The Cayman Islands offer a wealth of abundant opportunities for investors and prospective homeowners, both domestic and international, with plenty of land, houses, and condos for sale.
For those interested in Cayman Islands condos for sale, here are a few things you should know before you start your search in earnest.
What Are the Average Costs of Cayman Islands Condos?
Arriving at an average figure associated with Cayman Islands condos for sale is not particularly easy, since prices will vary significantly according to location, size, and other factors.
However, generally speaking, the average price of a condo in the Cayman Islands is in the range of $400,000 to $2 million.
For example, a one-bedroom condo on Seven Mile Beach may cost around $500,000, while a three-bedroom condo in the same area may cost around $2 million. The price of a condo in the Cayman Islands can also vary depending on the amenities offered. For example, a condo in a resort development with access to an on-site pool and fitness center may cost more than a condo without these amenities.
In addition to the size and location of the condo, the average price of a condo in the Cayman Islands is also affected by the local real estate market. The Cayman Islands’ real estate market is driven by a combination of factors, including the local economy, interest rates, and the demand for property in that specific area.
About Life in the Cayman Islands
The Cayman Islands are certainly not the only beautiful locale in the Caribbean, so what is it that attracts so many buyers to our shores?
Well, if you’re thinking about looking for Cayman Islands condos for sale, consider the following.
The Cayman Islands enjoy a tropical climate year-round. The islands rarely experience extreme weather and through much of the year, it is pleasant and sunny.
The Cayman Islands are home to some of the most stunning natural beauty in the Caribbean. From crystal-clear waters to lush forests, the islands offer a breathtaking landscape that is sure to captivate anyone who visits.
The Cayman Islands are one of the safest places to live in the Caribbean. The islands have a low crime rate and a strong police force, making them a great place to live if you’re looking for a safe environment.
The Cayman Islands are home to a vibrant and diverse culture. From colorful festivals and a vibrant music scene to delicious cuisine, there’s something for everyone in the Cayman Islands.
The Cayman Islands also have a thriving economy, with a strong financial sector and a tourism industry. The islands also offer excellent employment opportunities, making them a great place to live if you’re looking for a job.
All in all, the Cayman Islands offer a high quality of life to their residents. With their stunning natural beauty, vibrant culture, and excellent employment opportunities, it’s no surprise that people love living in the Cayman Islands.
Condos vs. Houses in the Cayman Islands
Both houses and condos for sale in the Cayman Islands have their advantages, but depending on your particular needs, a condo may be the better choice. Here are some of the best reasons to buy a condo in the Cayman Islands instead of a house.
First, condos tend to be more affordable than houses. This is especially true if you're looking for a place to live in a popular area. Prices of condos tend to be lower than those of houses, so if you're on a budget, a condo may be the more affordable option.
Second, condos tend to require less maintenance than houses. If you're not a fan of doing yard work or home repairs, a condo may be the way to go. Most condo associations take care of the exterior maintenance, such as mowing the lawn or painting the building. Depending on the complex, you won't have to worry about any of that with a condo.
It’s also customary for condos to offer more amenities than houses. Many condos come with a variety of amenities, such as a pool, gym, clubhouse, and more. This can be a great way to get the most out of your property, while also getting to know your neighbors.
What Are the Best Places to Look for Cayman Islands Condos for Sale?
Though there are abundant opportunities for buyers across all three of our islands, Grand Cayman probably offers the most opportunity for the majority of buyers.
As the most developed of the Cayman Islands, Grand Cayman features numerous developments and planned communities, and many luxury condo developments are in the mix.
Seven Mile Beach, West Bay and South Sound are popular destinations for buyers in search of Cayman Islands condos for sale, but for those looking for quieter, more tranquil living, there are several condominium complexes out in East End and Rum Point.
Can a Foreigner Own a Condo in the Cayman Islands?
Yes, foreigners can own property in the Cayman Islands and the government welcomes foreign investment. Unlike other places in the Caribbean, foreigners do not need to secure licenses or permits prior to purchasing property.
In short, there are no restrictions on foreign buyers and property can be purchased not only in the name of an individual but in the name of a corporation, too.
Can You Finance the Purchase?
Buyers in the Cayman Islands can purchase property in full, but financing is available, from both local and international institutions.
Just like you’re probably used to at home, lenders will first assess your suitability for a loan by considering your income, credit score, assets, and other relevant figures. For non-resident buyers, a down payment of 30% is customary.
A 20-year loan term is customary, but longer loans may be available. For more information on financing or for a recommendation for a lender, please get in touch with us at 345-949-5250.