The bump in property statistics caused by the sale of The Ritz-Carlton, Grand Cayman, has subsided.
Through the first seven months of 2013, there have been fewer freehold property transfers (mostly, but not all, sales) than any previous year.
However, thanks to the US$177.5 million sale of the Ritz, which was recorded in May, the total and average values of transfers for 2013 are both up by nearly 50 percent compared to 2012.
According to Cayman Islands Lands and Survey Department statistics, there were 127 transfers with a total value of $32.7 million and an average value of $260,000 in July. For the year to date, there have been 975 transfers with a total value of $378 million and an average value of $388,000.
Compared to July 2012, there were 19 percent fewer transfers, worth 18 percent less, with about the same average value. Through the first seven months of 2013, there have been 1 percent fewer transfers compared to 2012, with total and average values up 47 percent.
As the Ritz sale has skewed 2013 statistics, market numbers for 2011 were heavily influenced by the Dart group’s acquisition of a network of prime properties from developer Stan Thomas.
Through the first seven months of 2013, the number of transfers dropped by 3 percent compared to 2011, along with a 19 percent drop in total value and 16 percent drop in average value.
Compared to averages for the first seven months of 2006-2012, so far this year there have been 19 percent fewer transfers, with a total value 18 percent greater than the historical average and an average value 45 percent greater than the historical average.