Ocean/beach front properties are going to cost you the most amount of money. If you are willing to live close to the beach but not on it, you can get very nice properties at more reasonable rates. Canal front properties are also a good alternative.
Snug Harbour, South Sound, Parkway, and Governors Harbour are all areas that have apartments and/or houses, in nice residential areas close to town, the beach and all amenities. There are many family homes, and apartments / town-homes in these areas, and many have quiet roads so are great areas for children.
Prospect is an area 10 minutes from town that is popular with expatriates. Many new homes and apartments have spring up there, as well as a new school, and a new shopping centre and supermarket is now complete. There is even a surf and skate board park that is very popular.
The districts of West Bay and Spotts and Bodden Town are all within about 20 minutes of George Town and have cheaper, more traditional style houses as well as apartments. Wherever you live in Cayman, you will never be too far from the sea, shops, a bus route and you should always feel safe. Times are changing though and common sense dictates that doors and windows should be kept closed and locked, bikes chained up, cars locked and so forth.
View Tessa Hydes Property Management, Cayman Islands in a larger map