How to Find Affordable Cayman Properties

Written by: James Bovell

There is good news for investors seeking Cayman Islands homes for sale. New information from RE/MAX of Cayman Islands suggests that there is an influx of affordable properties with attractive views. Most of these properties are available in the $1-3 million range, making them excellent vessels for retirement savings or as something to pass down to children.

Know the Costs

The greatest asset that a foreign investor has is the ability to speak to someone on Grand Cayman who understands the market. Cayman properties are very different from other Caribbean homes. For starters, there are no annual taxes. A stamp duty is due at the time of the sale, and the owner would need to pay upkeep costs, but the costs to own are significantly lower than other parts of the Caribbean. In addition, owners are not required to show any kind of documentation for bank accounts or earnings in order to purchase in Grand Cayman.

Talk to an Agent

Most people looking for Caribbean homes for sale don’t have intimate knowledge of the area or market. Investments without data tend to be difficult choices for people to make, especially when trying to invest one’s life savings, so a major advantage to securing an agent is talking to someone who understands the local economy.

Look Around

As of August 2015, there was a surprising amount of homes with a canal-front or view for sale. Even more surprising is that those homes have had to lower their prices as much as 15% on average in order to sell. For investors, that means there are deals to be had as sellers begin to price homes more aggressively.