Cost of living in the Cayman Islands
The cost of accommodation is the main area of expense for anyone living offshore in Grand Cayman and can vary extensively, so we encourage those newly in Cayman employment to do their research carefully and visit as many places as possible once you've arrived on the Island. It is definitely the case that a bit of work put in up-front will be rewarded either by getting more for your money.
That said, the advantage of having a Cayman job and therefore earning a tax-free salary means that you will find things much more affordable in the Cayman Islands than you might expect.
How to find a property
A popular option is to use a real estate agent. The service is free to the tenant as the owner pays for the agent's time. You can also look through the Friday classified adverts in the Cayman Compass newspaper and call around, or place an 'accommodation wanted' ad for yourself. Word of mouth is also extremely useful.
Most condo complexes will have a pool and probably a tennis court too. On inception of any lease, it is standard to pay a deposit equal to one month's rent plus pre-pay monthly for the next month's rent.
Accommodation costs
For guidance purposes, we provide the following information on typical rental costs on apartments. Note that most people who arrive to start a new job in Cayman - unless they are a couple where renting a one or two-bedroom place together is the favoured option - will usually choose to share a house with other expatriates, many of whom will be single accountants or other types of professional.
| West Bay |
$1200 - 1800 |
$1600-2600 |
$2800-4800 |
15-20 |
| 7 Mile Beach |
$2000-2500 |
$3000-6500 |
$5000-11000 |
5-15 |
| George Town |
$ 1000-2000 |
$1800-3000 |
$3000-4000 |
N/A |
| South Sound |
$ 1600-2000 |
$2800-3500 |
$3400-6500 |
5-15 |
| Prospect |
$ 800-1200 |
$1200-1800 |
$1950-3000 |
10-15 |
| Bodden Town |
$ 700 - 1000 |
$ 1300-2000 |
$2000-2800 |
25-35 |
Source: New Resident Magazine 2007
BR = number of bedrooms
Minutes = commute time to George Town during off-peak traffic
Costs are shown in US$ (US$1=CI$0.80) |
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