Buying Property in the Cayman Islands
Guide to purchasing property in the Cayman Islands with overview of residential areas, reasons to buy, financing and fees for stamp duty, and list of realtors.
Despite the size of the Island, Grand Cayman has a diverse real estate portfolio and property investors from all over the world flock to the Cayman Islands to stake their claim in this lucrative market.
For buyers, there is much to be excited about when it comes to the Island’s property market, from sleek new builds continuously popping up along the increasingly affluent area of Seven Mile Beach, to boutique residences in the lovely and family-friendly South Sound area, which boast various luxury lifestyle amenities. Read on for an overview of the Island’s Real Estate climate, as well as tips and important things to remember when taking the property plunge.
7 Reasons to Buy in Cayman
- No restrictions on foreign ownership
- No property, income or capital gains taxes
- High standard of living
- Stable economy
- Low crime rate
- Top dive sites and beaches
- Located a one hour flight from the United States
There has never been a better time to invest in Cayman property!
Aqua Bay, ONE Canal Point and The Watermark are amongst the new wave of exclusive luxury developments rising up along the sought-after Seven Mile Beach corridor. Featuring 54 residential units, The Watermark will provide owners with access to 12 swimming pools, a library and an exclusive owner’s lounge.
South Sound is in the midst of a housing boom with modern developments like Q taking shape, a new gated community comprising a total of 22 two-bedroom townhouses. Amenities include a vast rooftop terrace with sun shades and BBQ area, two swimming pools, gym, cabanas and 200 feet of private beach.
Altamar broke ground in February 2023, a large ocean-front resort in East End. Conceived as a family-friendly, casual and unpretentious vacation destination, the developers (Davenport) expect it will appeal both to North American sun-and-sea enthusiasts and to locals seeking a staycation where peace, tranquillity and a slow pace of life reigns supreme.
There is a level playing field for prospective homeowners and investors. Banks welcome overseas clients and many offer great mortgage packages. Interest rates are quoted based on the CI and US dollar prime rates published in Cayman’s retail banks. Banks require a life insurance policy for mortgages. Your loan officer will advise you of the requirements. Standard mortgage terms are usually between 10 to 15 years and can be taken out in either CI or US dollars.
Stamp Duty & Other Fees
A one-off 7.5% stamp duty is payable on all real estate, land purchases and transfers. This duty is paid by the buyer of the property on the purchase price or market value – whichever one is higher. If you’re building a house, provided that stamp duty is paid before construction begins, duty is payable only on the land value and not on the building. There are other charges, such as the one-off 1% duty on mortgages of CI$300,000 or less and 1.5% on mortgages of more than CI$300,000.
Choosing an Agent
There are many real estate companies based in the Cayman Islands and an ample roster of professionals on hand to assist you with your search. As a visitor to the Islands, we strongly recommend that you select an experienced real estate professional to guide you.
Peace of mind
The Cayman Islands Real Estate Brokers Association (CIREBA) is the sole professional body of realtors in the region. Choose a CIREBA member for dedicated service, reliable follow-through, and peace of mind in your real estate transactions.
Crighton Properties has served the Cayman Islands with real estate expertise since the early 1970’s. They know the local market and can assist you with the sale or purchase of a property in the islands – whether it’s a home or condo, canal or beachfront property, or investment opportunity.
Crighton Properties are the exclusive agents for upscale developments such as Crystal Harbour, Lalique Pointé, Harbour Reach, The Channels and FIN. Their professional and experienced sales team strive to provide clients with the highest standards of customer service, and are dedicated to serving clients needs with commitment and integrity.
When it comes to Cayman Islands real estate, they’re with you every step of the way!
Kass has accumulated three decades of outstanding performance in Cayman Islands real estate. Renowned as a seasoned "Lifestyle Specialist," she skillfully navigates clients through seamless property transactions. Kass has received prestigious awards such as the Circle of Legends and RE/MAX Hall of Fame.
Engel & Volkers Cayman Islands understands that every property transaction tells a unique story, especially yours. With an extensive range of properties, whether you seek a beach cottage, a spacious waterfront estate, or a conveniently located condominium, their team of highly qualified CIREBA agents is dedicated to finding the perfect match for you.
Sloane Rhulen brings a unique and forward-thinking perspective to Grand Cayman's property market and she maximizes opportunities for outstanding investments. Boasting over 25 years of experience, Sloane has an exceptional track record in commercial sales and leasing, complemented by a profound understanding of the ever-evolving residential landscape of the Island.
If you are serious about purchasing a property in Cayman then let the CIREBA agents work for you. They can collect you from your hotel or condo and drive you to the homes you wish to view. This service costs you nothing as in Cayman, realtor fees are always paid by the vendor, not the purchaser.