Buying property in the Cayman Islands sounds like a dream, but with high housing demand, properties are notoriously snatched up almost immediately after being put on the market. The real estate “boom” in Cayman is unmatched to any other Caribbean Islands, making it not only a vacation destination, but also a property paradise. Aside from the obvious benefits such as beautiful year-round weather and picturesque beaches, there are plenty of technical perks to purchasing property in the Cayman Islands through Diamond Properties, here are just a few:
The housing market in Cayman truly is booming. ROI is high on properties currently due to rent prices. On average, a two-bedroom apartment or home ranges from CI$1,600 – CI$2,700 per month, allowing owners to profit quite handsomely on their homes.
If the property you purchase is rented out as an investment, there is no annual property of capital gains tax, and no tourist tax applicable if the property is rented to Caymanian residents. In addition to this, there are no restrictions on foreign ownership if the purchased property is used for personal use.
Cayman’s economy is likely to continue to grow, as currently, demand on homes on is very high. This is great news for property owners and potential buyers. As development also increases due to demand, Cayman is likely to experience much more economic growth, resulting in greater ROI.
Properties in Cayman range from luxury, ocean-front options to affordable fixer-uppers. Diamond Properties specialises in high-end real estate, but can also assist with any and all on-island purchases such as forecloses. Whatever your budget, Diamond Properties are sure to find something on the market for you.
For first-time Caymanian buyers, Stamp Duty is waved completely, encouraging locals to take advantage of buying property. If you’re interested in buying your first home, contact Diamond Properties today!