Within the Cayman Islands there are two distinct real estate markets made up of the resident buyer & the vacation or non-resident buyer, although there is some crossover as to the type of property that each will buy, generally speaking the vacation buyer will gravitate towards a condo because there is a lot less maintenance involved than house ownership & because most tourist buyers are looking for beach front or water front property there are more condos than houses to choose from on the beach & water. Seven Mile Beach is one of the finest stretches of beach in the Caribbean providing a west facing crescent of almost seven miles of perfect white sandy beach, ideal for relaxation, water sports, sunsets & holiday makers in general. As the preferred beach location, Seven Mile Beach has seen the greatest level of development in the Cayman Islands, from a real estate perspective but also other supporting enterprises such as shops & restaurants. Starting from around US$300k Seven Mile Beach has something to offer the vast range of second home buyers from one bed condos to luxury penthouse suites, small complexes with just a handful of apartments to residences within large branded hotels such as The Ritz-Carlton, Grand Cayman. Although well developed for Grand Cayman, Seven Mile Beach has benefitted from protective planning laws over the years which historically meant that condo complexes could be built no higher than three stories, this has been increased over the years with changes to the law allowing the latest Seven Mile Beach development WaterColours to reach nine stories but relative to many other beach front destinations in the world the density of real estate development in the Cayman Islands is very low.
Rum Point & Cayman Kai is the ideal location for the tourist buyer looking for a beach front condo or house in the least developed real estate area of Grand Cayman, it offers that quintessential relaxed Caribbean island feel with a bountiful supply of peace & tranquility. Apart from a restriction on the number of properties you can buy without licence, there are no restrictions on foreign ownership of property within in the Cayman Islands real estate market and the transfer of legal title is a very quick & straightforward process with Government guaranteeing title.