Real Estate … WHY Cayman?
Investing in The Cayman Islands real estate market is a big decision but more importantly are the WHERE, WHAT and WHY’s of buying.
Seven Mile Beach is indeed our hot spot for investors – it’s where the tourists want to be and geographically it could not be more fortunate! Positioned facing West, it captures the fabulous sunsets year round and the wave action is calm and smooth. The beach is super clean with powder white sandy beaches adorning almost 8 miles of beach (scratch your head over how we gained a mile in beach since the world-famous Seven Mile Beach was named many years ago!) The Seven Mile Beach corridor offers everything you would need – fine restaurants, souveiner shops, boutiques, jewelry stores, grocery stores, spas, golf courses…you name it. In a nutshell, it’s the South Beach of Cayman, but on a much tamer scale. Prices for a Seven Mile Beach beachfront condo start at US$350,000 and go up to US$9 million, so as you can see the investment parameters are varied as the architectural elements that create each property.
Another geographically-fortunate side of the island is Cayman Kai, which is about 45 minutes from Central George Town. Tucked inside the North Sound Waters and reef-protected, this area is famous for being a local hideaway for many executives as well as a mecca for large families looking for a beachfront home that meets their needs. Cayman Kai (or The Kai as it’s locally called) is tranquil living along shallow, gently lapping crystal clear waters and scenic views. Sitting under a huge swaying Casuarina Pine Tree enjoying a tropical drink, watching the boats go by, beachcombing…you’ll find the Kai just perfect for the quiet vacation spot, with a short pleasant drive to Central George Town and Seven Mile Beach. Property investments here range from canalfront lots at US$250,000 to ultra-prime beachfront lots at US$1million. Condos and homes start at the mid-US$450,000’s and go up to US$4 million. From charming Cayman cottages to luxurious state of the art homes, the Kai also has variety and choices.
Now in between Seven Mile Beach and Cayman Kai, there’s the bustling capital of George Town and the Cruise Ship Harbour. We welcome up to 5 ships a day some days and these daily visitors happily browse our boutiques, jewelry stores and dine, all while looking out at the water with their cruise ship waiting for them.
Although Seven Mile Beach and Cayman Kai are indeed hot spots for investors, there are many other options available. There’s South Sound, Bodden Town, East End, Frank Sound, Barkers Beach, Queen’s Highway, and the eastern side of the Seven Mile Beach corridor. With a wide variety of homes, condos and land, where you would like to buy depends on what you would like to buy – and the choice is all yours!
WHY Cayman? Well, let’s look at the basics first and then we’ll go to the “inside information”. Cayman enjoys a high standard of living, stable Government as a British Crown Colony, a relatively low crime rate, great proximity to North America, Central America, Europe and neighboring Caribbean Islands with just one flight to book, and then of course there’s the banking industry that is strong and solid with banks from all over the world having offices here. We have cutting edge technology, exquisite restaurants, beautiful, pristine beaches, first class hotels, fantastic resorts, incredible shopping and decadent spas…and that’s just what’s obvious!
Unlike other islands, there is no restriction on ownership of a property – as foreign investor, you can freely buy and sell a property and it can be 100% yours. You do not need to live here to own a property; you do not need to have a work permit/license to buy or sell a property; and you do not need a partnership with a local to own a property. If you would like to start your own business, Cayman Law requires that you have Caymanian ownership of at least 60% of the business or under special circumstances you can apply for this to be waived through a different licensing law, which a local attorney can assist you with. This however, is the only aspect in which a Caymanian has to be involved in your venture – property ownership is not relative to this situation. Our Government, Banks and Law Firms welcome overseas investors and the financial sector is well versed in all aspects of large-scale developments as well as first-time buying. Doing business in Cayman is not difficult and is a straight-forward process.
Now, for the inside scoop…in the wake of Hurricane Ivan, Cayman has seen the continuation of the buoyant market (very much in place before the storm) and a large amount of re-development and new development. Older Seven Mile Beach properties - many of which were poised for re-development prior to Ivan - have been sold to developers at essentially land value. The existing structures will be destroyed and room will be made for many high-end developments. We’ll see the realization of these projects within the next 18 – 24 months. With this, the values of beachfront condos will undoubtedly rise, making any buy now an even bigger plus. If you’ve been watching the market, you have heard it said that we are in the “last of the good buys” before, but since Ivan, we’re not in the last of the good buys, but indeed are in “the last of good buys under US$1 million”. Entry-level investments are priced at US$350,000 and go up from there and are located on the Southern End of Seven Mile Beach. Once the storm renovations are complete, this area will rise in value to fit closer to the US$500-600,000 range and, as is typical for properties along the beach, it will appreciate nicely at about 7-10% per annum after that. The people that have been coming here for many years (from the mid-80’s) are kicking themselves that they didn’t buy back then, so the key factor in buying is buying early, on the cusp of a big boom…and we are headed right now for a big boom indeed!
Kass Canada Coleman is a Sales Associate with RE/MAX Cayman Islands. She has worked at RE/MAX since 1991 and during her career has achieved numerous Top-Producer Awards for the Caribbean, is a Member of the RE/MAX Hall of Fame, a 2004 Recipient of RE/MAX’s Lifetime Achievement Award, is a Member of the Institute for Luxury Home Marketing. While she has a diverse range of experience in all aspects of real estate, she specializes in the sales and marketing of luxury homes and condos.
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