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Land for sale in the Cayman Islands is a hot commodity that can be a very lucrative investment. Whether you purchase it and hold onto it with the hopes of selling it for a profit once it has appreciated or simply want to build your dream home from the ground up, land offers plenty of opportunities.
Why Land for Sale in the Cayman Islands Is So Attractive
While there are many communities in the Cayman Islands where discerning buyers can find houses and condos for sale, land remains a strong and attractive investment for several reasons, some of which are universal and others that are unique to the Cayman Islands.
?Land is inexpensive to own: Let us clarify. This does not mean that land has a low sticker price, but it means there are low costs associated with ownership. You’ll never need to replace a roof, the windows, or resurface a driveway on land. There are basically no maintenance expenses.
?It is customary for land to appreciate in value, and with no maintenance expenses, nothing can realistically “go wrong” with land that will make it depreciate. Only market fluctuations, not management, cause this.
?Land is a finite, tangible asset that doesn’t wear out or lose value over time.
Now let’s take a look at some of the things that make land for sale in the Cayman Islands specifically attractive to investors, as well as a few things you should know.
A Straightforward Buying Process
The Cayman Islands follow the Torrens System of land registration. Torrens Certificates assign “unassailable ownership of real property” to the titleholder. In the Cayman Islands, every piece of property in the Cayman Islands is registered with a unique block and parcel number, simplifying registration as well as searches for liens, restrictions, or other concerns.
The Cayman Islands do not place restrictions on foreign ownership and land can be bought and held indefinitely, and property rights are guaranteed, thanks to the Cayman Islands’ observation of the Torrens System.
The Cayman’s Land Registry office also generally allows transfers of ownership to take place relatively quickly and efficiently. Transactions occur in two stages: negotiating the offer and closing the deal.
Stamp Duty
Generally, all purchases of real estate in the Cayman Islands are subject to stamp duty, which is a 7.5% duty levied on the purchase price or the market value of the property, whichever is higher, at the point of transaction. Typically the buyer pays.
(Note: Stamp Duty is not applicable to furnishings or other easily removable items from a property, which in the instance of land purchases is not relevant but which applies to structures and additions to purchases of homes or condos. A Cayman real estate agent can help you negotiate this.)
However, there are certain exemptions for first-time Caymanian buyers. Currently (2022), first-time Caymanian buyers purchasing undeveloped land lower in value than CI $100,000 may be eligible for an exemption. (Exemptions are also in place for first-time buyers purchasing homes of less than CI $300,000.)
Property Insurance, Use, Rights, Restrictions
In the Cayman Islands, if a property is considered underinsured, insurance companies may not fully pay out claims. As a result, it is important to work with an insurance professional or surveyor to advise you if you need to purchase additional coverage. However, this is less likely to be a concern for buyers of land than it is for buyers of existing structures.
While the Torrens Certificate system guarantees your right of ownership, it is still important to consult with your real estate agency and your attorney so you can be aware of any restrictions that may exist with respect to the property. You may not want to buy a house that has no rights of access, or which has other restrictions.
What You Should Consider Before Proceeding to Contract
Purchases of land are not necessarily subject to the same concerns of inspection that purchases associated with houses are, but there are still some things you should consider before offering or proceeding to contract.
For instance, it doesn’t hurt to have a surveyor take a look at the land in order to guarantee that, for instance, it has access rights. Your Cayman real estate agent can help with that, though.
Working with an Experienced Cayman Real Estate Agent
As you can see, land for sale in the Cayman Islands, from West Bay to North Side on Grand Cayman out to Cayman Brac and Little Cayman, can be a highly lucrative investment that you can hang onto for years to come - without even needing to see it.
If you’re interested in Cayman Islands real estate, get in touch with us. We have years of experience helping buyers like you find homes - and parcels of land - that meet their needs. Give us a call at 345-949-5250 and let us know what your goals are and we’ll help you find the property that’s right for you.