Buying a House in Cayman? Here’s Everything You Must Know!
The Cayman property market is secure, making it a lucrative investment that offers arrays of lifestyle benefits. As the tourism industry will experience a boom in the near future, it will positively impact the real estate infrastructure in 2023. From a buyer’s perspective, the Cayman Islands properties for sale have quality finishes and adhere to the government’s code. The political stability and fascinating real estate infrastructure make Cayman an ideal place to invest. The real estate market in 2022 has been quite promising. As per recent data, the value of the property sold in Cayman is more than US$ 198 million.
Are you planning to find a slice of paradise to call home, or are you an avid investor looking for a higher return on investment? In both cases, you must know the nitty-gritty of buying a home without hassles.
Here are the top benefits of owning a property in Cayman!
- Opportunity to Live in a Modern Infrastructure
When anybody thinks of the Cayman Islands, they can imagine living in a buoyant economy, developed road network, markets nearby, fancy restaurants, international schools, and well-equipped hospitals. If you’re someone who adores easy and luxurious living, buying a home in Cayman is a convenient choice.
2. Say No to Additional Taxes
Do you know there are no recurring property, capital gains, inheritance or income tax when you live on this gorgeous island? On top of that, first-time Caymanian buyers receive an exemption from stamp duty if they purchase land of no more than CI$100,000 or on property under CI$300,000.
3. No Need for Title Insurance
Every country has different regulations in terms of land ownership. In the Cayman Islands, land ownership is registered with the government of the Cayman, and that implies you do not have to pay any insurance pertaining to the license.
4. Enjoy Secure Home Buying
When you buy a residential property in the Cayman Islands, you can take assistance from a real estate agent who will simplify the buying process and help you locate houses in luxury areas. Moreover, buyers need to appoint an attorney to complete legal formalities for closing, and it is estimated to cost you around 0.5% to 1% of the purchase price.
5. Welcoming Home Prices
The home prices in Cayman are completely dependent on which area you live in. The townhouse in George Town has a market value of US $5 million to $10 million. For a smaller house, prices range from US $400,000 to $500,000. The prices tend to be loftier in areas like Rum Point and South Sound. If you want to buy a luxurious beachfront estate, the price can go up to US $40,000,000.
6. Secure a Pre-approved Mortgage
If you are planning to purchase a property with a mortgage, ensure your budget before finding a home. Securing a pre-approved mortgage will help you decide your budget and may facilitate negotiations with sellers. Also, authorized local financial institutions offer mortgages to residents and foreign buyers. Once they receive your lending application, they will review it and provide you with suitable mortgage options. Lenders may require a down payment of 5% to 40%. The mortgage approval process may take up to 6 weeks.
Ready to call the Cayman Islands your new home…
Living in Cayman is a combination of city hustle and the pleasure of living on the islands.
You must take assistance from a knowledgeable real estate agency in the Cayman Islands as they will guide you through the entire process, from research and negotiations to closing the deal.
