Trace of slowdown in runaway property market

Cayman News Service

New commercial development at Grand Harbour

(CNS): The Cayman Islands real estate market is finally beginning to slow down after several years of a runaway sector where high demand and a shortage of homes to buy led to very high prices. According to a local real estate agent, both the value and number of sales fell during the third quarter of 2022. Nevertheless, first-time home buyers in Cayman continue to face sky-high property prices and the number of properties available is still lower than before the COVID pandemic.

According to Michael Joseph, of Property Cayman, the total value of sales between 1 July and 30 Sept was just over $198 million compared to well over $262 million during the same period last year, a 24.5% decline. The number of transactions also fell from 274 last year to 185, a drop of almost 32.5%.

But given the continued demand by the wealthy for property here, Joseph said that a “re-calibration” in the Cayman property market was not unexpected…