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After the Second World War, there was a massive rise in the birth rate in the USA. This trend was noticeable from around 1946 to 1960 and the babies born during those years are termed as baby boomers. Today baby boomers are about 22% of the American population and are the wealthiest generation ever in the USA. Now that this generation is retiring the age of 65, many of them will be seeking retirement options in other countries, which they can call their own.
If you are a first time buyer or belong to the baby-boomer generation and are looking for suitable housing options, there are plenty available in the Cayman Islands. Situated just 480 miles southwest of Miami, the Cayman Islands consist of Grand Cayman – the main island and the Sister Islands Cayman Brac and Little Cayman. Together, these islands are already home to people of over 135 nationalities.
Today, the Cayman Islands are renowned for its tourism industry because of their stunning beauty, clear waters, white beaches and an amazing variety of flora and fauna. Besides, the islands have a solid reputation as a global financial centre and an active construction industry. Several residential construction projects are already underway and many other commercial as well as residential projects have already been successfully completed.
Finding a home in Cayman is not such a challenge or those looking to invest and can be one of the most exciting ventures. Much of the modern construction is built according to category five hurricane standards and feature stronger quality components and high quality construction material.
Unlike many nations on the globe, the economy of the Cayman Islands is stable. The islands boast a high standard of living comparable to some of the best nations around the world. Thus, the Cayman Islands are especially attractive to baby boomers who are used to this kind of lifestyle. The tropical environment is fantastic and most Caymanians enjoy living a laid-back life in ‘Cayman time’. Moreover, the Cayman Islands government does not impose annual property taxes, income or corporation tax, or any capital gains tax. Hence, it is worthwhile to consider buying a property in the Cayman Islands. A strong rental market here because of the constant requirement of the banking and tourism industries also ensures smart investment options.
If you plan to own your own first-time residential property here, a variety of options exist such as homes, villas, town houses, waterfront properties, condos, and others, which are suited for any income group. Despite the economic downturn that the islands witnessed in 2008, substantial recovery took place by 2014. Especially the high-end property market saw an overall increase of sales. Much development is taking place in the Seven Mile Beach Corridor and Camana Bay. Many commercial developments such as, the special economic zone called the Cayman Enterprise City (CEC), Health City Cayman, and future development such as the airport terminal project, are adding to the development boom happening here.
Currently, many homebuyers seem to be interested in contemporary home styles, but there are more options present in the form of Mediterranean, Ranch, and Island style options. Depending upon where you would like to work or stay, property areas sell faster or slower than others do.
For example, property closer to George Town and Seven mile Beach could be more expensive than elsewhere on the island. Nevertheless, it is a good option to consult a knowledgeable CIREBA realtor who will know exactly what you are looking for. It is advisable to consider available options first than deciding on building your own home.
Baby boomers can even invest in land, which has a solid investment potential in the Cayman Islands. Beachfront and Canal Front properties are a sound investment. The sale of canal front lots has increased since 2014 with many investors seeking an island lifestyle. Land can also be purchased in districts of East End and North Side & also in South Sound and Savannah Areas in Grand Cayman.
Those who desire a more relaxed lifestyle can choose property options in the sister Islands – Cayman Brac and Little Cayman. These islands are relatively less developed, but offer splendid residential options. So, Good Luck with your home buying options in the Cayman Islands!