After many tough years after the 2008 recession, the Cayman Islands real estate market is once again heating up. The market has been ramping up for a number of years now, but seems to be getting closer to firing on all cylinders now. Even with the price increases over the past few years, it is still a great time to buy in the Cayman Islands!
How is the Rental Market?
If you plan to rent out your vacation property, you will be happy to hear that tourist numbers are up on both the cruise ships and stay-over visits. This trend is a good sign of a stronger economy in the US, Canada and Europe; of course when these regions go, so goes the Cayman Islands.
If you are looking to purchase long term rental properties on Grand Cayman, rental rates are up and vacancy is down. The Cayman Islands are growing, bringing more people and jobs to the region.
Did You Miss the Boat in Grand Cayman?
Well the deals that existed in 2010-2103 are certainly gone. The amount of product on the island has dried up, and prices are reflecting that. But in terms of missing the boat, no, it is still a good time to buy. More developments are coming on line which should ease some of the pent up demand we are seeing today.
With a growing economy, growing tourist numbers and a strong reputation as being a safe, beautiful, English speaking country, real estate should remain a strong investment in the Cayman Islands for a long time. With easy transportation from most of North America and Europe, getting to the islands makes it that much more attractive for those looking for a quick getaway.
Financing Real Estate in the Cayman Islands
The Cayman Islands are one of the few places in the Caribbean where we can offer a full gamut of mortgage options. Everything from conventional mortgages to non prime to private financing is available. This makes buying a property on the Cayman Islands a breeze, at least comparatively speaking to most countries in the region.
The interest rates will not be as low as what you pay at home, and chances are there will be more fees for both financing and otherwise, but the payoff at the end of the day is owning a true piece of paradise in the Cayman Islands.
Talk to us today about financing a property in the Cayman Islands!
