House or Condo: which is the best option for property buyers in Cayman?

You’ve set your sights on buying a property in the Cayman Islands – but do you want a detached house or a condo?

Both property types have their pros and cons, so the best option will depend to a large extent on the lifestyle you want. However, as some areas have a greater concentration of condos while others have more single family homes and villas, your choice will also depend on where you want to live.

Let’s look at the main pros and cons of each, and the best areas to find your ideal property type.

Pros & Cons of Cayman Islands Houses & Villas

The main advantage of a villa or house for most is the level of privacy and autonomy you get. Owning a detached house means you don’t have neighbours above, below or either side of you, and your outdoor spaces are yours and yours only. And if you’re looking for real seclusion, a villa is really the only way to go.

A house or villa will generally have more space, both inside and outside, and because you’re not tied to strata regulations, you’re free to make changes to your home without the approval of a homeowners’ association. Whether you want to knock through internal walls and re-arrange the internal configuration or you want to redesign the terrace or garden, it’s yours to do as you wish.

On the flip side, a villa or detached home doesn’t necessarily come with the amenities – think pool, gym, gardens, tennis courts and more – that condos offer. Installing them yourself is expensive and because you’re not sharing costs with a community, operating costs are also considerable.

Owners who will not be residing in Cayman full time will need to make their own maintenance arrangements and, unlike condos, which often have rental programmes in place, earning an income from your villa when you’re away will mean working with a villa rental company.

Where to find the best villas in the Cayman Islands

Villas are not common in all areas of the Cayman Islands. Along Seven Mile Beach, for instance, villas are few and far between. However, the Seven Mile Beach corridor – the strip that runs parallel to the beach but borders the North Sound –  is home to stunning canal front homes and villas, yet is only minutes from the beach.

South Sound, the area south and east of George Town is also home to some superb seafront homes, some with beach access, and within easy reach of town and schools. For those in search of a more secluded lifestyle, there are some fabulous luxury homes around Cayman Kai and Rum Point, while in East End the number of detached homes, ranging from family-friendly dwellings to high end villas, is growing steadily.

Perhaps the best value villas in the Cayman Islands are on the Sister Islands: the price per square foot for property in Cayman Brac is some of the best value you will find, and with new hotel developments and a satellite Health City facility being planned, this low-key island is one of Cayman’s most affordable, yet up and coming destinations.

Pros & Cons of Cayman Islands Condos

Buy a Cayman Islands condominium and not only will you enjoy the convenience of a managed property, but you’ll also instantly become part of a community, with a ready made social circle.

Many condo developments in the Cayman Islands are gated communities, giving residents and extra degree of security (some also have security guards on duty 24/7) and all offer communal amenities, such as a pool, garden or tennis court. Many luxury condos have amenities worthy of a five-star resort, including hot tubs, spa treatment rooms, concierge services, clubhouses, roof terraces and more.

Condos are a convenient option not just because they tend to be located close to services and stores, but also because all exterior maintenance is taken care of. This makes condos a particularly appealing option to investors who will not be living in Cayman full time, and want a property they can lock up and leave. Many condos also have rental schemes, whereby owners can earn an income from short term rentals when they are not using the property themselves. 

The main disadvantage of condo living is that strata laws governing the complex limit what you can do to your property both externally as well as internally. For those who harbour dreams of putting their personal stamp on a property, a condo may feel restrictive. If you want to throw endless parties, or equally if you value absolute peace and privacy, condo living may not be for you.

When calculating what you can afford it’s also important to factor in monthly condo strata fees. These fees are calculated based on the square footage of the condo and cover things like insurance, pool and building maintenance, landscaping, bulk cable packages, common area water and power usage, and are outside the owner’s control.

Where to find the best condos in the Cayman Islands

Seven Mile Beach is home to dozens of exclusive condos, primarily owned by overseas investors, drawn by the spectacular sea and sunset views, direct beach access and the increasingly impressive design and amenities of these properties. Demand is consistently high in this area so while costs are greater than in other parts of the islands, the value of property here is only expected to increase.

Perhaps the next most sought after area for condos is South Sound, a green and tranquil area in close proximity to schools, offices and downtown George Town, and only 10 minutes from Seven Mile Beach. A number of sleek, sophisticated developments such as Vela, Bahia, Fin and Tides have raised the bar for condo living in South Sound in recent years, and several more developments will be completed in the next year or two.

While there are no condos to be found in Cayman Brac and Little Cayman, a few developments are taking shape in Grand Cayman’s East End. In Northside, Rum Point Club Residences offers slick and sophisticated oceanfront homes with resort-style services, while there are a number of more traditional condos around Kaibo and Cayman Kai.

For more on the characteristics of different neighbourhoods in Grand Cayman see “Best Areas to invest in the Cayman Islands”.

To discuss your specific property wants and needs, please contact us today.