Cayman property sales up

The first six months of 2014 saw a 45 percent increase in the number of real estate sales in the Cayman Islands, according to the Cayman Islands Real Estate Brokers Association.

During the period of Jan. 1 through June 30, 317 sales were completed this year, compared to 218 sales during the same period last year, according to a press release issued by the association on Monday. The dollar value of those sales this year was $190 million compared to $160 million last year, an 18.7 percent increase.

CIREBA President Michael Day said association member companies had handled 85 percent of the transactions by dollar value during six-month period. “CIREBA is proud to play a part in the economic recovery and I commend the dedicated professional realtors at our member companies who are helping fuel this growth in local sales,” he said. “CIREBA members are real estate experts, who can add tremendous value to both buyers and sellers and can be counted on to operate to the highest standards and ethics.”

In addition to the sales completed during the first six months of 2014, Mr. Day said there currently were another 169 sales pending valued at $165 million. CIREBA, which operates the Multiple Listing System in the Cayman Islands, has 31 broker members that employ 175 sales agents.

The press release stated that as of July 7, 2014, CIREBA’s Multiple Listing System had 2,049 properties listed with an aggregate value of $1.81 billion.

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