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Why People are interested topurchase property in the Cayman Islands?
The market here, as a whole has seen a decline in activity in 2009 and 2010. The price has also suffered, His most part this has affected the local market rather than the international market or cousins. The main reason for this is that the local market is more affected in the day to day to the economy which, of course, has responded to how individuals are affected in their daily lives and work.
The foreign market on the other hand is very different. This market has always been a cash investment based mainly in general, a second home market for customers rich who have the luxury and benefit of being able to buy and have no financial cost or ongoing cost that would force them to react to changing markets. What normally happens is that the activity slows as the number of buyers is reduced.
history of the Cayman Islands real estate in the last 30 years was characterized by a market that has been essentially strong, coherent and stable, with good appreciation. However, with the pressure of the global economy, have also also had the pressure applied to our market and therefore we are now in a situation where the market prepares for Cayman Islands real opportunity and long-term somereal recognition that prices have never been better. Availability is good and in some areas there is more choice, which means that the price is also more attractive.
The basics of what makes Cayman a good market, remain stable as true today as they have ever been. From a location, Cayman is in a prime location just 480 miles south of Miami, one of the largest in the world. We are also easily accessible with direct flights from the Bahamas to London, or through Jamaica. As a holiday in the Cayman Islands is also particularly good, due in large part the security aspect. The ability to do business because of financial services has also been a backbone of the force of the Cayman Islands and growth in the past years. Part of the reason for a local real estate market is so strong that Cayman has developed some of the best professionals in the world for many reasons. Lifestyle is a of them, but another key factor for investors, tourists and local residents is our low crime rate. We have our problems, like many other places. However, is still a very safe, warm and friendly. Another factor is our political stability that has proven to be very good and very strong in recent years and will remain that way. A great advantage over the rest of the world is that Cayman has a "one time" stamp duty property (purchase tax) by the you pay at the time of purchase only, there is no property or sales taxes annually, inheritance or estate tax.
These are the main things that attract buyers looking for a place in the Caribbean. Although the activity of the Cayman Islands market has been slow until 2010, and 2009, we have seen an increase activity in the later part of 2010, as the number of queries has been leading an increasing number of bids, as this continues we will see the benefits of this activity hardening in prices and will over time.
We also found that the foreign market has begun to return, and we're starting to see that Cayman is now the perfect place to shop. With the indicators say that 2011 will be a better year and could be important turning point, the development of the Cayman Islands is progressing. There are numerous projects being completed that are certain to enhance the tourism product and infrastructure. For example, the new dock in George Town and cruise ship berthing facilities, which have the potential of introducing futures overnight and the development of a 2,000-bed hospital, large-scale tourism facilities physician, medical school and assisted living
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