The Seven Mile Beach area of Grand Cayman has been exploding in the previous two years, with several new condominium developments erected. People anxious to buy Cayman property have invested money from overseas to purchase these condos, which is driving up the price per square foot. Good news for condo developers, and those who bought years ago when the market was low, but buying now means potentially getting less value for your dollar.
The good news for new condo holders is that the value is likely to continue increasing, so investing in condos is still a sound decision long term. Especially as more developments spring up around the island. For those who have not yet made the decision to invest in Cayman properties, however, there is a compelling reason to take a closer look at single family homes.
Just as condos have increased in value, so have single family homes. Investors see the Cayman Islands as an attractive place to buy real estate for a number of reasons, and condos were a convenient and worry-free method of doing so. An increase in construction activity around Cayman has resulted in a wider range of attractive homes under $5 million, which puts Grand Cayman homes within reach for a wider array of individuals around the world. Energy efficiency is also lowering the costs of ownership, potentially saving money to be spent on property management when owners are not available to stay.
Lastly, the price per square foot for a home is significantly lower than that of a condo. That fact alone makes home ownership an attractive proposition for the long haul.