Cayman Islands market update

US housing industry: turning a corner  

RE/MAX in the United States has just released its latest agents’ survey, which has revealed some good news: the US housing industry is staging a recovery with increasing sales and stabilising prices.  

The survey found that four out of five agents believed US home prices would not decline further.  

In fact, nearly 70 per cent predicted prices would go up, led by a strong demand for homes in the low to middle price ranges.  

RE/MAX is a huge voice in the US real estate industry because, collectively, RE/MAX agents sell more real estate than any other real estate network in America.  

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Key findings from the survey include the revelation that today’s prices were 29 per cent below the peak reached during the housing bubble.  

In addition, demand for lower-priced properties was rated “Good” or “Very Good” by 80 per cent of agents.  

Demand for homes in the mid-price ranges was rated “Fair to Good” by 71 per cent of agents.  

The survey also revealed some interesting facts about today’s home buyers served by US RE/MAX agents. Roughly one third were first-time buyers.  

Another third were homeowners looking to sell so they could move up or downsize. The remainder were mostly investors, who believed the market had hit bottom. 

 

The US has become more accessible  

Great news has just been announced that Grand Cayman has become even more accessible to the US market with a weekly Cayman Airways flight to Dallas beginning 23 June and running through 2 September.  

The flight leaves Grand Cayman on Saturday at 3.30pm and returns on Sunday leaving Dallas at 9am.  

The new launch fare will be just US$399, including taxes. This is important news because it opens up yet another doorway for US visitors to come and enjoy this beautiful island. 

 

West Bay Road extension will encourage interest  

Work has just gotten under way by Dart to extend the existing Esterley Tibbetts Highway (known as the Bypass) right into the district of West Bay, which will have a tremendously positive impact on the district once completed. In particular, properties to the east side of the bypass, such as those at The Shores and Bonneville Estates, should see a marked interest in their locations as commuters into George Town suddenly find living in West Bay much more accessible. There is still land available in this area, which means opportunities are still available for investment, as prices will certainly rise once the bypass is operational. 

 

If you have a comment or query or would like an opinion, contact me at [email protected] 

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