Month: April 2021

Cayman Brac Real Estate: The Bluff is Booming

Cayman Brac Real Estate - Property Cayman

Overlooked in the past, Cayman Brac real estate is attracting buyers like never before.

As the rugged gem of the Cayman Islands, the Brac is known for its laid back atmosphere and outdoor adventure. The perfect combination to attract buyers searching for a rustic vacation home. But that’s only part of the small island’s property lure.

Cayman Brac real estate offers an unrivalled price per square foot. And purchasers are further incentivized by government concessions. Affordability coupled with idyllic natural beauty and news of significant upcoming developments – it’s no wonder the bluff is booming.

Growth in Cayman Brac


Before border closures, the Brac was operating at an all-time high for tourism, with all hotels and private homes booked out. The recent purchase and rebranding of Le Soleil D’or as a unique luxury Caribbean farm to table Inn is a prime example of the island’s tourism growth.

And earlier this year, Health City announced an expansion that includes a state-of-the-art satellite clinic on Cayman Brac. Designed for chemotherapy treatment, the clinic will provide services that do not require major diagnostics or surgery. The hospital will concentrate on long stay recovery patients, with the Brac as the perfect peaceful backdrop for their recuperation.

Despite being stifled by border closures, medical tourism is still a long-term option for our islands. Just this month, the premier said, “This is the most reliable form of tourism there is.”  And Health City’s new development serves as proof while furthering the interest of investors in Cayman Brac.

Cayman Brac Concessions

It is not widely known, but the Cayman Islands Government offers concessions on Cayman Brac real estate. Concessions provide buyers a window of opportunity to save on stamp duty tax, encouraging investments on the small island.

  • Save 60% on stamp duty on properties already built. The Cayman Islands stamp duty is 7.5%, but currently, the government is offering a reduced rate of 3% for buyers purchasing established residents in Cayman Brac.
  • Save 100% on stamp duty on land. The government is currently offering a 100% stamp duty waiver for buyers purchasing land in Cayman Brac.

The waiver is subject to the following conditions: a. the stamp duty waiver will be for the development of accommodation dwelling (homes and apartments) and any other physical structure from which a business – whatsoever the nature of the business – can be carried on;
b. the stamp duty waiver will be granted to both individuals and legal entities;
c. development is defined as construction being completed within two years of the purchase of the property;
d. completion is defined as when the development is fit for occupancy; and
e. if the development of the property is not completed within two years and in the absence of a reasonable explanation, applicants are required to either pay the stamp duty in full plus a penalty of 10% of the stamp duty or, request a further extension from the Honourable Minister for Finance & Economic Development in order to complete the development of the property.

Source Cite: The Cayman Islands Government

As we have seen with other stamp duty savings, the government’s Cayman Brac real estate concessions will not last forever. So timeliness is key, especially as sales and development on the island soar.

Cayman Brac Real Estate Trends

To give you a real sense of what is happening on the bluff, here is a quick comparison of last years property sales compared to five years before.

2020 vs 2005

  • 440% increase in sales
  • 12.5% decrease of average days on the market
  • 12% increase in list price for land
  • On average, sale prices came in at 90% of the asking price in 2020, compared to 85% in 2005.

Source Cite: CIREBA

Opportunity Knocks

As prices in Grand Cayman soar to new levels, we all have pangs of regret. ‘If only I had bought in five years ago.’ Unfortunately, it’s an all too common feeling, the sting of missed opportunity. And now we are seeing real movement in Cayman Brac. There is a significant uptake in interest and sales on the small island. Get in while prices are stable and inventory is available.

Life on the Bluff

The serene eco-friendly lifestyle of Cayman Brac brings us back to true ‘island time’. Limestone caves,  rare and unique indigenous flora and fauna, rock climbing and diving provide countless adventure opportunities, both in and out of the Caribbean Sea. The escape, coupled with stamp duty concessions and an affordable price per square foot, make Cayman Brac a feasible way for you to own a slice of paradise. And with no stamp duty on land purchases, you could finally build that island hideaway you have been dreaming of.

