Cayman Islands Property sales exceeded $1B mark in 2021

Cayman Islands Property sales
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Cayman Islands Property sales exceeded $1B mark in 2021

In 2021, for the first time in its history, the Cayman Islands exceeded $1.054 billion in property sales in a year, according to local realtor James Bovell. An owner at ReMax, one of Cayman’s agencies dealing with high-end sales, Bovell revealed the figure in his regular blog about the local real estate market. While he stressed the positives of a booming market, several people on social media have pointed out that it was only positive for the favoured few.

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The Cayman Islands’ current unprecedented scale of development is apparently still not enough to feed the demand for luxury residences from offshore buyers, and there is little sign that the negative impact of development on ordinary people will be addressed anytime soon. As Premier Wayne Panton noted recently in an address to the country, people believe “Cayman gone” and it appears it was the realtors who sold it.

But while Panton has vowed to change things and rode into office following a campaign focused on the need for Cayman to address sustainability and prepare ourselves for the impending climate change, he recently told the Cayman Compass that development would still be a major driver of the country’s economy for several more years.

Despite growing public opposition to development that is focused on overseas investors, which is having a detrimental effect on the community, government is still heavily dependent on the sector that is growing economically.

But because so much real estate is being purchased by overseas owners as investment vehicles rather than homes, property prices are increasing across the board, which creates a shortage of homes for even wealthy residents to buy and pushes rents ever higher. As real estate agents rake in the commission, homelessness is a reality now for more local people than ever before in Cayman’s history.

People who own property already may find it has increased in value, but it can still be a challenge to buy a larger home if they need to. For those wanting to get on the property ladder, the step onto that first rung is almost impossible and often beyond the reach of any but the highest earners in the community.

But the real estate sector is making hay, and given investors’ appetite for more and more condos, they are encouraging the long development boom. Bovell said there are currently 1,408 active listings in CIREBA, of which 403 are pending and 317 are pending or conditional, which means there are only 688 listings available for sale.

Property sales exceeded $1B mark in 2021 – Cayman Islands Headline News  Cayman News Service


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Dean Nestor

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