Condominiums & Apartments
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’.
In regards to real estate sales, the strongest residential sector this past year has been condominiums. Seven Mile Beach has led the way with price records being set in new projects where units have been offered for sale. Cayman began to come out of the recession in 2015, so we have had a 2.5 year run which has led to these new record price levels. Lack of supply of existing units has led to both higher prices and fewer sales in the past 6 to 12 months. The value of the average condo sold in the MLS by CIREBA firms rose by 27% in 2018 (as of July), however, the number of units sold is actually down 24%.
Condos will always be in greater demand than other residential options (like homes) in a resort location like Cayman where we have a lot of short-term visitors. Therefore condos, especially on Seven Mile Beach, are perfect for visitors and short-term residents, but the longer you expect to stay in Cayman, the less this living style will fit. Many condos are designed for rentals and short term stays both in their physical location and in their by-laws, while others are designed and built for longer term stays. Only a very few manage to keep both types of purchasers happy for very long, so you should make sure you know which you are getting before you buy. Your realtor and the condo manager will help you with that. 2018 condo prices currently range from US$520,000 to US$16,150,000 on Seven Mile Beach and there are 176 for sale, but the majority are pre-construction units. Many existing units are only coming on the market to allow sellers to realise some profit. Nobody really wants to sell their Cayman property, but sometimes the appreciation just gets the best of them; that, and maybe a change of living circumstances (age, divorce, downsizing, etc.)
For lots more information on what each district in Grand Cayman, Cayman Brac and Little Cayman offer, read on.