George Town, Grand Cayman KY1-1201
Cayman Islands, British West Indies.
The Meadows West Bay
If you would like to purchase a new townhome in the beautiful West Bay district of Grand Cayman, consider The Meadows at Batabano, developed by Edgewater Group. The Edgewater Group is a construction, property development, and real estate firm, the only one of its kind in the Cayman Islands, which enables us to offer the most comprehensive property services on island. We are a full-service realty company and a proud member of CIREBA, the Cayman Islands Real Estate Brokers Association. The Meadows at Batabano is a new residential development comprised of 113 attractive townhomes located at the end of the Esterly Tibbetts highway on Batabano Road in West Bay. Our townhomes combine Caribbean charm with contemporary finishes and include homes that range from 660 to 2,367 square feet with one to three bedrooms, one to four bathrooms, fully fitted kitchens, spacious living areas, and private patios or terraces. The complex has been designed with common areas that feature swimming pools and club houses equipped with game rooms, bathrooms, and offices. There is also outdoor exercise equipment around the complex that creates a circuit, the only one of its kind on island. If you are dreaming of contemporary style living in a prime location in the West Bay district of Grand Cayman, buying property at The Meadows at Batabano would be a superb choice. Edgewater Group has homes for sale and will work hard to ensure that you have a satisfying home buying experience. Get in touch with us at +1 (345) 946-3343, or contact us online for more information. FAQs About Buying Property in the Cayman Islands
There are no restrictions on foreign ownership of property in the Cayman Islands. All land and property, including waterfront property, can be purchased by Caymanians and foreign individuals alike. Foreign buyers can also purchase land and build a home on it. Foreign buyers can own up to three properties in their name. After that, the buyer will need to have a license. An Attorney can help with that.
No. Title insurance is not required in the Cayman Islands because title to real estate is evidenced by registration at the Cayman Islands Land Registry. This serves as a government guarantee on real estate investments.
There is no property tax in the Cayman Islands. There is, however, a one-time “stamp” duty charged to the purchaser when they buy Cayman Islands real estate. Stamp duty is generally 7.5% of the purchase price of the property (excluding furniture) and must be paid to the Government within 45 days of closing.
The seller pays the commission to the realtor. The commission rate is typically 5% to 10%, depending on the property price.
If you are a non-resident you can obtain a mortgage from a Cayman bank for the purchase of both vacation and primary residences. however, a maximum of up to 70% financing is available. Major banks include Cayman National Bank, Butterfield, CIBC, RBC and Scotiabank. A stamp tax of 1% is normally applied on all loans. All banks will also require a property valuation.
The Cayman Islands Government encourages investment in the island. Residency is assessed on a points system that considers factors such as occupation, financial stability and local investments. Therefore, owning property is considered advantageous.
