Is buying real estate in the Cayman Islands a good investment? No. “Good” is too weak a word. Paint it any way you like, buying property in the Cayman Islands is a great investment. Using the word “good”, doesn’t do the opportunity justice.
Furthermore, other than the number of properties a foreign national can hold without a business license, there are no restrictions on foreign property ownership. In fact, the Government encourages it. The same cannot be said for Bermuda and other Caribbean islands, so the Caymans is where most of the smart money goes.
Property transfer in the Cayman Islands is also a breeze in comparison to neighboring Caribbean islands. According to Eloise Jiggins of OKCayman.com, the Caymans has one of the most simple and efficient real estate processes in the world. So buying real estate in the Cayman Islands is not only a good investment, it’s one that comes minus any unnecessary red tape.
Despite the fact that the Cayman Islands has been a real estate hot-spot for many decades, there are still plenty of investment opportunities. New developments are underway all over the islands. So if you hope to invest in property in any of the most popular areas, such as 7 Mile Beach or West Bay, there is nothing to hold you back. The sky’s the limit and, in the Cayman Islands, what a blue sky it is.
Some Cayman Island Investment Considerations
There are many reasons buying real estate in the Cayman Islands is such a good investment. The low crime rate is just one of them. If you are seeking a residence to become your new home, living in a safe, crime-free neighborhood is likely a primary consideration. Especially if you are going to be living there as a family.
If you are investing in property to re-sell at a profit, you don’t want to worry about its value decreasing due to vandalism or other acts of pretty crime. Low crime is also a consideration if you are looking to invest using a Cayman Islands real estate website to use as part of a vacation rental business. The fact that the crime rate is so low is one of the many reasons so many people are searching for property in the Cayman Islands.
The Caymans also offers excellent health care, great schools, and a climate that is second to none. The islands boast a combination of white sandy beaches, tropical sun, and clear blue waters that has timeless appeal. Couple this with recreational activities galore and some of the best cuisine in the Caribbean and it’s easy to see why so many people love the Cayman Islands so much. The fact that residents enjoy a tax-free status is an added bonus that wealthier individuals appreciate.
Some Popular Areas Where Real Estate Buyers Often Invest
The Cayman Islands offers such a rich opportunity for real estate investment, you can’t really go wrong. However, certain areas tend to be more popular than others. For instance, some people prefer to invest in property in Georgetown. It’s the capital city and where most of the work happens. Other prefer to buy in the immensely popular 7 Mile Beach Corridor, while those who have families or want to enjoy a less hectic environment opt for West Bay or Rum Beach.
With a population exceeding 20,000, George Town is actually where most of the Grand Cayman population lives. The Cayman Islands capital is home to the city’s port. The cruise ship terminal is also located there.
The downtown area contains many of the city’s office buildings. It’s also where you’ll find most of the banks and other financial institutions. People who choose to buy real estate in George Town are likely to have work or business interests in the area. Then again They may just like to be in the midst of all the hustle and bustle and enjoy the big-city lifestyle.
7 Mile Beach
If George Town is where most of the work gets done, 7 Mile Beach is the spot where a lot of the partying happens. It’s also a great place to stretch out and relax. Seven Mile Beach attracts more tourists than any other Cayman Islands location. In 2015, it was named “Best Beach in the World” by US News & World Report.
Not surprisingly, it’s well-equipped to cope with the tourist demand. There are numerous beachside bars and resorts and those who venture a little further away from the sea and the sand can enjoy a change of pace by exploring some of the many retail outlets. The real estate options are many and varied range from holiday homes to luxurious condominiums. For anyone seeking a good real estate investment opportunities, 7 Mile Beach has some of the hottest properties in the Cayman Islands.
Rum Point has much the same to offer as 7 Mile Beach when it comes to sea and sand. However, located on the other side of the island, it’s a more tranquil option. It’s a great place for those who want to get a better feel of the island and escape some of the tourist crowd.
Although Rum Point has more of an island atmosphere than 7 Mile Beach or Georgetown, it’s still got all the amenities visitors could wish for. When swinging in a hammock, swimming, or enjoying a picnic on the beach loses its appeal there are plenty of other options. Hitting the waves on a Wave runner is just one of many pursuits on offer. The Rum Point real estate market offers many good investment opportunities. It’s a place where countless families are keen to set-up home.
Although it has all the sun, sea, and glorious white sand you would expect for a Cayman Islands region, West Bay is more of a residential area. It offers an ever-growing number of good real estate investment opportunities. Like Rum Point, West Bay is an extremely family-friendly location and kids of all ages are drawn to the nearby turtle farm.
West Bay residents get to enjoy island living at its best within a community atmosphere. The people who buy and rent real estate in the area are often planning to stay. The West Bay real estate market also offers some of the most pocket-friendly opportunities on the Cayman Islands.