Comment on Mortgage practices and housing incentives hurt Caymanian buyers, say realtors by longtermresident

Another way to help home buyers would be to increase the stock of available homes. There are many homes in poor condition that need complete renovation before anyone could live there. They are also are impossible to finance. The answer would be for someone to buy them, fix them up nicely and sell them. Currently this isn't economically viable due to the high stamp duty on the initial purchase, which takes most of the profit. So the houses remain unsold and decay further. How to resolve this? Change the law so that, providing the house is resold within, say, 12 months, the initial purchaser gets a refund of the stamp duty they paid. This would apply only to homes valued at under, say, $300,000, and sold to a Caymanian.