1. Spoilt for choice ….

And Cayman’s real estate market offers a very wide range of products to suit most people’s tastes. Over the past 20 years the Cayman real estate market has well and truly grown and can pretty much cater for every investor’s needs: whether it’s a luxurious Residence at the Ritz-Carlton offering the ultimate in service or a more modest condo in Regal Beach on Seven Mile Beach, an ocean front mansion in Vista del Mar, a family home in Canal Point ideal for boaters, a beach-house in Cayman Kai, a stylish townhouse at San Sebastian in South Sound or a new-Caribbean/urban chic villa in the ever impressive Camana Bay, the choice is almost limitless. You can get in on the ground floor for as little as US$250,000 or pay over US$10 million for the ultimate in luxury. Prices per square foot range from US$300 to over US$1,300 on Seven Mile Beach and there are currently over 600 condos for sale here at all levels.

2. No substitute for quality...

Over the past half-century almost all Cayman properties have been developed using concrete block and steel construction and Cayman’s building code is the best in the region based largely on the South Florida Building code. Its contractors are from the region and from the US, Canada and Europe. Highly qualified architects, innovative interior designers, well stocked building product suppliers and quality contractors all ensure the best quality product whether you’re building from scratch or renovating. State of the art design incorporates green technology and some buildings are starting to be LEED certified. Solar and other alternative energy products are increasingly being incorporated into new home design.

3. Taxes …. What taxes?

The old joke that Caymanians think taxes are what tourists take from the airport still rings mostly true thankfully - however we do have them - just not like the rest of the world: Ours are primarily consumption driven and not direct ones. There are for example no income, corporate, capital gains, inheritance or any direct taxation of any sort here. We generate most of our revenue from duties on imported goods (22 per cent in most cases currently) and license fees. In particular there are no annual property taxes, which makes the cost of owning a home or indeed commercial property all the more attractive. There is a one off stamp duty of between 6 per cent and 7.5 per cent which is payable by the purchaser upon registration of the property transfer based on the market value of the property less chattels (eg furniture, non permanent appliances etc). When buying residential property for investment, the rental income generated will normally cover expenses and can even make a profit because of this. Commercial property investments on the other hand can return between 7 per cent and 10 per cent in some cases.

4. Life’s a beach!

 There’s nowhere in the world that this applies to more than Cayman in both the literal sense and so many others. Unlike so many of our competitors, Cayman’s not only a great place to visit but also a great place to live full time. Where else do you find all the benefits of living in the beautiful Caribbean, plus many of the advantages of living in a cosmopolitan urban environment like Camana Bay. Cayman still has the highest standard of living in the Caribbean and the 14^th highest per capital GDP in the world. Grand Cayman has recently become the “foodie” capital of the Caribbean and was TripAdvisor’s top rated Caribbean and Central American resort destination for 2011. Little surprise therefore that Cayman has also been rated by CNBC as in the top 10 destinations for high net worth investors to reside alongside Monaco, New York, London, Hong Kong and Singapore. Cayman’s economy is also AA3 rated by Moodys and has retained this rating throughout the recent global recession.

5. I don't want to go home…

The simple answer is that you don't have to! There are a number ways that you can reside and own property in Cayman quite easily. The first is as a visitor. There are no restrictions on visitors owning property here and you can come and go pretty much as you please so long as you’re not residing permanently. Alternatively with a modest investment in property (as little as US$500,000) you’ll be able to achieve a residency certificate for yourself and spouse. Permanent Residency can also be achieved through investment and Government will soon be offering residency with the right to work to investors investing in a substantial business here.

6. The future’s so bright…

We have a number of major economic initiatives about to take off including the Dr. Shetty Hospital in East End, which will establish Cayman as a major player in the international and lucrative Medical Tourism market and the Enterprise City, an economic freezone modelled on the one in Dubai, both of which will create diversity and resilience in Cayman’s economy and many experts predict will lead to at least a mini economic boom over the next decade. Add that to our already world beating offshore finance and tourism products, the planned investment in a new port and airport and you get the recipe for a very buoyant real estate market indeed.

Statistics as of last quarter 2011

Properties for Sale in the Cayman Islands

390 condos under US$500,000

132 condos between US$500,000 and 1,000,000

42 condos between 1,000,000 and US$2 million

69 units over US$2million

633 total