As a realtor in Cayman, the first question I ask when a buyer from abroad walks through the door is: “why do you want to buy here?” Some people plan to purchase real estate that they can use as a home away from home. Some dream of retiring here. Of those wanting to retire in Cayman, some want to buy a house or condo they can rent out, pending their retirement; others want to invest in land so that they can build a dream home in their retirement. The good news about holding land is that there are no annual costs. None! You don’t even have to carry the cost of trimming foliage from your land if it is encroaching on the roads; this is something the Cayman government undertakes. Further, whether you own land or a home or condo, there are no annual government property taxes. That’s right … none! This, combined with the benefits of a safe and stable environment, plus guaranteed capital appreciation over time, makes purchasing real estate in Cayman one of the best decisions you’ll ever make.
If you’re looking for rental income, pending your retirement or between your own visits to the island, consider a managed property, with full-time staff, offering daily or weekly rentals. Many of those on Seven Mile Beach and at Cayman Kai and Rum Point fall into this category. Right now some of the best choices out there are properties at the tranquil Heritage Club and Discovery Point. Also look at Aqua Bay and Villas of the Galleon which has one of the best beaches on the island. All under the US$650,000 mark, they all have good management and, though slightly older, they are all great options. At a slightly lower price level, more in the US$500,000 range, there are properties such as George Town Villas, Grapetree and Treasure Island which also have onsite management with daily rentals. These, too, are good options.
If you’re planning to retire in Cayman at some future date and would prefer a long-term rental in your property in the interim, then I recommend looking at residential homes or complexes such as Britannia Villas. Behind the old Hyatt Hotel, the Britannia complex has an excellent location and offers convenience to all the activities of the Seven Mile corridor. With generous interior space, houses and condos here are currently undervalued: the amenities, features and location of Britannia cannot be reproduced at their current prices.
Turning to land, you have a huge range of choice. Look at inland parcels in neighborhoods such as Webster’s Estate, Ann Bonne Crescent and other South Sound areas. Canal-front living is available in developments such as Salt Creek, a private, gated community with amenities offering owners strict covenants to protect their assets over time. Other canalfront parcels worth seeing are in Canal Point and at the Cayman Islands Yacht Club. These three are all located along the Seven Mile corridor.
Further east, consider land near the shopping area of Grand Harbour. Further still from George Town, there are canal and waterfront parcels in areas such as Frank Sound, East End, North East Coast, North side to Rum Point and on to Cayman Kai. All offer stunning views and, in many areas, beachfront locations. Depending on your requirements for proximity to George Town, your price range, the type of view you want and type of site location you’re after, these out-of-town sites might suit you perfectly! Rum Point and Cayman Kai are also worth considering: they are lovely resort communities with many long-term and local residents. Parcels are available in all areas for considerably less than US$600,000 to build that perfect getaway. And if, as an owner, you want to generate some income or cover some or all of the operating costs, there are property management companies willing and able to look after your home and rent it on a daily basis.
If your budget is around the US$650,000 mark, there’s a wider range of options in Cayman than you might think … we’d be happy to open your eyes to the wonderful possibilities!