The diverse real estate market in the Cayman Islands is great value when compared to many other places in the world, it has long been a way of creating and securing wealth among the local Caymanian population and it is often the case that expats living & working in the Cayman Islands under a work permit will decide to buy property rather than rent. Unlike other countries within the Caribbean region the Cayman Islands have no restriction on foreign ownership of a single property. Persons of independent means may also wish to seek residency in the Cayman Islands as part of their tax planning strategy, applying for a twenty five year Residency Certificate, there are certain requirements which must be met in order to attain this, one of which is investment in developed real estate in the Cayman Islands.
As with the purchase of real estate anywhere in the world, key factors for consideration are usually lifestyle & budget, this will then filter down into the type of property you will purchase whether that be a condo or a house & this will in turn impact the location. There are often more amenities associated with condos such as swimming pools, tennis courts & fitness studios some will however prefer the privacy offered by a stand alone home with its own private garden & perhaps a boat dock.
Those working in the financial or legal sectors will more than likely have their offices in George Town or Camana Bay & will probably seek housing accommodation close to these areas, although expats coming from larger cities are often used to a longer commute, part of the pleasure of living in the Cayman Islands is that even if you spend a long day in the office you can reasonably expect to be home within fifteen to twenty minutes depending on the time of day. Areas that provide residential housing within a twenty minute commute of George Town & Camana Bay would include Salt Creek, Cayman Islands Yacht Club & Vista del Mar, Crystal Harbour, Canal Point, Clipper Bay, Snug Harbour, Parkway, South Sound, Grand Harbour, Red Bay and Prospect. Many of these areas would include condo complexes but areas that are predominantly made up of condos are Seven Mile Beach, Camana Bay & Britannia Golf Resort although this does also provide a limited number of exclusive housing options within Kings Court & the gated community of Britannia Estates.