Hint of slowdown in runaway property market
(CNS): The Cayman Islands real estate market is finally beginning to slow down after several years of a runaway sector where high demand and a shortage of homes to buy led to very high prices. According to a local real estate agent, both the value and number of sales fell during the third quarter of 2022. Nevertheless, first-time home buyers in Cayman continue to face sky-high property prices and the number of properties available is still lower than before the COVID pandemic.
According to Michael Joseph, of Property Cayman, the total value of sales between 1 July and 30 Sept was just over $198 million compared to well over $262 million during the same period last year, a 24.5% decline. The number of transactions also fell from 274 last year to 185, a drop of almost 32.5%.
But given the continued demand by the wealthy for property here, Joseph said that a “re-calibration” in the Cayman property market was not unexpected and there was no need for panic.
“The housing supply in Cayman has climbed steadily since the beginning of the year. The 845 properties listed for sale as of September 26 is the highest that we have seen it in 21 months,” he said. “To put it into perspective, that number is still well short of the pre-lockdown days, when listings were in the 1,000s.”
Joseph pointed out that in 2020 and 2021, Cayman experienced record-setting demand and in turn, sales, fueled by all-time lows in listings. “So even as we are experiencing a recalibration in the market, the statistics show Cayman real estate remains an excellent investment,” he said.
While that is obviously good news for some homeowners and those investing in property portfolios in order to further their wealth and for the government’s stamp duty revenue, it is very bad news for regular people who can no longer afford to buy a home. Over-development also continues to threaten the environment, particularly the increasingly crowded coastline, as the profits to be made in property attract developers and the subsequent clearing of natural habitats.
However, there is still a possibility that development will begin to slow down as shipping logistics and construction materials costs are likely to be impacted by the devastation caused by Hurricane Ian, especially in Florida, even if there is no further storm-related damage during what is expected to be a busy final two months of the Atlantic hurricane season.
Joseph also said that the cost and lack of available labour are expected to continue. US real estate agents CBRE estimates construction costs will increase more than 14% year-over-year by the end of 2022.
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Category: Business, Real Estate
All you socialists need to get to work on your thatch rope making skills before you put your ideas to the test.
We would rather be employed in construction, tourism or financial services, but are too often unfairly maligned and excluded.
Ah yes 5.39, they probably want you to get to work on time, do a days work, not spend your days on your phone and only take sick leave if you really are sick.
Ask the government where is the money that a developer gives CIG on each unit they build. The figure is 20K per unit for pre construction projects. The funds are meant to be for affordable housing for Cayamnians( where is this money?) where ?
Agreed, I also wrote a $100K check to CIG for “infrastructure Fee” even though in my development we own all the infrastructure. I don’t mind paying but would just love to know it is targeted revenue and not just dumped into the CIG blackhole.
People saying that Cayman real estate has never gone down need to realise that in 2022 Cayman is farrrr more integrated with the global economy.
The same global economy headed for a major recession 2023.
Only once the tide has gone out will we find out who’s been swimming naked.
You did not credit the source of your last sentence!
It’s certainly not yours.
Can we please call an early election and get a development plan on the books that is followed, once and for all?
Ah, CIREBA, the cancer on the Cayman property market. Can someone, anyone, tell me why we sit back and allow a private overlord (CIREBA) to monitor the conduct of itself considering it is monitoring one of the very the LARGEST industries in the country?
Further, can i please be enlightened to understand why we willingly let 2-300 mostly (i’d guess 95%+) completely inexperienced or qualifed (before coming to Cayman/entering CIREBA/take your pic) people charge such high commissions?
Our mother country across the pond regulates the real estate market and the average COMMISSION in the UK is 1.2%. It CAN go as high as 3.5% but that tends to be on multiple listing agreements.
There isn’t a CIREBA broker on this land that wouldn’t collapse and need oxygen if they were told they may only make 1.2% on a property sale.
People of Cayman – enough with CIREBA, they’re a cartel, plain and simple. Completely devoid of regulation outside of themselves. They are unnecessary to enable a succesful real estate market. they should have total Government oversight and be reigned right in. The amount of brokers who say when confronted with complaints about commssions (don’t worry, i just add it to the price) just don’t see the problem with that.
CIG – stop this now. Enough.
Use a non-Cartel broker and negotiate the commission. You can even do this with a CIREBA broker on the downlow. Or do it yourself. It’s a free world.
