Cayman’s booming real estate market will be put under the microscope during an industry conference at the Grand Cayman Marriott Beach resort next week.
The impact of construction and real estate sales on the economy will be one of the key topics for discussion at the 2021 Royal Institute of Chartered Surveyors Cayman Real Estate Forum.
Current market trends, the impact of COVID-19 and the influence of data on the industry will all be up for discussion at the event, says Uche Obi, chief valuation officer with government.
Though the event is an industry forum, largely attracting realtors, bankers, lawyers and surveyors, it will also cover wider community concerns, including overdevelopment, affordability of homes and sustainability, said Obi.
He said land and property sales had been booming in recent years but questions are being raised about how long it can last.
The event will include a roundtable discussion moderated by Jeremy Hurst, broker/owner of IRG, and featuring real estate economist Lou Dimitrov, realtor James Bovell and Simon Watson, of property surveyors Charterland.
Obi, who is also chair of the RICS Cayman chapter, will be part of the question-and- answer session that will follow the discussion.
“Recently, the Cayman Islands has experienced an unprecedented increase in activity in the real estate and construction sector that has had a positive impact on the economy,” he said.
“It is uncertain how long the boom will last. We are delighted to provide an opportunity for real estate and construction professionals to discuss internal and external factors that have influenced the boom and explore the future.”
Obi cites the $11 million the Cayman government netted in stamp duty revenue in a single month last year – equivalent to what it would expect to generate in a quarter – as one data point that demonstrates how the market is currently booming.
He said the extent to which that could continue would form part of the discussions.
The increasing use of data to find value and to predict market trends will also be examined.
The event, set for 28 May from 4:30pm to 6:30pm, will be followed by a networking session.
For more information or to register for the conference, visit the RICS website or email Uche Obi at [email protected].
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