Still Thriving: Cayman Islands Real Estate

[Steven Colby]

The year 2020 has made quite an impression that is relatively hard to forget. However, it wasn't as bad as how it looked in the media—real estate-wise. And as the saying goes, "There's always a rainbow at the end of every rain", the Cayman Islands real estate world has been thriving and is still going strong in 2021. Everyone knows these islands rely mostly on tourism and contrary to what most people thought, the Cayman islands' have actually maintained a healthy and stable economy because of the smart way they handled the pandemic.

An Incredible Investment in 2021
As 2021 opens with high market demand, buyers all over the world have reignited their interest in purchasing a real estate property that would serve as a vacation home and that will not only pay for itself but also appreciate over time. This makes it a great investment for those who are into real estate opportunities, especially ones in the Caribbean.

Valuable Asset
The Cayman Islands are often thought of as an attraction for travelers and retirees because of how naturally beautiful this area is. When people see how much this place can offer, they often decide to invest in a property, whether it’s to settle down in or to rent out. Cayman Islands real estate has become a sought-after and valuable asset for young professionals especially due to the popularity of the "work from home" structure, they come to the island to rent a house or a condo unit facing the Caribbean ocean so they can relax in an enjoyable atmosphere in between work.

Costs
While buying a second home in the Cayman Islands involves little hassle, there still are some standard costs that are good to know before embarking on the whole acquiring process.

For every purchase, there’s a stamp duty of 7.5% based on the sale price or the market value of the property (whichever one is higher). However, this is only paid once at the closing of the sale and never again. It does not extend to any furnishings and other easily removable items that come with the property.

If you're planning to purchase a condo unit, there are strata fees that should be taken into consideration during the purchase period. Strata fees are what help maintain the upkeep and repairs of the whole building.

If you are thinking about buying a second home or are permanently relocating to the Cayman Islands, Crighton Properties is an upstanding and exceedingly trustworthy real estate agency that can guide you through the whole process. They strive to offer the best to all their clients, and they will certainly do the same with you, too.

Whether you are new or not to the house-hunting game, visit crightonproperties.com or call them at 345-949-5250 to schedule an appointment. It is convenient to have professionals by your side that can assist you in these matters. A buyer or a seller, whichever you may be, having the appropriate, most trustworthy people taking care of you throughout the course of buying is vital.