CIREBA partners government for first-time Caymanian homebuyer scheme

The premier met with the Cayman Islands Real Estate Brokers Association to discuss a $5,000 grant for Caymanians buying their first home on the islands.

Caymanians who receive the stamp-duty waiver for first-time purchases will be eligible for up to $5,000 to help with transaction closing costs and related expenses, according to a 17 Dec. press release issued by the government.

In early January 2026 a working group, which will include officials from the Ministry of Finance and Economic Development, will meet to finalise the details of the programme before it is launched in February.

Not all realtors think the grant is the best way to make first homes more affordable for Caymanians.

“Any initiative should be welcomed, though I find it odd that they are asking everybody else to reduce costs – for example the bankers and lawyers – but there is no sign of CIREBA agents reducing their fixed fees,” said Roger Southam, managing director of MyRealtor Cayman Islands.

“The $5,000 represents 1% on a $500,000 home, so if CIREBA agents reduced their fees from 7% to 5% then it would have a bigger impact than this scheme,” said Southam.

Other solutions needed

“The Premier and CIREBA are also engaging the Cayman Islands Bankers Association, to offer reduced commitment fees; and with Cayman Islands Legal Practitioners Association to offer reduced legal fees for closings and conveyancing for first-time Caymanian homebuyers,” said the release.

Compass reached out to both the banking association and legal association but had received no immediate comment at time of publication.

According to a panel of real estate experts speaking at the Property Update Forum 2025 held in September, Cayman’s lack of affordable housing stock is the chief challenge. Other mooted solutions, such as cutting stamp duty and offering cheaper loans, won’t work until there is a ready supply of affordable housing on the islands, said the experts.

“I agree that everybody should work together to create attainable homes for Caymanians,” said Southam. “I think the real pressure point is deposits. You have Caymanians that earn enough money to service a mortgage, but don’t have the capital for a deposit.”