Cayman Real Estate Market Reports

May 2016 Market Update

12 May 2016

Cayman Islands real estate is highly prized because of the general high quality clientele that we attract and the fact that we have a financial services industry that is so sophisticated and robust that it is the main pillar of our economy.

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April 2016 Market Update

19 April 2016

The recently released IRR Viewpoint Caribbean Market Update 2016 Annual Report, written by James V. Andrews of Integra Realty Resources Caribbean, highlights some interesting discussion points when it comes to the state of Caribbean economies, especially in relation to real estate.

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March 2016 Market Update

09 March 2016

As recently as October 2015 I wrote how I saw the $2 million plus area of the residential homes market as remaining a difficult one for buyers to sell their properties in the short term. These properties are not moving anywhere near to the degree of other inventory, I wrote. Indeed, only ten homes of $3 million and above had been sold over the past three years. However, I also noted that I felt the market was about to change: Going forward, however, I see this becoming less of an issue. This is because desirable parcels of land are becoming increasingly less available. I went on to say that I believe as a result there will be a shift in the coming months and properties in the $2.5 million region will become a lot more appealing.

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February 2016 Market Update

12 May 2016

New construction and development abounds. This month I thought it would be a useful exercise to highlight all the new construction and development projects that are currently taking place across the Cayman Islands, emphasising the fact that Caymans economy is currently in a very positive growth period.

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January 2016 Market Update

12 May 2016

As we transition into the new year, I am excited at the prospects for Caymans real estate industry for the coming twelve months because we will be building on an already strong product that just looks to strengthen even further in 2016.

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December 2015 Market Update

04 December 2015

Hotels help to broaden real estate investment opportunities. The recent announcement that the Treasure Island Resort will be converted into The Margaritaville Beach Resort on Seven Mile Beach over the course of the next year is exciting news for both Caymans tourism industry and its real estate industry; two sectors of Caymans economy which I believe have always been inextricably linked.

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November 2015 Market Update

17 November 2015

Since the development of Caymans cruise port is such a hot button right now I thought I should focus my discussions this month on the very important subject of infrastructure and how it relates to the real estate industry. We should closely examine the purpose for building a cruise port. While I can appreciate the needs of business owners, being one myself, I think its important to be objective in this regard, and in particular, we should try and take in the wants and desires of others.

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October 2015 Market Update

12 May 2016

A few years ago the MLS (Multiple Listing System/Cayman Islands Real Estate Brokers Association-CIREBA) members listed the total number of inventory (properties and land) for sale at around 2,200. Today, as at the time of writing (end of September) that figure has decreased dramatically to 1,572. This drop of approximately 30 per cent alone is a huge indicator of how the market has changed in recent years. We have gone from a high amount of inventory to a considerable drop, which will in turn drive up prices further, I believe, as there will be less choice for buyers, inevitably resulting in a sellers market.

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September 2015 Market Update

12 May 2016

A recently published Caribbean Market Update, produced by Caribbean-based Integra Realty Resources, has offered good news for the Caribbean economy, noting a general improvement in tourism for the region, as well as a gradual improvement in real estate sales and an increase in foreign investment into our area.

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August 2015 Market Update

12 May 2016

I estimate that there have been approximately 60 to 70 new properties built over the past year, or are committed to being built in the next year that are single dwelling, family residences in the US$1.5 million to just under US$3 million price range. These properties have been developed primarily in canal-front locations, from West Bay, along the Seven Mile Beach corridor and out to Grand Harbour.

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James Bovell

James Bovell

Broker/Owner

+1 345 945 4000

james.bovell@bovell.ky