with 2017, so home prices have not been rising like the condo sector.
A great selection of condos, apartments and townhouses are for sale across the three Islands and consideration should be given to make sure your new condo home is ‘fit for purpose’. The strata by-laws should be read to ensure they meet your family requirements, i.e. pets, rentals, and management details. Also, strata or condominium fees should be reviewed to understand if any assessments are pending and insurance payments have been factored in. There are complexes available from three units to much larger developments with a variety of amenities.