Cayman Real Estate Overview
With a stable economy, high standard of living and beautiful environment, the Cayman Islands is also an ideal place for you to own property.
There are eight unique features that make the Cayman Islands a very special place to live, work or holiday in:
- Easy access to the US;
- Great year-round weather
- Trade in US and Cayman dollars
- English is the native language
- No direct taxation
- Excellent commercial infrastructure
- Pristine beaches
- We are a British colony under British rule of law with relatively low crime
Specifically in terms of real estate, there are further benefits:
- Cayman has a mature real estate market with a 35 member Multiple Listing System (MLS)
- South Florida building codes are enforced
- talented craftsmen and builders
- due to our close proximity to Florida it is relatively easy to import good quality building materials.
There are many other Caribbean Islands which have several of these benefits, but there is no other which has them all.
For another year running the Cayman property market is thriving, despite a lack of properties for sale which has been reflected in the 12.5% decrease in the number of MLS Real Estate sales so far this year (July 2019). The overall value of those transactions, however, rose by 9%. Due to the lack of sales the average sale price for 2019 is approximately 25% higher than 2018, but the price increases may also be slowing the market a bit. On the supply side there is a 2% decrease in the number of listed units over last year, and the value of all the listed properties in the Cayman Islands Real Estate Brokers Association (CIREBA) is down about 8% to US$1.66 billion.
The Cayman Property Review, an independent property survey conducted by Charterland, a chartered surveying company based in the Cayman Islands which reports that the total number of open market transfers registered with the Cayman Islands Land Registry. Look at their findings by clicking here.
The homes currently on the market can be found in a variety of shapes, sizes, locations and at prices ranging from a cottage in Cayman Brac at US$130,000 to a palace on Grand Cayman at US$39,950,000! Last year home sales were still sluggish, but in 2019, when the lure of some of the fine homes which were on the market was finally too much to resist, prices rose 28% for exactly the same number of homes sold. The overall residential market is now so strong that reselling has actually paid off for any who have had to move.
Back in the day (pre-1980) Cayman’s real estate market could best be described as the Wild West. There were no real estate laws, no safeguards, and no consistency of business practices except that it was every man for himself. In 1987 a group of local realtors agreed to work together and founded the Cayman Islands Real Estate Brokers Association (CIREBA)