As we are now officially in the beginning stages of our “off season” here in the Cayman Islands we find ourselves asking this all-important question: Is now the time for overseas investors to purchase property?
When we look at this question, several factors point to the answer being a resounding ‘Yes’!
The first example of now being the time to buy is that we may begin to see Vendor’s being more flexible and “negotiable” as offers come across their desks. Coming to the realization that we will not see a high volume of showings, capable purchasers and legitimate offers coming in may make homeowners more receptive to the offers that do come to the table. Moreover, properties priced noticeably above what we would consider ‘at market value’ could see their listing prices shuffle closer to market in an effort to move them more quickly. High season frenzy often sees Vendor’s imposing an “I don’t want to sell it” price point on their listing agents and often this time of the year sees this portion of the market undergo a much needed self-correction.
Another contributing factor to now being the time to buy is that now is the most opportune time for investors to visit and review the current vacation home inventory without a lot of outside interruption. Whereas in high season it is often extremely difficult to view properties with the high volume of tourists, stay-over guests and current owners on-island; visiting this time of year sees units open, clean and overall congestion eased in the tourist districts. Now is also the best time to visit with respect to the general costs of international travel. Hotel rooms, flights, rental cars, restaurants and tour operators all reduce their pricing during the quieter summer months here in the Cayman Islands.
With global markets on the uptick and appreciation still likely to be seen, now is the time to visit Cayman for the thoughtful and conscientious property investor. This, along with the aforementioned points and the fact that the US election is still months off, should be enough to sway any would-be investor to visit our island buy in the peaceful off-season.
John has been working as an agent with ERA Cayman Islands for 8+ years specialising in high-end real estate, hospitality and property management. Formerly of Vail, Colorado; John has set down his roots in Grand Cayman. John holds a degree in business law from the University of Saint Thomas.