No Comments

CAMANA BAY

WEDNESDAY FARMERS & ARTISANS MARKET IN CAMANA BAY

Stop by the Farmers & Artisans Market in Camana Bay every Wednesday and pick up fresh-picked produce, homemade artisanal foods, local handicrafts and more. This weekly farmers and artisans market is a showcase for delightful things grown and made on Grand Cayman.

Each week, Camana Bay’s shopkeepers and restaurant owners join roughly 40 growers and specialty products purveyors. The offerings at this celebration of local culture and goods includes seasonal fruits and vegetables, gifts, gourmet foods, skincare, jewelry, flowers, teas and coffees, seasonings, jams and more.

The Camana Bay Farmers & Artisans Market opens at 3 p.m. and features live entertainment throughout the course of the event. Musicians and artists come to provide their talents in real-time, demonstrating the creative spirit of the people of Grand Cayman. Enjoy watching crafters and artists show off their skills in weaving, conch blowing, rope making and more.

About Camana Bay

Beautiful Camana Bay is the setting for our community’s weekly Farmers and Artisans Market. Camana Bay is a lively waterfront gathering place where children play in fountains, families linger on lawns and everyone relishes in leisurely island life.

This master-planned community features 675 acres from sea to sound, with many spots to relax, explore and be inspired. Camana Bay is a mixed-use community that promotes walking, connecting and living sustainably in diversity.

Visit Camana Bay and enjoy its thoughtful and beautiful design. This area on Grand Cayman is a favorite with residents and tourists alike, and it features many other events throughout the week along with annual events for major holidays.

Getting to Camana Bay

On Foot

You can get to Camana Bay easily from the strip on Seven Mile Beach. Just follow the footpath signs set all along West Bay Road. They’ll guide you up onto The Rise, which is a pedestrian walkway, and over to The Paseo in Camana Bay’s Town Centre.

By Car

It’s easy to get to Camana Bay by car from West Bay and George Town.

By Boat

Anyone taking their own boat to Camana Bay can reach the community by plugging in the following coordinates, which direct water travelers to the main channel entrance:

Latitude: 19.323510 Longitude: -81.367715
Coordinates for the Camana Bay Harbour:
Latitude: 19.321573 Longitude: -81.376449

No Comments

Why Buy in the Cayman Islands?

So, what is it that makes the Cayman Islands such a popular choice for investors? Let’s take a look…

Gifted with an amazing climate, pristine white sand beaches, beauty and the bluest water you have ever seen plus warm and friendly people it is the definition of paradise. We love the natural beauty of Cayman but when you look closer you begin to understand that Cayman is far more than a picture post card and is an excellent option for potential investors.

It is a unique environment and offers benefits and incentives that are not available in other locations and so investors looking for property for sale in the Caribbean consider Cayman a serious candidate. For example,

  • There are no restrictions against foreign ownership and ownership is guaranteed.
  • There is no annual Cayman Islands property tax due.
  • There is no requirement to pay taxes on income from leasing a Cayman Islands Investment property.
  • The Cayman Islands are often referred to as ‘Tax free Islands’ but a better description is Tax Neutral which means there is no direct taxation – Including no Income, Inheritance, Capital Gains or Property Tax.
  • Property sales are subject to a one-time stamp duty currently set at 7.5%

The Government has developed environments that make Cayman Islands investments in real estate an attractive option for foreign investors. The actual process for purchasing property is simple coupled with a very sophisticated land registry system. In addition, here are a some of the other benefits.

  • The Cayman Islands continues to see steady growth in the real estate market.
  • It is possible for investors to make return on investment in Cayman Islands by purchasing land as there is normally no requirement to develop it.
  • There are many professional Real Estate Companies offering unparalleled service and an excellent portfolio of properties to match any budget, whether it be luxury, residential or commercial.
  • Real Estate law is consistent across the Cayman Islands districts.
  • The Island also enjoys proximity to the US and is one of the safest countries in the region.
  • Buyers can access hundreds of properties through CIREBA.COM and CIREBA’s public website
  • It is possible for ownership to remain private and it can be held in the name of one or more individuals or in a corporation.

The Cayman Islands also enjoys political stability and a strong economy. It offers a renowned business environment, thriving financial industry and a busy tourism market. The country has first world modern infrastructure and state of art telecommunications not to mention outstanding health facilities and an overall high standard of living.

The wider picture shows substantial developments with both new and existing projects underway across the Island which are set to only enhance what Cayman can offer.

The government has plans for stimulating growth in the Capital, there are major infrastructure developments underway such as the Esterley Tibbetts Highway plus the expansion and modernization of Owen’s Roberts Airport. In South Sound, we see the construction of Cayman Enterprise City’s campus and there is continued rapid growth along Seven Mile Beach, the Eastern Districts, Camana Bay and Darts Groups Projects.