Ever tried to get a cireba broker deal with a non cireba broker? Good luck being dealt with fairly
And negotiating commissions is a farce with these cartel members. You’ll be told they’re not allowed by Cireba
Most of the Cireba listing agents don’t really have any buyers. They just wait for the phone to ring. If you are a seller, a non-CIREBA agent is just as good if they are on the first page of your google search. They are as likely to hear from a new buyer as the cartel people are.
Hook, line and sinker, CIREBA are a cartel:
“an association of manufacturers or suppliers with the purpose of maintaining prices at a high level and restricting competition.”
Anyone check traffic court lately?
Ha! They don’t put that on their Tik tok’s or Instagrams!
‘According to a local real estate agent’. In other words just some talking head opinion. Realtors are just vultures in a human body.
@5:22pm Spot on and its all about self discipline and distinguishing between wants & needs. I worked in tourism in the 90’s and 2000’s jobs that most Caymanians won’t take. I purchased a lot in 95 that is now valued 15×, bought//sold a condo with R.O.I 35% as I was able to rent it out. As you sensibly said, stop keeping up with the Joneses, become more frugal and stop blaming expats for the high real estate prices. Governments should have invested in mid income first time homes for Caymanians from the 80’s or a Sovereign Fund where Caymanians invest $200K and the fund pays out the other $200K, this never happened so now 400K gets you an average 2bed 1bath home today.
The property market is unmanaged, really a symptom of old world cayman. Cireba and all these big shot realtors are just a symptom not the cause.
Land banking is an awful economic policy that incentivizes the most unproductive use of a finite resource – doing nothing.
Tons of tourism heavy real estate markets have solutions to manage supply, like restricted titles (have to be occupied, or owned by a resident).
Pre sales / developments need total reworking of the regulatory oversight to protect the credibility of caymans real estate market.
Y’all ate so small town thinking. All the expat people buying real estate in Cayman had the whole world to choose from. You should see the prices in other places. The only places cheaper than Cayman have major problems with one or more of the following: drug cartels, civil unrest/terrorism, unstable lefty governments, high taxes. The only downside for investment is the quality is down.
Should be watching what is happening in China and the effects on some very large banks & the markets – a 2008 re-run may very well be on the agenda.
Except this time round there will be no bail outs.
Brace! Brace! Brace!
>10,000 of China’s local government financing vehicles (LGFV) have been losing 4%+ for over last 12 years. The Chinese central government is assumed to backstop each investment as they fail for a variety of reasons (including outright kleptocracy), but that will be tested. Total value of exposure, according to FT, is some USD$7,8Tn, or about twice annual GDP of Germany. Death penalty awaits many of those kleptocrats that didn’t abscond to Canada and elsewhere in time.
I’m in the market for the 1.5m to 2m range. (“Lucky” me).
Three observations:
1) A fall in values/prices is a 100% nailed on certainty – soaring interest rates / deep recession coming / bubble conditions make the probability of falls not happening zero. Zero. There is a Zero percent probability of no falls happening.
2) Properties are hanging around on the market for months on end with no interest at the listed price. Just pay attention. They are not selling. Open houses are now littering the weekends.
3) No matter what “its just an itsy-bitsy gully” horsesh*t that realtors come out with (see article above), there is no way whatsoever I will be buying property in Cayman right now and guarantee a 15-20% loss within 12-18 months. Much much better to invest that money elsewhere.
The listings that don’t move are overpriced. Simple, happens everywhere all the time. Doesn’t mean prices of actual transactions will go down.
I’ve got a nice shiny bridge for sale, you seem like you might be interested. Currently it’s in New York but I can ship it.
Or how about some magic beans?
3.54 You make a very good point that wealthy Caymanians don’t seem to feel the need to help their countrymen. Even those in the development business.
It’s always the evil foreign developer that is somehow uncaring when it comes to providing affordable housing .
I thought that was an excellent comment and very true. Some Caymanian families have become exceptionally wealthy and very few give back to the community. Easier to point fingers.
I’m a Caymanian who bought real estate years ago and held onto it, sure I flipped things here and there but instead of splurging my money on fancy cars, trips and trying to live up to the Joneses, I saved and saved and sacrificed (still live a nice simple life) then went and bought land, paid it off then did it again. So all this crying about can’t buy this can’t buy that, well maybe sacrifice something for it. However, I get some people cannot save because of their income and that’s another issue but they can seek government housing but that’s not the majority of folks. I have several friends who still do not own a house but they have travelled to Florida about 9 times for the year and bought all kinds of outfits etc. drive brand new cars, spend money on jewelry, eat out all the time but then get angry that foreigners are buying places. Well like I said before put you criticize those that have invested, try to save for at least a down payment. It’s called getting frugal nothing wrong with that, peace out.
