Cayman Islands Real Estate - Ricks Cayman Properties

5 Tips to buy a house in the Cayman Islands

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May 22, 2017

A Cayman Islands property is one of the most preferred choices of investments among investors and tourists-visitors all over the world. The reason for selecting an island property is the multiple utility of the real estate like renting out, retirement home, weekend home or setting up a hotel, lodging, resort, residence or corporate establishments.

Cayman real estate is booming as always and you need to book profits by purchasing on time. Grab this lucrative investment option at the earliest. Among investors and buyers, Grand Cayman’s George Town residential properties, real estate of the Seven Mile beach, West Bay and the Beachfront homes of the South Sound area sell fast. Absence of capital gains and property taxes along with ease of foreign ownership are attractive incentives that keep the sector bullish.

5 Tips to buy a house in the Cayman Islands

Following are the key considerations to buy land or property in the Cayman Islands.

1. Understand the local market

If you are a first-time investor or visitor intending to buy real estate in Cayman Islands, you must visit and check for yourself to understand the varieties of land and property options available along with the prevalent rates. If the purchase is not for personal use, renting out option is an equally good investment consideration. Come and check the properties yourself!

2. Hire a real estate expert

Hiring a real estate agent is highly recommended, if you wish to buy a property in the Cayman Islands. Despite your knowledge of the local market, it is better to hire an agent who can guide you through all legal and registry compliances, saving your time and resources. Look for an agent whose intimate knowledge of the local market will ensure you will find the best ‘value for money’ deal. Once the agent has the general parameters of what you are looking for he can provide you with a shortlist of properties that fit your criteria and arrange for you to see these properties when you visit. Canal-front and waterfront properties are very popular these days.

Rick Burgos - Cayman Real Estate Agent

And don’t miss out the benefit of the local tradition, wherein the agent’s commission is paid by the seller.

3. Stable & safe economy to stay

If you are thinking to buy a house in Cayman, there’s no ifs and buts. The Cayman Islands is the ‘Culture capital of the Caribbean’. It is one of the safest multi-cultural and yet homogenous communities to live in with citizens enjoying a high standard of living and per capita and world-best services from financial services to hospitals and hospitality. Generally for residential purposes, George Town residential properties are most sought-after buys at Grand Cayman.

4. Finance options

The financial services sector is the largest contributor for the real estate industry. The monetary authority supervised 158 banks at the end of March 2017 even as the Islands host more than 40 of the 50 largest banks of the world. Easy finance is a big boost to the real estate sector at the Cayman Islands. So drop your worries and check out the best financing options available. Banks welcome proposals with standard mortgage terms of 10-15 years and rates taken out in either KYD or US dollars.

Finance options

5. Positive outlook

The first seven months of 2016 saw the average value of freehold property transfers rising by 23.8% to KYD 389,602 (US$ 475,124) over the same period in 2015. The fundamentals are strong this year despite the vote for Brexit. Therefore, your investments are safe and fruitful.

What are you waiting for?

A one-hour flight from US can land you investing at the top diving sites and beaches or grab a perfect Cayman home for sale.

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