With its miles of white, sandy beaches and year-round sunshine, the Cayman Islands is the dream tropical investment destination. Not only is Cayman a Caribbean idyll, where world-class facilities and service providers combine to create the ultimate standard of living, it also offers a secure and well-regulated real estate market, ensuring investors can purchase with confidence. Grand Cayman is where most people choose to invest. As the largest island in the Cayman Islands it hosts a wide range of property investment opportunities, from small, family-friendly condos offering fantastic value for money to some of the most luxurious villas in the world. Here’s what you need to know about each district.
West Bay is a great family-friendly community. Bursting with friendly locals and delectable local food it is the perfect place to call home. There are plenty of multi-unit properties that make for a sound return on investment. It is also within striking distance of world-famous Seven Mile Beach, as well as an easy commute into George Town.
Seven Mile Beach
World-famous and multi-award-winning Seven Mile Beach needs little introduction and is the at the heart of real estate in the Cayman Islands. Pristine white sandy beaches, world-class restaurants, boutique shops and a wide range of service providers are all within striking distance, making this area great for a fantastic short or long-term rental investment.
George Town is the capital of the Cayman Islands and home to major banking and investment firms, as well as the Cruise Port. Commercial real estate proves to be very lucrative in this central district, providing a sound return on investment and long-term sustainability.
An interview with Heidi Kiss, broker at Engel & Völkers Cayman Islands
What makes Cayman such a great place to invest?
Heidi Kiss: Many people choose to invest and retire in the Cayman Islands because there is no restrictions on foreign ownership and no annual property taxes. The Cayman Islands Government operates under British common law and is enthusiastic about attracting foreign direct investment. Apart from a one-time stamp duty, there is no annual property tax, including capital gains tax, income tax, non-resident tax, sales tax, or inheritance tax. Title is granted and guaranteed by the Cayman Islands Government.
How has Cayman’s real estate developed over the years and why is now the time to buy?
HK: Despite its size, the Cayman Islands offers much more than beaches and sun. As the world’s fifth largest financial centre boasting a stable government, modern infrastructure, robust economy, and world-class healthcare and education systems, the Cayman Islands has fast become the most vibrant, secure and prosperous Caribbean nation. Cayman real estate has consistently evolved year after year and has proven its steadfast growth through the decades. We will continue to see increased development as the population grows and corporate offices see the value in setting up companies here.
What are the benefits of working with a licensed CIREBA realtor?
HK: An experienced Cayman Islands’ Real Estate Brokers Association (CIREBA) real estate advisor is there with you for the whole process of obtaining your investment in paradise. An experienced advisor has their finger on the pulse of the market and its trends. They will make the process as stress-free for you as possible, and handle any hiccups along the way, be it with paperwork, legal queries and anything else that you may not be equipped to handle. They can also guide you with maintenance, decorating, property management, and many other things as well. Using a trusted advisor for your real estate transaction gives you peace of mind. After all, it is a big investment, and you want the best guide along the way.
Why choose Engel & Völkers?
HK: At Engel & Völkers we love what we do! We understand that home is not a place, it’s a feeling. We offer luxury service minus the ego. We are real estate. We cut through the noise to deliver the best real estate experience possible. We understand it’s not about the transaction, it’s about the relationship.
Highlight some current developments that would make a great property investment?
HK: Vivi, Mantra, Ocean Reach, and Royal Pines, all in George Town and South Sound, are wonderful developments that are attracting a significant amount of interest from investors. Ocean Crest and Allure are also fantastic oceanfront developments for those in search of luxurious living.