A wave of hope and relief swept over the country this week for aspiring Caymanian homeowners.
The Cayman Islands Development Bank (CIDB) announced a CI$15 million fund created to assist Caymanians who seek to buy or build a home or refinance an existing mortgage.
This significant step towards helping Caymanians own property locally provides opportunities to secure a mortgage at a fantastic, fixed rate of 3.75% for two years - that’s 0.25% lower than the current prime rate.
Qualifying borrowers can apply for loans up to $600,000 with term limits of up to 30 years.
As an extra piece of potentially good news, a two-year fixed rate could merely be the starting point.
CIDB Board Chairman Mark Scotland explained that the bank’s debt to its bondholders is expected to be extinguished soon, allowing flexibility to extend the rate in the future.
Berkshire Hathaway HomeServices Cayman Islands is elated by the launch of this programme and the possibilities it affords aspiring Caymanian homeowners.
Our entire team, made up of Caymanian real estate agents, has seen, experienced and worked with many disheartened and frustrated members of our local community who struggle to purchase a home amid inflation and a record-breaking market. This programme is a game-changer.
We are adding to the good news by reassuring Caymanians that numerous properties are currently available for purchase within the mortgage limit outlined by CIDB. We also forecast that a number of additional opportunities are in the short-term pipeline.
Whether it’s a first-time home purchase, a family investment opportunity, or anything in between, the local real estate market offers a variety of residential options to choose from that best meet your needs.
With properties on the market across Grand Cayman, Cayman Brac and Little Cayman, current listings include land, pre-construction units, and existing properties such as houses, apartments, duplexes and condos.
Securing a mortgage is often the biggest hurdle home buyers face, especially during a period of increasing interest rates. With the assurance of the availability of properties – which could have been another hurdle - this programme significantly reduces the concerns around qualifying for mortgages, allowing you to focus on finding your dream home.
That’s where we come in.
As a proud Cayman Islands Real Estate Brokers Association (CIREBA) member and an award-winning local agency with an impeccable track record for local sales, our team at Berkshire Hathaway HomeServices Cayman Islands is equipped with the knowledge, tools and insights into every facet of the local market.
With this toolkit, we provide our clients with what we identify as “The Diamond Standard of Excellence,” and we are on a mission to ensure our fellow Caymanians maximise the opportunities this new CIDB programme provides.
As the Hon. Jay Ebanks, minister with responsibility for housing, rightly stated, “Home ownership is an integral aspect of a society’s stability and affluence, and of building personal and family wealth. Owning a piece of the Cayman rock is the foundation of the Caymanian dream.”
Our team is ready to help you make your homeowning dreams a reality.