Written by: James Bovell
If you’ve ever looked into buying Cayman Islands luxury real estate, you might have concerns as to when the right time is to enter the market. Cayman real estate can be several million dollars, but the value is quite high considering location and amenities. Weighing those expenses can be difficult, especially when one is investing in the future. Here are a few signs that things are looking up, and that now is a good time to buy real estate in the Cayman Islands.
Gains in Employment
One of the biggest factors driving an interest in Grand Cayman real estate has to do with gains in employment. The Cayman Islands thrive when the financial sector thrives, and everyone wins with higher wages and better paying jobs. As more governments worldwide embrace technology, finance and exports, more jobs are created and higher salaried workers invest in places that will hold value.
Borrowing costs are low, which is attracting many first-time homebuyers who might otherwise be on the sidelines saving money. Low costs mean thousands saved over time, which might help fuel more ambitious purchases that would not otherwise be possible with higher interest rates. The looming raise of interest rates also plays a role, as buyers are tempted to act now in order to receive the best deals.
Long Term Prospects
Real estate is one of the few investment vehicles that tends to produce returns long term, so many new investors looking for a safe place to store money are lured by the tax-free real estate in Grand Cayman. Bear in mind that you will pay a stamp duty on transactions, but there are no annual property taxes to contend with.
Bio: Dream Finders is the face of Cayman Islands real estate, with knowledge of homes and markets all across Grand Cayman.