Proud to read your post 5.22.
Hope you will inspire young Caymanians .. Thank you.
Good point but a few trips to Miami and a night out every Friday is not going to have any impact on a deposit in today’s prices. You need to be earning 6 figures minimum. A hard working gardener, mechanic or housekeeper has no chance and that’s not right. Cayman has become the capitalistic capital of the world. Trump would love it here.
A night our here every Friday can easily equate or add up to a monthly land payment actually. But its peoples’ choice what to make their priority – a hangover and empty bank account or a physical asset with increasing value. All about choices.
I disagree with just about everything you said, as an example – lower income folks have “no chance”. But you fail to state that the goal of ‘lower income folks’ is to get skills and education to become ‘higher income folks,’ not to buy a fancy new care every three years. My first three jobs were in fast-food; I left for higher wages every time. I always had a thought to be in position to capitalize when opportunities to better myself appeared. I made the most of the occasional ‘chances’. I also worked three jobs at the same time during my 20’s to finish my education and do so debt free. I was given and asked for NOTHING! (My father died when I was 14, no life insurance, my mother had no financial extra to help me or my brother). Who/what defined my eventual rise to middle class? ME!
How many Caymanians hold the gardener & housekeeper jobs you quoted ?
I would like to vehemently disagree. I am a young Caymanian. Yes the real estate market right now is not palpable for many of us. BUT, that does not change the fact that it is possible to do what 5:22pm said.
1. Cayman is an offshore financial hub – there are opportunities here to easily creep past the USD$100k+ wall you speak of.
2. All you have to do is be of average intelligence (3.0 GPA) here and the government will literally give you USD$30k to study abroad (obviously this might not be enough if you attend an expensive US or UK university
3. I have it on good authority that tradesman (mechanics, plumbers, electricians etc) are capable of easily clearing 100k USD per year.
Everywhere I look, I see the same people making the same mistakes – 2k on a Cuban or Gucci link chain and they barely make that a month.
Financial literacy is the problem here.
IF YOU CANNOT SAVE BECAUSE YOU DO NOT MAKE ENOUGH THEN IMPROVE YOUR SKILLS SO YOU CAN INCREASE YOUR INCOME.
Live below your means, stop buying sports cars from Japan (you know they’re going to inevitably have issues at some point and you will not be able to afford the repairs).
And BTW I also dislike the old Caymanian family privilege that a lot of people here exude. So before you start saying that I am one of them, know that I am not. Literally started off with 0, nothing from my parents. All I needed to do was be average in school and the rest fell into place.
FINANCIAL. LITERACY.
I like your comments and agree, financial literacy which leads to better priorities is the most important skill that has not been taught to Cayman’s youth.
Kids influenced too much by artists with Lil in front of a stupid name. Champagne lifestyles on lemonade money.
You still miss the point. You don’t have to make 100k to save to buy land and build a house. BTY there are very few Caymanian gardeners, mechanics and housekeepers, if any.
This is not the case for majority of Cayman. Not everyone has generational
wealth. How did you afford to buy it years ago? Most probably still couldn’t afford it then.
No one is required to use a realtor to sell their property. You are free to market on your own if you think this will maximize the net value.
A realtor is not required to join CIREBA.
In the end, most people choose to use a realtor and use one that is part of CIREBA.
Net value? Thanks CIREBA member.
Absolutely it WILL maximise the net value. Paying 7% for a person with glossy hair to show someone around your home won’t add anything to it’s value but will net you a lower amount after their excessive fees.
Do it yourself. It’s easy.
But you will learn the art of talking nonsense with confidence.
The same way people choose their electric company.
Agreed – took our own pictures, wrote up our own selling points, posted on a local trading site and controlled potential buyers coming to look around – only serious ones, not nosy people using an open house to get all up in your home. Who better to sell all the cool features of your house than you who knows it inside out. Had an offer within a couple weeks. And its the buyer that needs to do their due diligence with lands and survey, inspection, valuation, lawyer etc. All the seller needs to do is decide whether to accept an offer and lock it in when they get a deposit. Standard terms can be easily re-written from any real estate contract. There is no need to give away 5 or 7 percent to someone who may visit your home once – unless youre in a rush and need CIREBA’s list of investors waiting in line…
agreed.
I sold on ecay, and got the highest price any unit in my block has ever achieved, and didn’t have to pay someone $40k for the privilege of showing people my home.