If you are interested in securing your piece of the rock, reach out. I’d love to chat with you.

[email protected]

IG: @jenpowell31

Cayman Real Estate Quarterly Review

A brief quarterly review of the Cayman real estate market, that says a lot.

Here is what you need to know from my year-on-year comparison of the industry’s first quarter.

#1. Supply

In the world of property, supply is the number of homes available for sale. And in the Cayman real estate market, supply is down 13% compared to last year.

My team and I meet weekly to review current real estate stats and trends. For 12 consecutive weeks, we have watched the number of new listings decline. And in a small marketplace, this amplifies the already high demand and drives prices. While I am writing this, there are 736 residential listings in the CIREBA MLS. An all-time low, a true seller’s market.

Q1-YOY-REPORT_Property-Cayman

#2. Days on Market

Days on market is the average time between listing a property for sale and getting it sold. Along with supply and demand, it is a big indicator of market confidence. When the average time on market comes down for properties, it reflects high demand. Right now, across all sectors in the Cayman real estate market, properties are selling fast. And I mean fast. Sold signs are posted 40 days quicker compared to this time last year. A small number, but a strong sign of market confidence.

#3. Demand for Cayman Real Estate

How many people are looking to buy in Cayman, right now. And ultimately, how many sales are happening. My team tracks buyer enquiries and island-wide sales, to get real-time insights into Cayman’s real estate demand. Our listing views and inquiries are up approximately 20%, and the average sold value and list price has increased by 17% industry-wide. In short, demand is up, substantially.

Q1-YOY-REPORT_BY-SECTOR_-Property-Cayman

The increase is partly a result of overseas interest. Because when it comes to attracting international buyers, Cayman has a lot to offer. Covid-free, tax-neutral, the 7th highest GDP globally, quality real estate, a low crime rate – the list is long. And Cayman’s price per square foot, for luxury properties, is still 15 – 20% below other comparative markets like Bermuda, Turks and Caicos, and Monaco. So it’s no wonder that new-to-Cayman enquiries are soaring and the high-end sector is actually running out of inventory. Shake your head in disbelief; I know I am, but purchasing property sight-unseen is now normal!

#4. Commercial Sector

The commercial real estate sector beats to its own drum. And as projected, it has been jolted by the pandemic. While all other Cayman real estate sectors have seen an increase in the average list and sold price, the commercial sector has decreased since 2020. A trend we expect to continue. But it is not all doom and gloom. When borders reopen, and population growth begins, businesses will need to expand to meet the new demand. So it’s a downward commercial trend, but one with an end in sight. Opportunity knocks!

 #5. Cayman Real Estate Value

Buying real estate can be daunting. And buying into a seller’s market is tough. It never seems like the right time or right price, especially given the surge we have seen in the last 12 months. (Click here to get a quick estimate of the new home you could afford.) However, after reviewing the pricing post-September 11, Hurricane Ivan, the Great Recession, and now the COVID Crisis, I can confidently tell you that pricing in key locations follows a trend. It pauses, stabilizes, and then continues to rise again. It doesn’t go down! And Cayman is no exception. Safety, security, harmony, and stability are the cornerstones of all healthy ecosystems, and the Cayman real estate market is just that. To its very core, Cayman’s overall value-proposition is safe and secure, and this confidence is what continues to fuel the market in good times and bad.

Everyone, and I mean everyone, is waiting for a unicorn – the perfect property at the perfect price. But believe me, it’s more important to invest based on the strength of the overall property market. Think bigger picture, and your money will go further, longer. Which also happens to be the perfect transition for my final tip.

#6. Property Plan


Real estate is a long-term asset. ‘Secure tomorrow, today.’ I have said this at least a thousand times before. (One thousand is literally the number of families we have helped find homes in Cayman.)

So the question really becomes, have you considered your property plan? For your future, for your families future, establishing a property plan will maximize the value of your Cayman real estate investment. I know, it can seem complicated. But that is why my team and I are here, to simplify your property journey. Reach out, send us your questions. We love to chat about real estate.


[email protected]

IG: @mikejosephrealestate