Clearly, there are many advantages to Investing in Cayman Islands and this continues to be the primary reason that it is popular with investors particularly for real estate investment.

If you are looking to invest in the Cayman Islands then we always recommend seeking the professional advice of a real estate agent and lawyer.

No Comments

Common Real Estate Questions

Frequently Asked Questions

 

Q. What is CIREBA?

Answer. The Cayman Islands Real Estate Brokers Association(CIREBA) is a non-for-profit association that provide a professional network for the different Real Estate Companies in the Cayman Islands.  CIREBA has grown to have 34 Broker Members with 168 Realtors. The basic premise is that all listings are shared between members and are easily accessible through the CIREBA Multiple Listing System.   This means that buyers can select one realtor and stay with them throughout the process instead of having to work with numerous real estate agents. For sellers, it means their property receives wide coverage quickly and efficiently.

In addition, CIREBA ensures that all members are up to date with changing laws that pertain to the Real Estate Industry.

Q. Who pays the Realtor fees?

Answer. It is the responsibility of the seller to pay the Realtor fees. The seller pays the listing Broker and the Broker splits this with the agent if they bring the purchaser.

Q. What is Stamp Duty?

Answer.  Stamp Duty is a one-time fee paid at 7.5% of the purchase price and this applies across the islands. The stamp duty is paid by the purchaser on the sale of the property minus the value of the used chattels/furniture.

Q. Are properties sold furnished or unfinished?

Answer. Approximately 95% of all condos and homes are sold furnished. The 7.5% stamp duty is calculated on the price you paid for the property minus the value of the used furniture. For example, if you buy a home for US$500,000 and the furniture is valued at US$22,489, you will be required to pay stamp duty on US$477,511.

Q. When do I get to see the Strata documents? Otherwise knowns as HOA or Condos documents?

Answer. Also known here as Strata-by-Laws and are like HOA or condo documents, Strata-by-Laws are registered on the title for each condominium complex. You can request to see them as a condition to the offer to purchase along with the latest AGM minutes and financial records for the Strata Corporation. Owning part of a well-run Strata or HOA will hold and increase your property value.

Q. What are Strata Fees and what do they cover?

Answer. Strata Fees are like HOA fees. It is a fee charged based on per sq. ft. of the condo. These fees are set by a budget and are to cover the cost of things like insurance, building maintenance, landscaping, pool maintenance, the Strata Management Company, bulk cable packages, common area water and power usage.

Q. What happens if a Seller/ does not pay his/her condo fees?

Answer. Any outstanding Strata Fees not paid prior to closing will be deducted from the Sellers funds and paid to the Strata Corporation. Your Attorney will request from the Strata Ex-Co or the Property Management Company what is called a “Section 6.4” and this will outline any fees not paid and also if there are any future assessments for the property.

Q. Are there title insurance companies or Escrow companies who facilitate the closing?

Answer. No, we do not need Title Insurance because Government guarantees title. However, we highly recommend that you hire an Attorney to research the title and advise you if there are any liens, or problems with the title. The cost is between .55% and 1% of the purchase price.

Q. Is there Freehold land or Leasehold land?

Answer. Most of the land is Freehold but there are some parcels of land that are leasehold from the Government. Leased land is uncommon but ask your CIREBA agent and your attorney.

Q. Can anyone own property?

Answer. Yes, there is NO restriction of foreign ownership. You can own up to 3 properties in your own name, after that you will need to have a license and your Attorney can help with that.

Q. Is there Property Tax in Cayman Islands?

Answer. There is no property tax in the Cayman Islands.

Q. Can I get a Mortgage at a Cayman Bank?

Answer. If you are a non-resident you can obtain a mortgage for the purchase, however a maximum of up to 70% financing is available. Interest rates fluctuate and can be between 1 -3% above the US prime rate.

Q. Can I get Cayman Island Residency if I buy property?

Answer. The Cayman Islands Government encourages investment in the island.  Residency is assessed on a points system considering factors such as occupation, financial stability and local investments. Thus, owning property is considered advantageous to the process.

Q. Are there inspection and valuators companies on island?

Answer. There is the Royal Institution of Chartered Surveyors (RICS Valuation Standards) and if you are obtaining a mortgage thru a local bank they will assign an independent evaluation to value the home based on recent and past sales.   There are also a home inspectors, Ask your CIREBA Realtor for a list of respected Inspectors.

Q. Can I buy land and build my own dream home?

Answer. Yes, it is possible to buy land and buy your own dream home.  We have many qualified architects and contractors. Ask your CIREBA agent for a few recommendations so you can interview them.

