The Cayman Islands are among the best places in the world to invest in real estate, according to The Daily Telegraph. The UK newspaper recently published a list of the “Top 10 property safe havens abroad”, with Cayman appearing as No. 10.
“All these little things are positive. It’s nice to know how we’re viewed from the outside,” said Jeremy Hurst, president of the Cayman Islands Real Estate Brokers Association. “Whether we’re ‘10’ or ‘1’, at least we’re not number ‘20’.”
Stating that traditional markets for UK buyers are in flux – with eurozone troubles and United States financial problems – the newspaper said property investors should begin looking farther afield for potential deals, presenting “our guide to where, what and why to buy overseas to minimise your risk”.
Cayman’s attractive features, according to the article, include its many financial institutions, diverse expatriate population, high standard of living, Caribbean environment and ease of airline travel. The article notes the existence of stamp duty, but absence of property tax.
Mr. Hurst, who is broker/owner of IRG, said, “It’s an opinion certainly from a European market perspective that Cayman ranks as a safe location in which to invest in property.”
He said, “I think the fact that this is a third-party endorsement, so to speak, carries value.”
The top “property safe haven” on the Telegraph’s list is Canada, where the property market is in better health than in the neighbouring US. The other locations on the list, in order, are Hong Kong, Switzerland, Mauritius, Gibraltar, South Africa, Barbados, Saint Lucia and Kenya.