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.
After 2020’s up-and-down year for land sales due to the overall global climate, the first half of 2021 saw a restabilising and gradual increase in certain areas.
72% more Low Density Residential land parcels were sold in the first half of 2021 versus the same period of 2020, with the average price being 53% more than last year. These lots are often sold for single-family homes in more attractive areas and are more expensive than others.
In contrast, 73% fewer Medium Density Residential land parcels were sold in the first half of 2021 and 50% fewer High Density Residential land parcels were sold. Many of these parcels were sold over the past few years leaving Cayman with a lack of supply in this category.
For Beach Resort Residential land parcels, 200% more were sold during the first half of 2021, compared to the previous year! These are development parcels and are considered a longer-term play, which is always a preferred option for purchasers if they can afford it.