With no property taxes, owning land in Cayman is a solid and hassle free investment. You can build when you are ready, or sell the land for a profit when it is convenient or necessary.
Land continues to be in high demand as there are generally no costs to maintain it and buyers have the freedom to start building whenever they want to, so Caymanians like to invest in land for ‘land banking’.
Traditionally, Caymanians offer land to newlyweds as wedding gifts, so good land is always in high demand but rarely comes onto the market, and when it does, it does not stay on for long.
There were 449 parcels of land listed by mid-2024, 83 had been sold across the three Islands and the vast majority of those were low-density residential. Land sold for an average of 83% of the asking price.
Canal-front land prices in Crystal Harbour, a high-end, gated community sub-division, saw a price increase of 21% on a sq ft basis between 2022 and 2023, with an average sale price of CI$77psf compared to CI$61psf in 2022. Key factors driving significant increases in value are the availability of very few plots remaining to be built on, and the offer of desirable amenities including playgrounds, pickleball courts and safe areas for cycling, walking and jogging, not to mention the perception of increased safety due to the communities being gated, and the lack of traffic for commuters and school runs.
Further east, Patrick's Island has been another very popular area for house lot sales, especially as it is becoming a gated community as of the end of 2024. Land is now selling for CI$43psf, which is a 7% increase in one year.
Landlocked parcels in Savannah have shown a 16% increase from 2022 to 2023, with average sale prices of CI$14.38psf in 2023 compared with CI$12psf in 2022.
North Sound front parcels have shown a 39% increase from 2022 to mid-2023.
Land in West Bay sold for an average of US$26.08psf.
Land prices in Frank Sound have also risen over the last 18 months. In Cayman Brac and Little Cayman, there were 27 land sales in the first half of 2024 compared to 24 in 2023
