Cayman’s real estate market is thriving by any measure. Total property sales reached a record $800 million last year, an 18 percent increase over 2017. The number of property transfers, at 1,857 transactions, was 9 percent higher year on year. Construction activity, meanwhile, continues unabated all over the island.
The March conference of the Royal Institution of Chartered Surveyors in Cayman showed that the situation is a cause for optimism for developers and realtors alike.
For most of the speakers at the event, the current market is simply a natural progression from previous years.
Matthew Wight, managing director of NCB Group, said Cayman already had “a fantastic year” in 2017, following four years of consistent growth. The 2018 figures are even higher, he said, “which points to it being the greatest real estate market that we have seen in Cayman”.
Realtor Tony Catalanotto projects this trend into the future and believes the current development and sales activity is sustainable rather than just the sharp end of a boom-and-bust cycle.