About half of you commenters are wrong. The question is which ones? The market will let us know eventually.
Crazy prices given much of Cayman real estate will literally be underwater before the end of the mortgage term!
Lmao okay Obama
I do wonder why all these wealthy politicians advocating for climate change and warning us of rising sea levels keep buying ocean front land…
when did Obama say that? your unhinged hatred for him is weird.
The realtors can cry me a river! They are all millionaires now and don’t give a flying fart in space about over development and the impact on the environment nor do the developers. The run away development has crippled the average Caymanian’s ability to own a home. To add insult to injury investors can purchase real estate via crypto without even stepping foot in Cayman.
The lack of an updated planning development plan has allowed developers to create flood zones where there were non before. Caymanians cannot even afford to buy fill to remediate flooding. Hurricane Ian barely touched us and look at some of the footage and now that same storm will be responsible for even more inflation here.
Cayman’s reliance on the construction industry as part of its fiscal policy has and continues to be flawed. The revenues generated by this industry is not and has not benefited Caymanian homeowners. The high end market continues to push Caymanians towards low lying areas and swamp. There are no incentives for developers to help serve the low to middle income families and the air bnb market has created a short supply of affordable rents for those who will never own a home.
Could go on and on and I’m sure many of you feel the same but unfortunately, we are the minority as the populace vote on what is in it for them instead of what is in it for the country.
I would like Airbnb banned here, as it is in some expensive cities.
Are you part of the taxi mafia keeping Uber out by chance?
Nope. Just know Airbnb has inflated property market here
Why would someone who’s livelihood depended on selling real estate try and slow it down or sacrifice their ability to earn? Would our boat captains restrict the number of guests on their boats for a more pleasurable experience or run fewer trips to lower their impacts on the environment? The common good is why we have and need reputable, experienced, and reasonable government members and civil service. When your house speaker is the kind of person he is you can bet the rest of the government and civil service aren’t going to be looking out for the common good either.
The government have to introduce an annual property tax and capital Gains tax for property owners that do not live in Cayman. The Cayman Islands is the only country in the world that charges no ongoing property tax for foreign investors. It is a win win for Cayman. Cash inflow for government and more affordable housing for its residents.
Bun that. The people of Cayman don’t want property tax. One thing we like about cayman is its lack of tax. Sure there’s duty on everything but back off with your ideas of direct taxation. It’s not just wealthy ex-pats who own property. Many old Caymanians are able to get by purely because they have a property they are able to rent out as their source of income. It keeps the lights on and food on the table. Plus if you add property taxes this cost is just passed on to the renter. The rent is already high enough as it is thanks.
Break out the violin “put food on the table” what a load of jibberish!!! it’s more like “put another Porsche in the garage”. Annual property tax on foreigners, capital gains tax on foreigners and 2nd property owned by Caymanians is the solution along with real substantiating the source of where the real foreign money is coming from. Fixed fee realtors as well instead of % of home value.
None of what you say has worked out anywhere (Switzerland excepted.)
Read the post. This tax would only be for owners that do not live in the Cayman Islands (have a passport or work permit). Foreign investors make hay here paying no taxes and making property unaffordable for most Caymanians and permit holders that actually put back into the economy. Lots and houses are being flipped by foreign investors without the owners ever stepping foot on the island.
We have tax – its called ‘stamp duty’. What the original commenter is saying, is that CI has the same stamp duty for both local and foreign buyers.
What they should have done is have 2 levels of stamp duty. 1 for residents, the other for foreign buyers.
How?
Easy.
5% for Caymanians.
7.5% for Residents
10% for Non Residents.
Done.
They also need to rein in the lost stamp duty revenue when local companies are simply sold/transferred with property assets that go completely unnoticed by CIG/lands and survey.
CIG needs to keep track of the public’s crown assets, maintain them, and value them properly. They need to account for all the money already collected, and spent right now without requisite reporting. They must kept running current accounts of the finite duty concessions and waivers that were granted without due process to preferred developers, and probably maxed-out years ago. They have not kept track of the land they swapped for, nor supervised good value and compliance to the public over important conditions attached to transfers of crown title. Tens of millions are forfeited each year in receivable and accounting spillage.
True and the last concession giveaways given by the PissPoor Management government called PPM; and it’s Zplanning Minister who blatantly refused to divulge information on the large scale giveaways. Shameful .
what would a realtor know about property markets and what affects them?…they only care about their commission …hence it is always a good time to buy or sell.
would you ask a second hand car dealer about the car industry?
