The development, sale and ownership of condominiums have proved enormously popular in the Cayman Islands for almost forty years. On purchase of a condominium apartment, the owner becomes a member of the general owners association, known as the Strata Corporation, normally run by an executive committee of several owners elected by the general membership at annual general meetings. Many condominium developments also have resident salaried managers employed by the Strata Corporation. Periodic payment of Strata Corporation dues covers maintenance of common areas, building insurance and other expenses. All types of real estate, including condominium apartments, may be leased on a long or short-term basis. Condominium ownership is useful for all manner of purchaser but is particularly attractive to individuals who may be spending considerable time away from the Cayman Islands as through the Strata Corporation, owners can be assured that all maintenance and upkeep issues are fully managed and executed.
