Cayman property is surprisingly affordable for what you get, which is why so many foreigners are investing in property on Grand Cayman. By some estimates, nearly half (or a bit more than half) of all properties are purchased by foreign money.
There are a variety of reasons to own property in Cayman, according to James Bovell of Dream Finders. Some work there temporarily, so it’s helpful to have a place where they can stay for several months on end. Those properties also make for excellent rental opportunities. This is thanks to the tax free income one can accumulate renting these properties. It’s true you’ll pay a duty at the time of purchase, but the rest of the life of the home is tax free.
Land in Grand Cayman is also increasingly difficult to find. Investors were buying plots of land and inexpensive homes, hoping to capitalize in changing market conditions. Some of those investors lucked out and sold at a gain, others are still holding onto their properties. That’s because more people flowing into the Grand Cayman economy prefer a home that’s already built, and one that features modern amenities.
Cayman homes should offer solar power, water efficient landscaping and other perks that help modernize and sell the property effectively. A plot of land does offer a new buyer a more affordable method to build the dream house they want, but it doesn’t help someone who wants to settle now. Plus, costs for such projects frequently exceed the budgets that owners set for building. This is a hassle that people are increasingly finding easy to avoid.