1:00, 1:13 and 1:15, anyone ever told you you’re a condescending twat?
Such eloquent wit and charm 2.14.
The words ‘Chip’ and ‘Shoulder’ come to mind 2.14.
Yes, don’t fret though, we know which agent that is.
I realized the value of some property recently to further globally diversify my investment portfolio. It was clearly time to take advantage of the inflated property prices as the local market is on track to see a notable correction withing the next 24 months. Let’s hope that everyone is able to understand the global economic, political and other factors that suggest that it is time to globally diversify their portfolios.
Have to agree with the slump in the property market…
With rates rising and cost of living spiralling out of control here in Cayman, can rest assured the property market is about to take a nose dive, with some up to 20 – 40%!
Hope those that are over-leveraged have enough $ to weather the monthly mortgage increases that are in the pipeline. Not to mention that higher deductions from salary when PACT increase requirements for pension deductions!
Fingers crossed
GOOD! Cayman housing is so overpriced it’s laughable. Hey CIMA you pathetic tough talking zero balls organization why don’t you pressure and audit the source of wealth of all the foreign capital that’s skyrocketed housing in Cayman. Further on the topic Government should slash realtor’s commission on properties to a fixed fee instead of based the home’s value. How about $2,500 per sale. That’ll flatten those real estate agents gravy train that’s been going on for decades.
Especially that one with Chinese owners by the North Sound!
CIMA isnt the regulator for real estate sales that is why….
Seriously…?
Then why not put a ceiling on charges by Banks, Lawyers, Accountants and whatever it is you do 1.46.
Here’s the difference all those other sectors are the open market and not monopolized like CIREBA. Accountants, lawyers etc work their ass off on the hamster wheel of billable time while realtors do nothing but complete the contract of sale to transfer title then collect hundreds of thousands on big sales. Divide their time spent to their commission and see what outrageous overpricing they are receiving. $10,000 an hour isn’t far off and where’s the due diligence on source of wealth on these foreign buyers. None because of the obvious conflict of interest realtors just want their commission and who cares where the real money came from sums it up with their big smile.
“Por que no los dos?” as the kids say.
Most of Grand Cayman has been transformed into an Urban Environment. You could be in a back suburb of Toronto somewhere.
Just stand at the Hurleys entrance & do a 360 degree turn. You can no longer see South Sound, just concrete and shiny SUV’s trying to run you down, if you dare attempt to cross the road.
Michael Joseph would disagree though, somewhat focused on his next commission check.
But fortunately we are not Toronto.
Yeah, but Toronto does not have to worry about massive hurricanes and being underwater in the next decade.
The next Ivan is what I really fear.
It has been 18 years since Ivan. Many new residents to Cayman do not have any idea of what a major category 4 or 5 hurricane is capable of. Realtors are selling to these people and you can be certain no disclosure of vulnerability in a storm impact is being discussed with these new residents.
But we don’t need a major storm close to us to inflict major damage and economic disruption. The recent beach impact we saw during Ian’s passage, should be a reminder of this vulnerability.
Lol all these real estate agents kill me…
flames all around them… rising costs all over the place..
“the best time to get in Cayman’s property market is now” …
Oh, please sign the commission cheque down here… thanks !
Cayman lost it’s charm. Who wants to spend a million dollars to be in a hot city. Too many other islands that still remain islands.
Well said.
A hot city devoid of urban planning, and catering to one meddling developer.
A CIREBA realtor will never admit that the market is slowing down. There’s never been a better time to buy..or sell..or rent…or anything. Just make sure I get my ludicrous commission.
If you read again , perhaps you will see the facts are set out so that buyers are informed, and can make their own decisions.
Don’t let your dislike for realtors get in the way.
Lol… this has nothing to do with buyers or sellers, just real estate agents trying to justify their existence.
Anyone who bought property in 2021 / 2022… sorry but the realtors convinced you to buy at the top of the market…
Hope you have the parachute to stop the hard landing!
It’s always the top of the market. When was the last bottom of the market? Never.
CIREBA has no authority to grant a Realtor designation. They have salespersons, brokers or agents. Realtor is a trademarked term that belongs to the National Association of Realtors in the USA.
‘National’ is the operative word here, meaning realtor title protected in USA, not elsewhere. Still, despite being a BOT Cayman seems to love all things USA!
No it isn’t.
Recalibration? Typical nonsense realtor speak.
Never mind the words you don’t like, the overall message is an honest guide to what is happening .
I for one welcome information to help my decision to buy now or to wait.
