Cayman Islands Houses for Sale: Fielding Some Questions
Moving – or simply investing in a location abroad – is no small feat. If you’re serious about it, naturally, you may have some questions.
So for those of you that are starting to think seriously about getting in touch with a real estate agent to explore Cayman Islands houses for sale, we hope these questions and answers are useful!
How Much Do Houses in the Cayman Islands Cost?
That is not an easy question to answer and even with an average, it would be difficult to paint an accurate picture because house prices vary.
Overall, the average price of houses for sale has risen over the past three years. Still, price varies according to size, location, and amenities. It is possible to find starter homes on the islands between $400k and $500k, but there are also luxury homes worth several million.
It is also important to note that houses are not the only investment opportunity on the islands, and there are also many developments and communities with luxury condos as well.
Are the Cayman Islands Affordable?
The cost of living on the islands is on average around 40% higher than the United States. These are islands and most resources need to be imported; nonetheless, the islands are safe, modern, and boast an impressive infrastructure and pleasant weather year round.
Can Foreigners Buy Property in the Cayman Islands?
Foreigners can buy property in the Cayman Islands and there are no restrictions on ownership; property can be owned either in the name of an individual or a corporation.
Can I Move to the Cayman Islands?
To move to the islands, you will need either to apply for a student visa, a work permit, or a Certificate of Residency for a Person of Independent Means.
If you are looking at Cayman Islands houses for sale, you will probably need to apply for one of the latter two.
Do U.S. Cell Phones Work in the Cayman Islands?
The Cayman Islands, specifically Grand Cayman, have a well-developed modern infrastructure. There is no guarantee, but it is very likely that your cell phone will connect to the local network. If it doesn’t you can purchase a temporary data plan from one of the island’s cell service providers.
What About Driving in the Cayman Islands?
Non-residents that are licensed and insured are not required to get any special permits before driving in the Cayman Islands (just remember, they drive on the left).
Most licensed and insured drivers can drive in the Cayman Islands. However, if you intend to buy property and move to one of the islands, you will eventually want to convert to a Cayman Islands’ drivers’ license.
Can an American Open a Bank Account in the Cayman Islands?
Though not all banks offer this service, non-residents (not just Americans) can open bank accounts in the Cayman Islands, without even visiting.
Can Working with a Real Estate Agent Help Me?
Working with a qualified real estate agent and a member of CIREBA like Crighton Properties before searching for Cayman Islands houses for sale can absolutely help you.
For one, CIREBA members have access to the CIREBA MLS and are likely to be intimately familiar with the local market.
They also typically exhibit pointed expertise regarding the local laws and regulations associated with the sale of real estate and can answer any questions you have about the process.
Do your research and go with a Cayman Islands real estate agent that has plenty of experience and a proven record of stellar customer service, as it will work to your advantage along the way.
For More Information about Cayman Real Estate and Land For Sale Cayman Islands Please Visit: Crighton Properties Ltd.