Whether buying your first home, your first in the Cayman Islands, or you’re a seasoned property buyer, at Corcoran Cayman, we are here every step of the way to help you through your home buying process.
In this step-by-step guide, we walk you through everything you need to know about buying property in the Cayman Islands.
Step 1: Understand Why the Cayman Islands is a Top Property Investment Destination
Before diving into the logistics, it’s important to understand why investing in Cayman real estate is such a smart move. Key benefits include:
- No annual property taxes
- No restrictions on foreign ownership
- Stable political and economic environment
- High rental income potential
- Strong real estate appreciation rates
Step 2: Work with one of our trusted team of Licensed Real Estate Agents
Navigating the property market in the Cayman Islands is much easier with a trusted, local real estate professional. Our agents are licensed, trained and extremely knowledgeable of the local market so will help you:
- Understand the local property market
- Identify neighborhoods that match your lifestyle or investment goals
- Negotiate the best price
- Support through all legal and transactional requirements
All our agents are members of CIREBA (Cayman Islands Real Estate Brokers Association), which ensures adherence to professional standards.
Step 3: Determine Your Budget and Financing Options
Before starting your property search, determine your budget and whether you’ll need financing. The Cayman Islands offers mortgage options for both residents and non-residents through local banks and lenders.
Things to consider:
- Deposit requirements.
Typically 10%-20%. The larger the deposit, the better mortgage options are usually available. - Interest rates and terms.
Interest rates and terms can vary quite significantly, depending on a few factors including; whether it’s a fixed-term or variable mortgage and the deposit amount. - Mortgage pre-approval for faster transactions
Pre-approval is a written estimate from a local bank or lender stating how much money you’re qualified to borrow for a property purchase, based on your financial situation. - Additional Costs and charges
As well as the deposit, it is important to budget for additional costs such as stamp duty, legal fees and money for furnishing or renovating the property.
Step 4: Start Your Property Search
Once you have spoken with your dedicated Corcoran agent about your requirements, they will provide you with a curated list of properties that match your criteria. You can also look at all available properties on our website.
Take your time to view multiple listings, making sure to attend open houses and any private viewings. Assess each property’s location, size, amenities, potential return, and lifestyle offering.
When viewing properties it’s important to remember, most things about a property can change, but the one thing that can’t be changed is its location!
Step 5: Make an Offer and Sign a Purchase Agreement
Once you’ve found your ideal property, your agent will help you make an offer. If accepted, a Sales & Purchase Agreement is signed. This typically includes:
- Agreed purchase price
- Deposit amount
- Conditions of sale
- Completion date
Your deposit will be held in escrow by your lawyer until closing.
Step 6: Conduct Due Diligence
Legal checks are a critical part of buying property in the Cayman Islands. Our Corcoran agents will help you find a local real estate attorney to perform the necessary due diligence including:
- Review the title and ownership documents
- Confirm there are no outstanding debts or liens
- Review strata rules (if applicable)
- Prepare and review contracts
- Handle the transfer of ownership
- Register the property with the Cayman Islands Lands & Survey Department
Step 7: Finalize the Sale and Transfer Ownership
On the agreed completion date:
- Final payments are made including transferring of funds and paying stamp duty.
- Documents are submitted to the Lands & Survey Department to register the new ownership
- You receive your title deed
Step 8: Move in & enjoy your new property
If you’re ready to begin your property search, reach out to a Corcoran Cayman agent today – and get ready to live the island dream.
