Those who call the Caymans home
enjoy the ideal Caribbean
lifestyle; beautiful beaches,
climate and waters with the
highest standard of living in
the Caribbean. With financial
services, natural beauty, first
class diving, tranquility, and
an accessible array of services,
it's easy to see how the Cayman
Islands are simultaneously an
attractive home and a wonderful
place to visit. Each year, a
remarkable 1.5 million visitor’s
travel to the Cayman Islands to
enjoy its unparalleled Caribbean
amenities and economic
prosperity. Many that come to
visit return to reside. The
current population is estimated
at 40,000. Over the last 30
years the Cayman Islands have
matured into one of the world's
largest international financial
centers. This has been achieved
through providing the services,
infrastructure and operational
flexibility which the
international investor demands.
Service industries such as
construction, hotel and
restaurant management and water
sports companies also contribute
to the economic stability.
Grand Cayman has a thriving
long-term rental market, ranging
from small apartments to luxury
condominiums and family homes. Most
properties are rented furnished, and
many come fully equipped with
linens, kitchenware, etc.
Accommodation is usually of a high
standard. Rents have risen steadily
in recent years and are much higher
in popular tourist areas. A
one-bedroom apartment in a good
residential area currently rents at
US$1000 or more and a three-bedroom
house in a popular tourist area may
exceed US$4000 a month. The local
real estate market is buoyant; there
are plenty of homes and apartments
for sale and many new developments,
including affordable "townhouse"
complexes. Building a home remains
popular, but the price of lots,
especially around George Town, is
rising sharply. Of course,
waterfront property is always a
solid investment. Sandy beachfront
lots start from around US$200,000.00
(100 ft wide) and soar to an
incredible US$4 million for the same
on Seven Mile Beach. Time shares, or
interval ownership developments, are
another popular form of real estate
investment. US$15,000.00 will buy
you and your family a week's
vacation accommodations in the
Cayman Islands. Options for this
type of investment are spread
island-wide and range from small,
intimate resorts to large scale
developments. There are no
restrictions on foreign ownership of
land in the Cayman Islands. A modern
land registration system is run by
the Government's Department of Lands
and Survey. Stamp duty is payable on
transfers of land and mortgage
deeds. Real estate prices are lower
on the Sister Islands than Grand
Cayman. Investors and developers
will find a surprising amount of
prime ocean-front property available
on both Little Cayman and Cayman
Brac, ideally suited for retirement
property or for those looking for a
more relaxed lifestyle.
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