Summary: A condominium offers the chance to own land on the Cayman Islands at an affordable price.
The Cayman Islands are known for being a vacation destination, but there is a thriving financial sector too. Everyone who lives and works on the island needs a place to stay, but income levels put some properties out of reach for all but the highest paid residents. Yet there has also been a surge of sales on the island, despite the prevalence of luxury properties. One strong reason behind that improvement is the amount of condominium projects springing up around the island.
Attractive Living at an Affordable Price
Real estate on Cayman Islands is highly sought after, especially near the beaches. In 2014, sales of condominiums spiked significantly, especially in the under $1 million USD range. These sales were concentrated heavily in the Seven Mile Beach sector, suggesting that there are plenty of buyers who want beach front property.
Condos represent a good opportunity for individuals with less than $2 million. They offer the chance to own land on the Cayman Islands, and to be a full or part time resident. Sales also did not plunge at higher price points. Condos between $2 and $3 million still experienced an increase of almost double the sales from 2013.
Condo or Home?
It’s likely that both types of property will see an increase, but homes will always hold the higher value over time. A condo offers those who want vacation properties the chance to live a dream, a home offers a better vessel for retirement. Both can be attractive prospects to the proper buyer.