The Cayman Islands, with their stable political and civil infrastructure, rich historical offerings, and many beautiful sights and scenes, attract people from all over the world, every year.
Many of them want to come back to Grand Cayman, Little Cayman, or Cayman Brac – for good.
Cayman real estate is highly attractive to buyers from around the globe, and fortunately, there are no restrictions on foreign ownership. Here are a few things you should know, as a primer, if you’re considering buying.
Buying Land in the Cayman Islands
As stated, there are no restrictions on foreign ownership in the Cayman Islands and the government guarantees the right of ownership of each parcel of land. This guarantees that the owner of the parcel is the only one with the right to transfer ownership – there are no other interested stakes involved.
Buyers must pay a “Stamp Duty” on real estate in the Cayman Islands, including on land, evaluated as 7.5% of the purchase price or the market value of the property, whichever is the higher. After the purchase, the right of ownership is guaranteed and the owner of the land may hold onto the land, develop it, or sell it as he or she sees fit.
Buying Homes or Condos
The past few years in Cayman real estate have seen a lot of action. Sales of homes and condos were high through the first part of 2021, but dwindling inventory has raised asking prices.
However, certain qualifying real estate purchases to first-time Caymanian buyers are eligible for a waiver of the Stamp Duty.
Regardless, the many safe neighborhoods, investment opportunities, and recreational attractions are keeping interest in Cayman Islands homes and condos strong, with no signs of interest abating, despite a limited inventory of properties.
This makes it all the more important to work with a qualified, experienced Cayman real estate agent that is familiar with the local market.
CIREBA
CIREBA, the Cayman Islands Real Estate Broker’s Association, was formed in 1987 to create a sense of regularity and consistency within the Cayman real estate industry to the benefit not only of brokers but of buyers and sellers.
CIREBA has established a Code of Ethics and provides training for its members. The Code of Ethics guarantees professional conduct and service and upholds established business standards and practices.
CIREBA also provides regular training to its members in order to ensure that they are up to date on current practices, regulations, and requirements within the Cayman real estate industry.
CIREBA also provides a professional network for real estate brokers and agents and offers the Multiple Listing Service (MLS), a database through which all listed properties are accessible to CIREBA agents to show or sell.
This has consolidated so many aspects of searching for a home and made it so much easier for buyers and sellers to get in touch with each other through CIREBA brokers.
Working with a Trusted Cayman Real Estate Agent
Partnering with a member of CIREBA is a guarantee of superior service. Moreover, and for foreign buyers especially, working with a Cayman real estate agent that understands the local market can put you in touch with listings and answer your questions about buying overseas.
Work with a member of CIREBA like Crighton Properties, which for 50 years has been connecting the dots for those interested in property ownership in the Cayman Islands. Visit their website via the link above or get in touch with them directly at 345-949-5250.
