Discover the Latest Listings, Market Trends, and Success Stories!
Government announced a new threshold for Stamp Duty for 1st time buyers: CI$550,000, up from $400,000 which they even admitted was an outdated figure to work with, given the increased price in real estate. At CI$550,000, the options open up quite a bit for Caymanians to finally buy a home of their own, as banks continue to offer better lending rates and terms. A few other changes such as removing certain areas from this incentive also occurred. Thankfully, there is NO INCREASE in duty for any purchaser, so all other buyers will continue to pay the one-time fee of 7.5%.
For the latest on Stamp Duty information, visit: www.caymancompass.com/2025/02/04/stamp-duty-threshold-raised-for-caymanians-all-locations-included/
The most significant sale here is of course ATRIA in Crystal Harbour, which sold for US$26,000,000. Overall, there were only 38 closings in January but there nearly $70M worth of property went under contract in January alone, ranging from development tracts to luxury homes in Vista del Mar and Cayman Kai. Pre-construction Grand Hyatt and Aqua residences were also big movers.
Have a good February and we look forward to working with you soon!
SLOW START? NOT REALLY! While January saw ‘only’ 38 sales, there were some impressive sales to kick off 2025. Regarding overall activity: over 76 properties went pending/conditional in January and another 40 went firm pending. We’ll undoubtedly see an active first quarter and it’s looking like 2025 will be another record year for sales as the market continues to strengthen
The inventory for available properties increased a bit to over 1400, marked by some new developments, Aqua pre-construction and a few new South Sound complexes, as well as some affordable land options coming online.
This market growth and stamp duty change is going to be fun to be a part of, as we work with overseas investors and Caymanians to secure properties that work best for their goals.
It is essential that everyone who is registered to vote, actually votes – every vote counts and don’t think it doesn’t! The Government makes is super easy because it’s a national holiday, and voting takes minutes to do but has a lasting impact. At Property Pals, we encourage you to make informed decisions when it comes to voting for candidates and, this election year, voting on key such as the cruise port and legalizing marijuana (to some degree).
Read and research and know what you’re voting for or against; don’t take someone else’s interpretation of the questions on the ballot. Attend meetings, ask candidates questions, research FACTUAL sources. Knowledge is power; the future is in your hands!
For more information, visit: www.Gov.ky
