Many of the affordable housing concerns highlighted by the Compass in recent weeks are not unique to Cayman.
Other islands have been grappling with similar issues for years. And larger countries are starting to consider restricting access to their property markets in an effort to reduce competition for homes.
We take a look at some of the measures in place elsewhere in the world, including other island communities and Overseas Territories.
Bermuda limits foreign buyers
Bermuda has a tightly restricted property market with only limited access for foreign buyers. Much of the real estate on the island is available to Bermudians only.
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Overseas investors can purchase higher end properties based on their estimated annual rental value (greater than $25,800 for condos and $126,000 for houses). These properties must also have been designated as “tourist accommodation and hotel residences”. They must also apply to the government for a licence to buy and pay a fee of 6-8% of the purchase price.
Foreigners cannot buy land in Bermuda.
Work-permit holders cannot buy property and most rent from Bermudian owners.
The policy serves to preserve residential housing stock for Bermudians only, reducing price competition. Critics of that approach caution that it has created a relatively stagnant housing market with comparatively few sales. There is also limited new development in Bermuda and many acquire property through inheritance.
The average property prices for local...
Read Full Story: https://www.caymancompass.com/2021/09/08/five-ways-the-world-handles-housing-issues/
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