Today the Observer on Sunday begins a series to inform you, our loyal readers, about the endless possibilities of investing in property in the Cayman Islands.
For those who may have shunned the idea of buying in the past or those who have been sitting on the fence, now is the perfect time to make the investment.
Right now real estate sales are slow, there is a vast amount of property for sale and, according to at least one realtor, and prices are as low as they’re ever going to be.
The Observer on Sunday decided to offer this series as a kind of how to primer.
One of our own staff members has invested in a condominium, which is in bad need of repairs.
In today’s article on the front page we talk to realtors about the real estate property investment opportunities that exist throughout the Cayman Islands.
Investment property can be anything from a piece of land, pre-construction, a condo, a house, apartment or a time share.
It is important that Caymanians and expatriates alike invest their dollars here instead of taking them overseas for another government’s coffers.
We’ve heard news in the past week that the recession is over for some countries like Japan. As countries continue to come out of the economic doldrums, the anticipation of recovery should spread like wildfire to the rest of the world.
As the economy picks up, so will market activity.
Right now interest rates at banks are at an all time low, meaning mortgage rates are attractive.
In the Cayman Islands a reduced stamp duty is in place to attract buyers and there is a buyer’s rebate on selected properties.
A well-healed realtor will be able to explain all of the benefits to anyone shopping for property to invest in.
As we continue the series, Journalist Eugene Bonthuys will marking the progress of our colleagues refitted condo and bringing our readers more information on subjects such as getting a proper survey done, the hidden costs of getting a mortgage, involving the Planning Department, organising a schedule of what will happen when, and more.
The Observer on Sunday believes that for the Cayman Islands to truly rebound in these economically difficult times, we must all do what we can to invest in property here.
For Caymanians, it’s an investment into the futures of your children and grandchildren. For expats, investment in Cayman is just a smart money move.