Interest in Cayman Islands real estate has increased significantly over the past few years, owing to several factors, including the islands’ healthy economy, robust real estate market, stable government and welcoming environment.
Also, the location of the Cayman Islands, just 450 miles from Miami, adds to the attraction, as the islands are easily accessible from anywhere in the world. As of late last year, the islands attracted nearly 2 million tourists, according to official reports. The popularity of the islands among visitors has led to a boom in new residential and resort developments, increased business development, new infrastructure and upscale shopping, dining and related services. The British territory is consistently favored by expats as a place to invest, live, work and play.
Notably, Cayman property sales have set records over the past two years, according to information from the Cayman Islands Real Estate Brokers Association (CIREBA).
Seven Mile Beach condos continue to see robust sales – as well as new development and renovations – and West Bay is increasing in popularity, as are areas across Grand Cayman. Luxury condos are available in Savannah, Rum Point and Prospect, among other areas.
On the southern end of Seven Mile Beach, for example, a 10-storey luxury complex with a multimillion-dollar home on each floor is planned for completion this year. Other luxury condos are available along the Seven Mile Beach corridor and, increasingly, across other picturesque areas of Grand Cayman.
In the Grand Harbour area, several new developments are scheduled for completion in 2020, including Arvia luxury canal-front condos, Aura ocean-view condos, Indigo Bay luxury villas and Paraiso on North Sound.
South Sound is seeing new development in Fin luxury residences and The Sanctuary, a boutique development, just to name two.
Some featured condos for sale in the Cayman Islands as of this writing include a two-bedroom, 1,900-square-foot waterfront condo in Savannah with a patio, pool and carport, and a three-bedroom, 3,016-square-foot condo on the beach in South Sound, with designated elevators for every two units, a patio, pool and two-car garage.
Luxury beach houses are also on offer, as well as property on which to build a custom home.
A few important notes for prospective buyers: Purchasing property is relatively easy and straightforward in the Cayman Islands, where the government encourages property ownership by foreign nationals, and all titles for real estate transactions are guaranteed by the government. Also, luxury condos in the Cayman Islands are not subject to annual property taxes, estate taxes or death duties. It is also possible for non-residents to get a local mortgage and open a bank account in the Cayman Islands.
For those who are in the market for luxury condos for sale in the Cayman Islands, the best way to see all the options available is by contacting a realtor on island.
Now is definitely the time to look at property for sale in the Cayman Islands and find the luxury condo that suits your lifestyle. Why wait any longer to start viewing your options?