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.
2020 was an up and down year for land sales, which is to be expected considering the global climate.
29% fewer Low Density Residential land parcels were sold in 2020 vs 2019, with the average price being 21% less than last year. These lots are often sold for single family homes in more attractive areas and are more expensive per lot than others. The decreases here may have been a pricing issue due to several previous years of price increases.
66% more Medium Density Residential land parcels were sold in 2020, with the average price being 40% less than last year. Local developers often prefer this category because it allows more density of development in more attractive locations than high-density land.
50% fewer High Density Residential land parcels were sold in 2020 with the average price being 10% more than last year. Many of these parcels were sold over the past few years leaving us with a lack of supply in this category and this alone will lead to price increases.
17% more Beach Resort Residential land parcels were sold this year with the average price being 48% more than last year. These are development parcels and are considered a longer-term play, and as such are not as affected by COVID-19. Beach is always a preferred option for purchasers if they can afford it.