Real Estate

Commercial Property Takes Off in the Cayman Islands

Written by RE/MAX.

The Cayman Islands have long been a hotspot for real estate investors. The lack of taxes coupled with a government that encourages foreign investment has led many people to purchase property in the Cayman Islands. Many people purchase homes in the Cayman Islands as vacation properties or places to retire, but there are just as many opportunities available for people looking for commercial real estate investments.

The growth of the financial industry locally is a major force being the rise in Cayman Islands commercial property investments in recent years. The local economy is booming — according to the International Monetary Fund, the GDP of the Cayman Islands is expected to grow up by up to 2.3 percent annually over the next few years.

This has led to a growing work force coming in from out of the islands to work in jobs related to the financial sector. Since many of these jobs are short-term, employees prefer to rent or lease condos and apartments rather than buy property. This means that landlords have ample opportunities to make outstanding returns on their investment. According to a recent article in the Globe and Mail, landlords can expect a 7 percent ROI on a two-bedroom condo leased to a renter in the Cayman Islands.

Along with rental properties, many foreign investors are putting money into commercial real estate developments such as shopping centers, restaurants and more. Not only are all kinds of retail businesses booming in the Cayman Islands, but friendly property laws mean that developers can purchase land and wait before either building on it or selling it for a potential profit.

[author] [author_image timthumb=’on’][/author_image] [author_info]RE/MAX is a leading real estate broker offering both residential and commercial real estate for Cayman Island residents and foreign investors.[/author_info] [/author]

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