The Cayman Islands Real Estate Brokers Association (CIREBA) - The real estate industry in the Cayman Islands today is dramatically different than the 1970s and 1980s, when the industry was in its infancy.
During those early years, the real estate companies were not organised as effectively and efficiently as they are today. In 1987, the industry was transformed by a group of realtors who agreed to form the CIREBA.
CIREBA is a not-for-profit association based on the North American style of relationship between realtors and clients but adapted to work within the UK-based legal system of the Cayman Islands. One of the Association’s founding objectives is to “improve and elevate the general knowledge of persons engaged in the real estate business.” Today, CIREBA is proud to boast that it has 34 Broker, Member companies with 166 Sales agents in the group (as of August 2016). This makes up the majority of all realtors in Cayman. The vast majority, nearly 90% of all real estate transactions (excluding government acquisitions) are negotiated using a CIREBA broker.
To be a member of CIREBA, agents and brokers must complete a professional training programme which, amongst many subjects, encompasses business ethics, due diligence requirements and some contract law. A high degree of competence is expected from all CIREBA members and they must adhere to a strict code of ethics established by the Association. CIREBA has always been very active and supportive in the KYC, or Know Your Customer. It is compulsory that all CIREBA agents attend an Anti-Money Laundering (AML) conference every year which is hosted and presented by an AML professional. In fact, in 2016 CIREBA hosted three training sessions in order to ensure that all agents were up to date.
CIREBA members input listing data into the Multiple Listing System (MLS), providing a central data source of information for its members to provide convenient shopping to prospective purchasers. The basic premise of the MLS is that all CIREBA member firms have agreed to share their property listings and work together on any real estate transaction. This means you can view and buy any property through any CIREBA agent, not just the listing broker or agent.
CIREBA Statisics – June 2017
The CIREBA Multiple Listing System as of June 2017 shows that there are 1624 properties listed. Out of the total active
listings approx. 20% are single family homes, approx. 34% are condos, approx. 40% are land listings and the balance is comprised of other categories. The CIREBA MLS has an approx. total listing value of CI$1.42 billion. The number
of listings is up by 26 properties when compared to the same time last year; and the value of listings has increased by CI$23 million. The volume of sales for the first half of 2017 shows 343 transactions with a value of CI$219 million; fewer transactions but a larger sales volume than 2016.