The Cayman Islands Real Estate Brokers Association is now accepting applications for its First Time Caymanian Home Buyers Initiative.
To qualify for the grant, applicants must be a first-time Caymanian home buyer; have received approval for a stamp duty concession; and be represented by a CIREBA member agent.
According to information on Bovell.ky, only one grant can be received per property with $1,000 available for properties worth between $0 to $99,999; $2,500 available for properties between $100,000 and $249,999; and $5,000 for properties priced between $250,000 and $600,000.
Although there was some co-ordination with government in planning the programme, the grants are entirely funded by CIREBA. There is a total of $200,000 that can be disbursed through grants over the next year. Given the improbability of finding a home for less than $250,000 in the Cayman Islands, that likely means that there is a maximum of 40 grants in the 12-month period.
“I think it definitely helps first-time Caymanian buyers financially,” said Mark Gaus, a sales associate at RE/MAX Cayman Islands. “This is probably not the sole reason someone decides to purchase a property, but it may encourage people to enter the market earlier or make things more affordable for them.”
Affordable housing shortage
The programme, which was first announced in December 2025 and launched in April 2026, comes amid a shortage of affordable housing in Cayman. Last month, the 376-page “Public and Affordable Housing Policy and 10-Year Strategic Plan” report was tabled in Parliament and warned that Cayman must triple its rate of housing construction over the next decade just to keep up with population growth.
According to a panel of real estate experts speaking at the Property Update Forum 2025 held last 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 would definitely say there is a shortage of affordable housing inventory in the market,” said Gaus. “Existing programmes [such as the government’s stamp duty waivers] help, but the broader issue is increasing the supply of affordable housing while ensuring Caymanian buyers are the ones benefiting from those policies.”
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