Q. Why does it look like the entire island is for sale?

Answer. On average, there are around 1,600 listings on CIREBA.  About 800 homes and condos, and another 800 parcels of land over the 3 islands.  There are tons of signs that look like Realtor signs, but they are actually Vacation Rental signs, or names of homes, like in Cayman Kai.

 

No Comments

The Cayman Islands Districts

GRAND CAYMAN

  • West Bay

    One of Cayman’s older residential districts situated towards the west of Grand Cayman. With winding tree lined streets and a true island feel, West Bay offers a wide variety of properties ranging from small family homes to executive/luxury homes, condos and land. Some of these are to be found on or near the water and in the canal front area known as The Shores. A new bypass has reduced the drive into town to about 20 minutes during rush-hour but traffic can still be an issue at times. A number of excellent restaurants and dive sites are to be found in West Bay as well as the Turtle Farm and two dolphin attractions.

  • Seven Mile Beach

    The most sought after location on Grand Cayman featuring vacation rentals, and a mix of condos and villas that hug the length of this beautiful white sandy beach that have won so many accolades. Seven Mile Beach stretches from George Town to West Bay, faces west and is on the leeward side of Grand Cayman. The Ritz Carlton, Kimpton Seafire, Westin, Marriott and Margaritaville are nestled between private homes and condominiums along the stretch of beach. The mix of properties, in terms of size, design and year built gives buyers a range of choices and prices on Seven Mile Beach. For the avid golfer and water enthusiast there are a lot of activities in the Seven Mile Beach area.

  • Seven Mile Beach Corridor

    Across the main artery of Seven Mile Beach – West Bay Road – there are a number of side streets off the main road that feature lovely homes and condos, shopping and some of the best dining experiences in the Caribbean. Convenient grocery shopping, retail and lifestyle stores abound. Here you will find neighbourhoods, many with canal-front homes in Governor’s Harbour, Snug Harbour, Canal Point and Crystal Harbour. As many of these properties border on north sound this area of Grand Cayman is also a boater’s dream. Camana Bay, a lively and contemporary waterfront town, offers a wide variety of restaurants for fine dining or family style, an organic farmers’ market every Wednesday, retail stores, coffee shops, a cinema, bookshop and more. For the avid golfer and water enthusiast there are a lot of activities in the Seven Mile Beach area.

  • George Town

    George Town is the capital of the Cayman Islands and a great place to call home if you want to be close to town, grocery shopping, schools, Owen Roberts Airport, snorkeling, diving and a few classic island restaurants. George Town is also the business centre of the Islands and home to the financial district, port authority, the cruise ship terminals and duty free shopping.

  • South Sound

    Heading East from George Town you will find the much loved and sought after South Sound. This area is more relaxed than Seven Mile with a lovely mix of condos and mid to large family homes. As South Sound hugs the water you will also find luxurious and stunning beachfront villas. South Sound is probably the second most sought after area on Grand Cayman to live after Seven Mile Beach. The rugby, tennis and squash clubs are here complimented by shopping and a community on the north sound, Grand Harbour that provides canal front living on the north sound and could also be considered a part of Prospect.

  • Prospect/Spotts

    A island feel mix of inland and canal front properties in a fast-growing area of Grand Cayman. Stunning homes with private docks are being developed behind the Grand Harbour shopping complex which provides convenient shopping. Old Prospect Road is a quiet community of beachfront luxury homes. Notable areas in Prospect also include Admiral’s Landing and Patrick’s Island.

  • Savannah / Lower Valley

    Between Spotts and Bodden Town you will find the large residential area of Savannah and Lower Valley. Here North Sound Estates affords canal front living. This general area is reasonably priced and appeals to young families and those looking for an affordable new-build option. Ocean side you will find stunning homes perched on the iron shore overlooking the dramatic south facing views. Savannah is home to Pedro’s Castle, Countryside Shopping Village and the Agricultural Grounds.

  • Bodden Town / Breakers

    Bodden Town was Grand Cayman’s first settlement and capital and is therefore rich in history. It has preserved a quaint island ambience and affords a delightful mix of island style homes and newer builds at reasonable prices. Fantastic local food, great beaches and a significant amount of land parcels are available in and around Bodden Town.

  • East End / High Rock

    Frank Sound Road cuts across Grand Cayman from Frank Sound in the south to Old Man Bay on the north side. It’s in Frank Sound road that you will find the Queen Elizabeth Botanical Park with the Blue Iguana sanctuary. Further to the east is the sleepy town of East End. Superb diving, fantastic views and equally fantastic cuisine make the backdrop to this classic island town. It is here that you will find, Health City, a state of the art hospital catering to medical tourism. East End has a significant amount of beachfront and inland parcels up for grabs as well as a beautiful collection of beachfront/vacation style homes.

