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Cayman Islands / Real Estate

By Judith Baker

There are three Cayman Islands, each quite different in character. Of the three islands, Grand Cayman is the largest, measuring 8 miles across at its widest, and 22 miles long, and has the most developed infrastructure of all three. Rugged Cayman Brac is the second largest, and Little Cayman is a small, sleepy paradise island, and the least developed of all three.

Discovered by Christopher Columbus in 1503, a colourful variety of settlers followed including deserters from Oliver Cromwell’s army, refugees from the Spanish Inquisition, shipwrecked mariners and pirates.  Nowadays, around a third of all residents are non-Caymanians, with the current population made up of over 90 nationalities.  The highest proportion is from the US, Canada, and the UK and nearby Jamaica, with English being the primary language.

A British Overseas Territory, with a Governor appointed by the Queen and an elected Government of Caymanian Ministers, the islands are best known for being an offshore financial centre, which does not tax income, property, corporate earnings, inheritance, retail sales or capital gains, making it a magnet for business: Nearly 68,000 hedge funds, banks and companies are officially domicile in the Cayman Islands

The property market is consequently oriented towards offshore businesses and the retirement community although many buy homes here simply to enjoy the beautiful tropical fauna and crystal clear waters, ideal for snorkelling and diving.

Grand Cayman is home to more than 600 banks. It is the fifth largest banking community in the world. On the island, banking is the number one industry with tourism a close second. Grand Cayman has one of the highest standards of living in all the Caribbean. It is an extremely modern island with more fax machines and cellular phones per capita than anywhere else in the world

2011 was a good year for property sales in the Caymans, with various projects in the pipeline such as Cayman Enterprise City, the expansion of the George Town port and the potential expansion of the airport.

There are a number of key areas to buy homes in Grand Cayman around the popular Seven Mile Beach area, including Dragon Bay a luxury resort community, anchored by The Ritz-Carlton, Grand Cayman and stretching 360 acres from sea to sea between Seven Mile Beach and the North Sound.

The Town Centre of Camana Bay is Grand Cayman’s newest community and is situated on 500 acres that stretches from the sea on Seven Mile Beach to the North Sound on the other side Residential options include The Terraces, apartments for rent with homes being available for sale soon. The Terraces are located in the heart of Camana Bay’s Town Centre and are a collection of 60 one and two bedroom loft-style apartments, ‘courtyard homes, cottages and town homes, canal-front homes and condos to suit a variety of different buyers and price points.

At the moment an exclusive ocean front penthouse on the South Sound will sell for about US$130, 000000 but a condo unit is available for around US$250,000

In the last few years a handful of fractional ownership developments have arrived on the Caymans scene, such as at Lighthouse Point which offers an opportunity to enter the buoyant Cayman Islands real estate market at a fraction of the cost

Cayman Brac, being smaller, has much less development and the majority of long term residents live on the north shore. There are now a number of homes and apartments located throughout the Bluff.

Little Cayman is tiny, without even a town as such, but it is a haven for divers who head to the north of the island where there are a number of resorts and villas.

Buying property: There are virtually no restrictions on foreigners buying land in the Cayman Islands and the buying process is relatively simple. Upon entering into a contract, a 10% deposit must be paid.

Property taxes & fees: Buyers are required to pay a 7.5% Stamp duty within 45 days of closing.

See below for listings of Cayman Island Real Estate Agents.

 

Browse Real Estate Agents on Cayman Islands

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Or read our other island guides

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Looking for inspiration?

  1. Take a day sail to Stingray City
  2. Walk the length of Seven Mile Beach
  3. Dive the many sites off Little Cayman
  4. Enjoy a guided tour of Cayman Brac
  5. Choose from three excellent restaurants in Osetra Bay

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