Popular Estate Agencies
- Coldwell Banker: One of the most well-known international real estate companies with offices in the Cayman Islands. They offer a wide range of services including buying, selling, and renting property.
- REMAX: One of the largest real estate franchises in the world, with offices in the Cayman Islands. They offer a wide range of services including buying, selling, and renting property.
- IRG: Island Real Estate Group, is a well-known local agency that offers a wide range of services including buying, selling, and renting property.
Qualifications and/or Licenses for Estate Agents
In the Cayman Islands, estate agents are required to have a valid real estate license. This license is issued by the Cayman Islands Real Estate Brokers Association (CIREBA) and requires the completion of a course and passing of an exam.
Estate Agent Fees
Estate agents typically charge a commission on the sale of a property. This commission is typically a percentage of the sale price of the property, which ranges between 4% to 7%.
Other Resources for Property Details
- The Multiple Listing Service (MLS): A database of properties for sale that is accessible to real estate agents and consumers.
- CIREBA: The Cayman Islands Real Estate Brokers Association, a local organization that maintains a database of properties for sale and rent.
- Local newspapers and magazines
- Word of mouth
Buyer’s Agent
The use of a buyer’s agent is becoming more common in the Cayman Islands. A buyer’s agent is a real estate agent that represents the buyer in a real estate transaction. It is not mandatory to have a qualification/license to be a buyer’s agent, but most agents are licenced. A buyer’s agent typically charges a commission on the sale of a property, which ranges between 1% to 2%.
Organizations for Foreign Property Buyers
- Cayman Islands Real Estate Brokers Association (CIREBA) is an organization that represents real estate agents and brokers in the Cayman Islands. It maintains a database of properties for sale and rent, as well as providing helpful information for foreign buyers. Their contact information can be found on their website.
It’s also important to note that as a foreign national, you will be subject to certain regulations and requirements when buying property in the Cayman Islands. It is best to consult with a local lawyer or real estate agent who can guide you through the process and ensure that you are in compliance with the laws and regulations.