Economic forecasts are favourable for the Cayman Islands, with the GDP increasing 1.8 per cent in 2013 and 2.3 per cent in 2014, according to the IMF. Analysis from TradingEconomics.com was even more optimistic, with growth of 3.44 per cent and 3.53, respectively.
“The Cayman Islands are not overpriced like some countries where they saw 60 to 80 per cent [fall] off their prices,” explains Heidi Kiss, broker and owner of Capital Realty in Grand Cayman. “We have slow and steady gains year after year.”
The Cayman Islands’ rules for international transactions are relatively relaxed, which has attracted more foreign business to the country.
“There are no restrictions on foreign ownership, [and] the Cayman Islands [government] encourages foreign investment,” Kiss says. “The title can go into your own personal name or company name.”
Also comprehensive is how the colony’s government deals with land purchased for development.
“We have a very sophisticated lands and survey system where the Cayman Islands government guarantees titles,” says Kiss. “So there are no worries that someone will come along and take back your property.”
George Town, the colony’s capital and largest metropolitan centre, is among its best markets. The properties in this market are generally affordable, and provide good rental returns.
“A two-bedroom condo generally sells for $350,000,” Kiss says. “You can rent them out for $2,500 net, and you can earn a seven per cent ROI from them over time.”
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Canadian buyers looking to expand into international markets will find that there is far more to the Cayman Islands than waterskiing, tanning and the vacation lifestyle. The British colony’s property inventory is affordably priced, leading to increased business from foreign buyers.