Overview of the Property Market in the beautiful Cayman Islands

The real estate market in Cayman is buoyant. The structure of the market is very straightforward, apart from a one-time stamp duty, there are no annual property taxes or restrictions on foreign ownership by individuals and title is granted and guaranteed by the Cayman Islands Government. Title to land is recorded in a modern, computerized, reliable and centralised World Class land registry, where every plot of land is mapped and given a descriptive title number based on its location. Encumbrances such as mortgages, rights-of-way and cautions pending contract are recorded on the title register of that parcel of land. Vacant land can be owned and held for future investment potential. To date, Cayman real estate has proved to be an attractive and profitable investment. There are many ways of owning land here on Cayman, individually, by group, by partnership or by company. Depending upon your individual circumstances you can choose the best way to hold property – if in doubt we recommend that you retain the services of a property lawyer on island. We would be pleased to make some recommendations to you.

Buildings are subject to planning regulations and are required to be constructed to high standards, which are constantly under review. These are monitored by the Cayman Islands’ Building Control Department, which carries out inspections on such things as building sites, plumbing and electrical work. Construction companies now have to follow the guidelines of the recently gazetted Builder’s Law. Construction materials have, for the most part, to be imported and are subject to duty on the landed value, usually at around 20%, although this maybe subject to change due to recent budget announcements. Consequently, the cost of building can be considerably higher here with an average cost per square foot from around US$250 excluding land. Single family homes, condos and townhouses are available for purchase. Prices vary depending upon location, size, design and other features. Water and beach front properties, particularly those on Seven Mile Beach, command high prices. Your purchase decision may also involve investment considerations such as the ability to rent your property short term or long term.

To enquire further about property in the beautiful Cayman Islands please click here.