Cayman Islands Real Estate For Sale
Where are the Cayman Islands?
The Cayman Islands is made up of three different islands; Grand Cayman is the main island, Cayman Brac is the second island, and Little Cayman is the smallest island with little activity. These islands are located in the Caribbean Sea; Cuba is north-east of the Cayman Islands, and Jamaica is south-east. The beautiful islands are a short flight to the states as they are situated about 700 km (430 mi) south of Miami. The most developed island is Grand Cayman.
An overview of Cayman’s real estate market growth
The Cayman Islands’ property market is rapidly growing with rising property prices. The increase in property transactions is due to an increased consumer and investor confidence in the real estate market. In the last few years, there has been a lot of development on the island, which has resulted in more facilities and infrastructure on the island being built. This has improved the real estate market as there are now many more opportunities for investors on the island.
The most expensive and valuable properties overlook the ocean. Housing along Seven Mile Beach are the most expensive due to their prime location on the white coral-sand beach with crystal blue water. Property prices here can be as high as KYD 1,200 (US$1,463) per square foot (sq. ft.). The limited supply of these popular beach front properties have resulted in the increase in their value. Popularity of these condominiums is due to their close proximity to Camana Bay and George Town. There are also many properties overlooking canals which allows investors to have the option of having a boat there. There are still many empty plots of land which is a great investment opportunity because it gives you the freedom to decide what to build on the land. The growth in the real estate market has resulted in an increase in the property prices.
Why real estate in the Cayman Islands is a secure investment
The Cayman Islands is politically stable, democratic and is an autonomous British Overseas Territory. The Queen of the United Kingdom still appoints a governor on the advice of the British Government to represent the monarch on the islands. The governor resides on Grand Cayman and this British oversight provides stability to the islands. The United Kingdom is also responsible for the defense of the Cayman Islands. Furthermore, the legal system is based on the English common law. The legal system in the Cayman Islands is constantly being updated to meet the needs of the modern Cayman Islands as well as to meet high international standards. There is low crime in the Cayman Islands and the islands are very safe and suitable for families with young children. The combination of a stable government and a highly regarded legal system makes investing in the Cayman Islands a secure investment.
The future of real estate in the Cayman Islands
The real estate market in the Cayman Islands is expected to continue growing due to the strong demand of beautiful houses and limited supply. There has been a lot of new hotels, restaurants and residential properties recently built on the islands. Many luxury condominium developments are due to be built in the next few years. There are also still lots of empty plots of land available on the islands, which provides many opportunities to investors who want more freedom in how they invest in their property as they could construct their own development. As the population of the islands continues to increase, so does the demand for property. This increase in the population, alongside with a high standard of living and economic growth contributes to the bright future of the real estate market in the Cayman Islands.
Investing in the real estate market in the Cayman Islands is a secure and profitable investment. The economic, political and social stability of the islands makes investing here easy and safe. The Cayman Islands has a reputable legal system and this will ensure that your investment is safe and makes it more desirable compared to investing in other islands in the Caribbean. Furthermore, the increase in demand for property in the Cayman Islands has been steadily rising and this has resulted in an increase in the value of the properties on the islands.