  • North East Coast / Colliers

    An area of still mainly undiscovered land just half an hour away from the bustle of George Town, but miles away in terms of peace and quiet. The coast line is circled by The Queen’s Highway, stretching from East End to the south and up to Colliers in the north then round to the district of North Side. Secluded beaches, a selection of vacation style and luxury homes hug this coast line. This area is ideal for tranquil vacation homes or rentals in an authentic Caribbean setting.

  • Northside

    Northside is a quaint and sleepy village with truly beautiful ocean views. Mostly ocean front and facing the cool northerly breezes, Cayman’s Northside stretches along the top of Grand Cayman from East End to Rum Point. It’s very quiet and peaceful with true island tranquility. Northside is a great place to invest in your island beach house. Properties are often rented when not in use by their owners.  It takes about 40 minutes to get to George Town but if you lived in Northside you would probably would not want to leave home!

  • Rum Point

    This is the chilled-out but luxurious part of Grand Cayman. It is the place to relax in your vacation home and there are several, especially at nearby Cayman Kai. Property and land prices tend to be higher here. Located right on the northern tip of the Island, it is the place where tourists and locals head to relax with a mudslide in hand at Rum Point Club, drink mudslide cocktails and to swim with the kids in the shallow azure waters. Rum Point and Cayman Kai has a real holiday feel and options of overlooking quiet bays and the much loved bio-bay.

  • Midland East

    Take Frank Sound Road from Frank Sound in the south to North Side and you will traverse the width of Grand Cayman. The parcels of lands here are just waiting to be developed. Traditionally a quiet, peaceful rural section of the island, Midland is home to a wide variety of flora and fauna and is the location for The Queen Elizabeth Botanical Park and The Mastic Trail, both famed for their rich diversity of plants and wildlife.

CAYMAN BRAC

  • Cayman Brac West

    Cayman Brac is the biggest of Grand Cayman’s sister islands and is the only one of the three islands to have a bluff or cliff which rises from the ocean to about 140 feet. This elevation makes bluff land a constant best seller on the Brac. An added bonus is that Cayman Brac also still enjoys duty free building materials. Cayman Brac offers superb diving, wreck diving, caving and birding and is a wonderful Caribbean Island.

  • Cayman Brac Centre

    Cayman Brac is the biggest of Grand Cayman’s sister islands and is the only one of the three islands to have a bluff or cliff which rises from the ocean to about 140 feet. This elevation makes bluff land a constant best seller on the Brac. An added bonus is that Cayman Brac also still enjoys duty free building materials. Cayman Brac offers superb diving, wreck diving, caving and birding and is a wonderful Caribbean Island.

  • Cayman Brac East

    Cayman Brac is the biggest of Grand Cayman’s sister islands and is the only one of the three islands to have a bluff or cliff which rises from the ocean to about 140 feet. This elevation makes bluff land a constant best seller on the Brac. An added bonus is that Cayman Brac also still enjoys duty free building materials. Cayman Brac offers superb diving, wreck diving, caving and birding and is a wonderful Caribbean Island.

LITTLE CAYMAN

  • Little Cayman West

    Little Cayman, the smallest of the three islands with around 200 residents is a quiet island where vacationers can scuba dive, bird watch or simply unwind in a hammock. Most of the island’s hotels are on the south side of Little Cayman.

    The south side is protected by a reef and has boat access for divers. Owen Island is just off shore and is a great place to kayak or paddle too.

    Bloody Bay reef is a world famous dive destination with an incredible sea wall that drops down thousands of feet just off shore.

    There is a good supply of raw land available for sale plus inexpensive cottages, stunning and secluded island home and upscale condos. Many home owners are vacationers who come to visit for a few weeks of the year and then rent out their homes to vacationers the remainder of the year.

  • Little Cayman East

    Little Cayman, the smallest of the three islands with around 200 residents is a quiet island where vacationers can scuba dive, bird watch or simply unwind in a hammock. Most of the island’s hotels are on the south side of Little Cayman.

    The south side is protected by a reef and has boat access for divers. Owen Island is just off shore and is a great place to kayak or paddle too.

    Bloody Bay reef is a world famous dive destination with an incredible sea wall that drops down thousands of feet just off shore.

    There is a good supply of raw land available for sale plus inexpensive cottages, stunning and secluded island home and upscale condos. Many home owners are vacationers who come to visit for a few weeks of the year and then rent out their homes to vacationers the remainder of the year.