Given its’ tax-neutral status and importance in the world of offshore finance, the Cayman Islands is a popular location for property investment, whether the goal is capital appreciation, a world-class vacation destination, or even permanent residence.
Here are some of the more popular areas to explore when looking for a Cayman Islands property for sale, either as a vacation home, an investment property or a permanent relocation.
George Town is the capital city of the Cayman Islands. Most properties here are priced mid-range to high-range. It is popular among people in the financial services industry and other professional sectors who want to live close to their place of business.
George Town residents have easy access to services and facilities such as schools, hospitals and the airport, as well as all the attractions of Seven Mile Beach.
This is a busy area and likely to get busier with the proposed port and cruise terminal expansion. Property is also becoming expensive, seeing a 21% price hike in 2018. As an example, two-bedroom inland townhouses in new developments are on the market for upwards of US$300,000.
Seven Mile Beach is considered prime Grand Cayman real estate, with easy access to one of the best beaches in the Caribbean as well as golf courses, fine restaurants, and Camana Bay. Most of the big resort hotels are located on Seven Mile Beach, along with numerous condo developments of all prices and sizes. The vast majority of dining options are located here as well.
This is a highly desirable area in which to live or own a property that can be rented short or long term. There are beach and canal front homes for sale in the Seven Mile Beach corridor.
Prices are the biggest drawback when it comes to Seven Mile Beach properties. Demand is high and supply is low. Property prices can reach as high as US$1,800 per sq. ft. surging 33% in 2018.
Savannah sits between the eastern regions and Georgetown and Seven Mile Beach and is popular with local families. Sunrise Landings and North Sound Estates (both canal front areas) fall within Savannah and Lower Valley. These areas are very popular with young families and land is still affordable.
Savannah has both inland and waterfront properties for sale at prices that are still affordable. The popular Countryside Shopping Village means locals don’t have to drive to town for everyday shopping items.
While commuting times have improved, thanks to a new arterial road, traffic congestion and delays can often make for a congested rush hour.
The Prospect and Red Bay area is one of the closest Eastward communities on the island to George Town and one of the fastest growing. The neighborhood has easy access to the capital city as well as supermarkets, restaurants and the Caribbean’s largest skate park at the Grand Harbor complex.
Properties in this region are competitively priced when compared to the Seven Mile Beach corridor and South Sound. This neighborhood is considered ripe for further growth.
The commute to the town can be a chore as traffic does get backed up during rush hour.
West Bay has a blend of contemporary and traditional homes and is popular with first-time buyers who find it more affordable than Seven Mile Beach. This charming, mostly residential district has some of the Cayman Islands’ most popular attractions, including the Cayman Turtle Centre.
There are some lovely homes and condominiums for sale on or near the sea, as well as canal-front properties. The expanded Esterly Tibbetts Highway has made the commute to and from this area easier than previously.
Despite the bypass road, it’s still a 30-minute journey to West Bay from George Town when traffic is heavy.
Bodden Town and Breakers are located half-way between the East and West sides and harkens back to what the island was like 20 years ago. This is a good destination for local food and fresh roadside produce. The water is better for snorkeling than swimming and the beaches are small and tidy.
The community still has the feel of a small Caribbean town, with a mixture of locals and expats living alongside one another.
A long commute to George Town, but can be done in half-an-hour when traffic is light.
The East End of Grand Cayman has a much lower population than the rest of the Island, where the property prices are also lower yet still offer a promising lifestyle for residents, with the East End Beach and dive sites easily accessible. The north and east sides of Grand Cayman are best suited for those who want to enjoy the beach/water without the company of cruise ship visitors and other tourists.
Properties here, with access to natural attractions, can provide good rental returns from tourists.
Properties in this area are far from essential amenities like schools, hospital, etc.
Rum Point, facing the North Sound, is ideal for those seeking a second home or a property to rent for the short term. It is popular with those looking for a more traditional Caribbean neighborhood as well as water activities such as paddle boarding, water skiing, kayaking, sailing and Stingray City.
Beautiful stretch of beach with shade, clear waters, exclusive million-dollar properties, and some more affordable condos. A new ferry service from Camana Bay makes Rum Point properties a bit more accessible.
A fair distance from the capital and all its services and amenities. Very busy on Sundays.