Cayman Real Estate

The Cayman Islands have a mature yet thriving real estate market. Properties are well constructed and there is a wide variety available including condos, apartments, townhouses and standalone houses. Prices of properties have risen significantly in the last two years.

OVERVIEW OF RESIDENTIAL AREAS

Below is a brief description of the Island’s residential areas: delightful Cayman-style beach cottages are for sale in North Side. A stunning fivebedroom beach front home in Rum Point can go for around US$5.3 million.

East End: The district of East End offers a quiet and more laid back feel, yet some properties are as well-appointed as those found along the Seven Mile Beach corridor. The cost for an elevated ocean front lot with panoramic views can range from US$999,999 up to US$1.4M.

Sister Islands: The Brac’s Bluff has stunning views of the Caribbean Sea and is perfect for those who want a sea view with the added height protection from a potential storm surge. A beautiful .45 acre beach front parcel starts at US$135,000. A one-bedroom 898sq ft ocean view cottage can be yours for US$250,000.

RENTING A HOME

Most new arrivals to the Cayman Islands begin with renting property. This gives you time to get to know the different areas and understand which might be best suited for your lifestyle. There are numerous options for renting from beachfront condos on Seven Mile Beach to townhomes with swimming pools, gyms and other facilities that are great

Seven Mile Beach: Properties along Seven Mile Beach (SMB) usually demand a premium price. Depending on the size, age and location of the property, the price can vary hugely. You can purchase a 610sq ft Grand Hyatt Beachfront Studio Suite for US$521,375, or, on the other end of the spectrum, is an immaculate four-bedroom Watermark ground floor estate residence for sale at US$25 million.

Canal Front Properties: Prestigious canal front neighbourhoods along the Seven Mile Beach corridor, such as Vista Del Mar, Salt Creek, Canal Point and Crystal Harbour, have some of the Island’s finest homes. For those on the hunt for luxury at the next level down, consider looking in Governor’s Harbour, the Shores and Patrick’s Island, with prices starting at around US$1.4 million and reaching in excess of US$5.65 million.

South Sound: The affluent seaside community of South Sound has a good mix of homes on the market, including the new multi-purpose destination Harbour Walk and the modern development Privé, where two-bedroom and three-bedroom townhomes start at CI$735,000 and CI$925,000 respectively. You can also find beach front mansions, able to withstand the scrutiny of the most discerning luxury property buyers.

North Side & Cayman Kai: A wide selection of condos, luxury villas and

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Reasons to buy In Cayman

1.No restrictions on foreign ownership 2.No property, income or capital gains taxes 3.High standard of living 4.Stable economy 5.Low crime rate 6.Top dive sites and beaches 7.Located a one hour flight from the United States

for families. Contact one of the realtors listed on the following pages to discuss your requirements.

BUYING A HOME

Buying a property in Cayman has many advantages, not least that if you are staying for some time, mortgages tend to work out cheaper than rents over a three to five-year period. There is no annual property tax and there are also no restrictions on foreign ownership of a single property. With no requirements for immediate development on purchased land, building is another great option for those desiring a second home.

Investment Landscape

There has never been a better time to invest in Cayman property! Agua, Seacrest and The Watermark are amongst the new wave of exclusive luxury developments rising up along the sought-after Seven Mile Beach corridor. Featuring 54 residential units, The Watermark will provide owners with access to 12 swimming pools, a library and an exclusive owner’s lounge. South Sound is in the midst of a housing boom and modern developments like Fin, situated on the waterfront, are a top choice for investors. New standards of environmental practices, panoramic roof terraces, private beaches and saltwater lagoons are just a few of the distinguishing features that these properties boast. For those seeking sustainable living complemented by luxury services and amenities, look no further.

Financing

There is a level playing field for prospective home owners and investors. Banks welcome overseas clients and many offer great mortgage packages. Interest rates are quoted based on the CI and US dollar prime rates published in Cayman’s retail banks. Many banks require a life insurance policy for mortgages. Your loan officer will advise you if this is required. Standard mortgage terms are usually between 10 to 15 years and can be taken out in either CI or US dollars.

Stamp Duty & Other Charges

A one-off 7.5% stamp duty is payable on all real estate and land purchases and transfers. This duty is paid by the buyer of the property on the purchase price or market value – whichever one is higher. If you’re building a house, provided that stamp duty is paid before construction begins, duty is payable only on the land value and not on the building. There are other charges, such as the one-off 1% duty on mortgages of less than CI$300,000 and 1.5% on mortgages of CI$300,000 or higher.

Choose an Agent

There are many real estate companies based in the Cayman Islands and an ample roster of professionals on hand to assist you with your search. As a visitor to the Islands, we strongly recommend that you select an experienced real estate professional to guide you. You can find some popular real estate agencies on the following pages.

Calico Quay

Sea Star

For a more in-depth guide to purchasing real estate or renting a property in Cayman, visit www.caymanresident. com or www.explorecayman.com.

Happy house huntin’.

CRIGHTON PROPERTIES

Live Your Luxury.

We know Real Estate. We know Cayman. Contact one of our 15 advisors, today or Live Your Luxury. Live Your Luxury. call Heidi Kiss, Broker & Owner on Office +1.345.623.1400 | Cell +1.345.525.1126 We know Real Estate. We know Cayman. We know Real Estate. We know Cayman.

Connect with us On Instagram @engelvolkerscayman On Facebook or online at Contact one of our 15 advisors, today or call Heidi Kiss, Broker & Owner on Office +1.345.623.1400 | Cell +1.345.525.1126 Contact one of our 15 advisors, today or call Heidi Kiss, Broker & Owner on Office +1.345.623.1400 | Cell +1.345.525.1126

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