Summary: Learn how to best prepare yourself for the impending growth that Grand Cayman is set to experience.
Grand Cayman is in the midst of some serious expansion efforts. What began as new developments on Seven Mile Island has grown into an airport expansion, with multiple multi-million dollar projects planned. Some of these will be completed as soon as 2018, so home owners who take advantage of property management in Cayman Islands are in a unique position to grow along with the island.
Tourism Fuels Rentals
Tourism, especially as related to the diving and cruise ship industries, is picking up. As the government shifts its focus toward environmental concerns to preserve the natural beauty of the island, the city has followed with green initiatives aimed at consuming less water and power. In many ways, Grand Cayman is fast becoming a futuristic city run on clean energy.
It’s no secret that any rental income earned on the island is tax free. You’ll have to pay a stamp duty at the time of the sale, and again if your rental is long term, but your savings is substantial over time. Residential management merely helps you keep the property livable, while helping to market your property for new tenants.
Tourists are attracted this place, which offers a blending of island life with modern convenience. Rather than hotels, which are already struggling to accommodate the influx of visitors, these visitors are finding great values in Cayman Islands property leasing for shorter terms. If a visitor can stay for two weeks to a month, it makes more sense to stay in a place more reminiscent of home.
Bio: REM Services offers Grand Cayman industrial leasing and residential property management to property owners in Grand Cayman.