CondoCompany.com – Cayman Islands – Grand Cayman
The Cayman Islands offer a mixture of culture, calm and cosmopolitan atmospheres that make it a top destination for anyone seeking to purchase a condo or other types of real estate. Located in the center of the Western Caribbean, the Cayman Islands are a tropical paradise with underwater adventures and tranquil retreats. Just an hour’s flight from Miami, the islands are easily accessible. Plus, they offer all of the top amenities of any modern country.
Grand Cayman condos, in particular, are worthy investment for several reasons. First, if you decide to purchase Grand Cayman real estate, you’re going to find that condos are more abundant, and provide more options to the owner. Remember, the closer you are to the beachfront, the higher the price of a condominium. Real estate in Grand Cayman plays by the same principles as anywhere else. However, you do not have to by a condo on the oceanfront to get a great return on your investment. Condominiums located inland in areas such as George Town, South Sound or West Bay are still as little as five minutes from the beach, commanding value.
One reason to buy a Grand Cayman condo is an ideal one – live there permanently. Wouldn’t it be wonderful to live there year-round and experience vacation every single day? Many ex-patriots do go to the islands to retire there, or if they can afford it, to live there. However, there is a catch. You’ll need to invest a minimum amount of money in Grand Cayman real estate to grease the wheels enough to allow you the granting of residency without a work permit. Otherwise, you’ll be subject to come and go to the island based on passport and duration restrictions. As well, while Cayman is a tax-free country, there is a one-time tax that is paid at the time of purchase of any real estate. This tax, called a stamp duty, represents a one-time small percentage tax on the total purchase price of the condominium or property. Living full-time in the Cayman Islands is an attractive notion. The pace of life is a bit slower, taxation is only on goods, and the locals are friendly enough. Plus, every sunset gets better and better each day.
Many investors buy a Grand Cayman condo with the specific purpose of renting it out. Due to the fairly low supply and high demand of long-term rentals as well as no price restrictions, rental rates remain fairly high. Condos can provide a great return on investment. For the very best condominiums on the oceanfront or in luxury developments, rental rates can even double! Grand Cayman vacation rentals are also in high demand. Owners often put their Grand Cayman condos in the hands of property managers for short-term tourist rentals. Extended-stay visitors to Grand Cayman are frequent, especially from October through May.
Another way to take advantage of a piece of Grand Cayman real estate is to simply play the role of investor. Many investors buy land, houses and condominiums, hold on to them for a couple of years, and then re-sell them at a higher price. The market in Grand Cayman continues to grow, with new developments and real estate ventures breaking ground daily. In some cases, investors can make a substantial return on turn-key sales. Many find a new Grand Cayman condo community, put a small deposit down to lock in the pre-development price, then place it on the market immediately at a much higher price. That way, once the condo is built, it is worth substantially more, and the investor makes a margin over the original construction price. A savvy investor can turn a profit before anyone even turns a key.
If you don’t have the means to invest in condominiums or other real estate in the Cayman Islands on this level, it doesn’t mean that you have to miss out on the Cayman experience. A Grand Cayman vacation rental may be just the option. There are many that are held by property managers, and many that are managed by the owners themselves. Simply find the right Grand Cayman vacation rental, build a good relationship with the property manager, and secure it year after year for the annual family vacation or other special occasion. Rates are comparable to most other islands for a weekly or monthly vacation rental.
No matter what style of vacation you seek, whether it is permanent or temporary, there are plenty of reasons to buy Grand Cayman real estate. The Cayman Islands have it all!