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 but rarely comes onto the market, and when it does, it does not stay on for long.
Land prices in Crystal Harbour, a high-end, canal front sub-division, saw a dramatic price increase of 34% between 2020 and 2021 with an average sale price of CI$52.12psf compared to CI$38.90psf in 2020. The lack of inventory as house lots get built out in this maturing sub-division is the most likely factor driving such significant increases in value.
Grand Harbour has been another very popular area for house lot sales, with the average sale price being CI$32.20psf which is an 8% increase on 2020. In 2015, house lots in this area were selling for CI$17.97psf which shows a 79% increase from 2015 to 2021.
Land in Savannah has shown a huge 64% increase from 2020 to 2021 with average sale prices of CI$12.83psf in 2021 compared with CI$7.83psf in 2020. Land prices in Frank Sound have also risen from CI$4.95psf in 2020 to CI$5.71psf in 2021.
Land prices in Frank Sound have also risen from CI$4.95psf in 2020 to CI$5.71psf in 2021.
In Cayman Brac there were 27 land sales in 2021 compared to only seven in 2020, six in 2019 and five in 2018. The average sale price is only CI$2.15psf in Cayman Brac which is only 5% higher than the average in 2020. Over the past 12 years, Cayman Brac has been the only place in the Cayman Islands where land prices have remained stable.