Hi,
I have a question on property appreciation in Cayman.
What can be expected in particular for single family homes? Something priced in the 500K and a little higher range. Would like some input from other expats that have bought a home or condo while living and working in Cayman and then sold it when leaving the country. Did it work out in your favor and can you give me some examples of the type of appreciation you received?
I would appreciate input from some of you that are not real estate agents. I want to get a real picture of whether this would be a good investment and do not want anything viewed through rose colored glasses.
Also, on average how many years did you have to hold the property to absorb your initial stamp tax, closing costs, etc. to see a good investment.
Additionally, is there any way to verify what a property has previously sold for? Perhaps a government website similar to a county website, as you can find this type of info easily in the States (without being a real estate agent).
Thanks for your help.
Real Estate Appreciation in Cayman
travel345 wrote:What can be expected in particular for single family homes? Something priced in the 500K and a little higher range. Would like some input from other expats that have bought a home or condo while living and working in Cayman and then sold it when leaving the country. Did it work out in your favor and can you give me some examples of the type of appreciation you received?
Additionally, is there any way to verify what a property has previously sold for? Perhaps a government website similar to a county website, as you can find this type of info easily in the States (without being a real estate agent).
The first thing to say is that Grand Cayman's residential-property market is like any other - up and down according to demand and supply. It's been in a slump for the past few years, mostly because of over-building, so capital gains have been absent, except at the high-end. We own two houses here - one (our home) close to George Town central (for sale at $500K) and the other (rented) 20 km to the east (for sale at $250K). Not much demand for either. $500K is a tricky market; the only really healthy one is around the million-dollar mark, and over.
Yes you can discover the sales history of properties, at Lands & Survey Dept. Not online, though.
Tell me what you're looking for, and why.
Thanks for the response. We are assessing if we move to Cayman as "working" expats whether it would be wise to buy a house or condo. Of course we would not attempt to do so unless we feel we could make a solid equity gain. At least it seems in Cayman (from what I've read) that getting clear title would not be an issue.
travel345 wrote:Thanks for the response. We are assessing if we move to Cayman as "working" expats whether it would be wise to buy a house or condo. Of course we would not attempt to do so unless we feel we could make a solid equity gain. At least it seems in Cayman (from what I've read) that getting clear title would not be an issue.
Well, I believe that one should always rent for a while before buying, in any unfamiliar place. At the moment, rents are also low, because of the over-building. I would not even try to predict when the property market will recover here. Much depends on local politics - including the politics of coping with an overwhelming number of expats. Resentment of foreign workers at all levels has for a long time been a significant factor in our politics. If you read my blog, you'll get an idea of what I'm talking about. I began the blog five years ago, and my earliest commentaries still apply.
