The Trend In Cayman Real Estate Is A Mixture Of Sustainability And Confusion

The living standard of people of Cayman Island is very high as their economy is the 12th highest in the world in the context of GDP per capita

. This has brought the Cayman Island in attraction for tourists who are willing to buy the real estate in Cayman Island. Cayman Island is gaining attraction in the international real estate due to the fact that there are no capital gains tax, income tax and corporation tax. This automatically brings the Cayman Island rentals among the most favorable in the international rentals lists.

Due to the recent recession and unemployment, Cayman Island is going to be the next best choice for the travelers and investors. This is due to the fact that the infrastructure in Cayman is sound. In addition to this, the judicial system and safety on this island has become a major factor for Cayman Island real estate market expansion. The international real estate agents consider the Cayman real estate market pretty straightforward and simple. This is due to the following factors:

1.There are no annual property taxes and the Cayman real estate only charges the one time stamp duty. The absence of annual property tax has led to the lead generation in the international real estate for sales in Cayman Island.

2.There is no restriction on the foreign ownership as far as the real estate in Cayman is concerned. This has improved the position of Cayman real estate in the international real estate exchange.

The interest of the tourists and investors is increasing in Cayman as the future potential of Cayman real estate for sale is going to become very profitable. The Cayman real estate listings provide a great insight into many magnificent buildings and homes as all the construction is monitored by Caymans Islands Building Department.

The international real estate listings show 1902 active listings in total which amounts to US$1.8 billion. These listings consist of three bedroom condos worth of US$ 813,838, two bedroom condominiums of US$ 502,622 and parcel lands which are around 480 in number at US$ 469, 430. The trend for Caymans real estate market has been pretty much in the buyers way. The market however showed a bit declining trend. These trends could be noted from the following facts:

1)The condominiums in the Caymans real estate listings were sold for an average of 95% of the total listed price while the trend was around 94% last year

2)The average market time for condominiums was 401 days in the previous year while it was 364 days this year.

Many such figures are the indication that the real estate market in terms of its performance would be a bit confusing this year although one can easily say that the real estate in Cayman would remain fairly consistent in the coming years.

by: Taylor White

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