The condo market is one of the most active in Cayman Real Estate and is responsible for a substantial number and volume of Cayman Property transactions each year. Condominiums are sold under the Strata Titles Registration La ...
The condo market is one of the most active in Cayman Real Estate and is responsible for a substantial number and volume of Cayman Property transactions each year. Condominiums are sold under the Strata Titles Registration Law (2013 Revision), which sets out the framework for condo ownership and management within the Cayman Islands.
The law enables parts of a Cayman Property to be “owned” and transferred on a freehold basis and this can be applied to any building whether a residential condominium complex, office suites, shops in a strip mail or warehousing for example. The law has more recently been amended to apply to lots of land in a development although the term condominium typically applies to Residential units in the Cayman Real Estate market.
Under the strata titles law, an executive committee of the Strata Proprietors is formed to manage the strata and is responsible for setting a budget and employing managers to handle the operation and maintenance of the complex and its common areas. Unit owners are required to pay a strata fee annually, usually based on the square footage of their condo. Condos with well-managed stratas are of course desirable, and whilst most condos in Cayman fall in this category, IRG can help identify those which are performing well and those which could do with improvement.
The type and nature of the condo community is also as important in many ways as its physical features such as location, view, amenities, quality and style of fit-out and furniture and layout. Some complexes only allow long-term tenants for example and others allow a mix of short and long term, which naturally change the feel of the complex from a lifestyle perspective.
IRG will help you find the right condominium for you and your family and through the CIREBA MLS (Multi Listing System) can show you any condo listed with any CIREBA realtor in the Cayman Property Market.