The property bubble in the Cayman Islands is getting ready to burst and, when it does, those who bought in at highly inflated prices are going to have lost out, unless the property was purchased for strategic purposes.
In times of recession in Cayman over the past 50 years real estate prices never went down. It is just that sales were severely reduced until the US market improved. I suspect the same will happen again. What is disturbing is the difficulty the younger generation will have in obtaining finance particularly with rising costs and interest rates.
In addition 50 years ago Caymanian families owned more land than they do today, much of which was handed down from generation to generation. Thus each generation just had the cost of the house to pay for. This is no longer the case: much of those family lands have been sold.
Salaries do not seem to have kept pace with increased costs and the ever increasing gap between the haves and have nots is a serious concern which government needs to address.
Thank you for saying this. People assign blame but forget themselves and the impact of their fathers and fathers before them. There are some hardcore caymanian families who continue to save the land they own for the next generation…..they look and think ahead thankfully.
Unfortunately a false assertion Chris Johnson. Caymanian real estate prices did go down during the 2008 through 2010 period or thereabouts.
As far as government needing to help keep up with the affordability gap, I believe this is an individual responsibility and not a government responsibility.
That said, government should rescind the recent upzoning gift that the PPM gave to their strategic and anonymous allies in the property development and investment sector UNLESS at least 50% of the value gained by the upzoning is shared with building infrastructure, affordable housing, etc.
Not going to happen, they need those big money developers to fund their lifestyles of the rich and famous!
Sorry Chris…
Past trends do not magically predict and ensure the outcome of the future.
You of all people should know that.
Where is your evidence ? I think Chris is right and wrote a good synopsis.
The kids are thirsty, get back to what you do best.
What you smoking bro?
I can assure you it did go down.
What government will do a dam thing? Don’t upset the apple cart and just keep their big salaries coming in.
The ever increasing gap between the haves and have nots is caused by the fact that the laboring classes, the nurses, teachers, lower paid civil servants( ie the majority…yes, that’s a fact despite what you read on CNS), the store assistants etc etc seldom get any increase in the amount of money they make, whereas the bankers, lawyers, auditors, accountants, real estate agents rake in huge amounts on a never ending ongoing basis, largely because these huge amounts are just passed on to their clients who are themselves either wealthy individuals or corporations.
’08 collapse was despite deep interest rate cuts. If there is a ’23 crash it will be in a rising rate environment. Asserting that Cayman real estate will not go down is baseless.
It has already burst. Anyone buying now is just trying to catch a falling knife.
yeah. anybody look at interest rates….forgot to mention that. no young person going to qualify for a mortgage.
cool story, this means nothing for locals actually trying to buy a home. housing prices are so high that even if the market crashed tomorrow, most of us will still be too poor to afford anything.
The market is segmented. In simple terms there is low end, mid end, high end. One of the main things is to look within your range (low/mid/high). If your wage/salary is in the low end range ….. looking for mid or high end property to buy is going to be disappointing. If your salary is in the low end range, have you signed up for affordable housing programs, have you changed rental to a low cost rental to save money for your property purchase (e.g GT rental vs BT or east end rental), did you buy land out of town so you can leverage the property appreciation year on year (this can be more money/equity than you can save each year), can you partner with family to purchase jointly and lower the cost per person. You can own property. Where there is a will and creative or determined mind there is a way.
Most Caymanians have nice houses.
Never been a better time to build another 80 craphole apartments.
I agree wholeheartedly! My reaction to searching through Cayman condo listings is always the same (1) laughter (2) “are you eefing kidding me that price (usually around a million) for that tiny crap in the middle of buckwoods nowhere” (3) four letter word + off. That completes another Cayman real estate browse. Considering the foreign capital is endless and relentless there should be an annual property tax of 10% for all property owned by Foreigners who do not reside in Cayman. If it’s a company owned then the UBOs must reside at least 8 months of the year. The revenue from that can go to support Caymanians first time buyers looking to purchase to raise a family in that outrageously overpriced home. What’s the average price of real estate now in Cayman?
Or maybe a tax on Caymanians that sell their land to developers then moan that prices are too high. What did the Kirkconnell’s do with the bucket of cash they took from Dart for the Royal Palms site. Did they build affordable housing units?
Sounds good. Strap a 25% tax on secondary land owned by Caymanians who are flipping properties. The protection should be for primary dwelling Caymanian homes. Something has to be done to rein in the excessively priced real estate market and there’s lots of options how to do it
What a laugh, they only look out for themselves and the hell with anyone else