House prices in some neighbourhoods have almost tripled in the past five years, according to data reviewed by the Cayman Compass.
Using 10 years of statistics from Charterland’s annual Cayman Property Reviews, we compared the average prices of condos, homes and land in the same complexes over the course of a decade. Meaningful national statistics on Cayman’s housing markets can be hard to come by.
Using sales data from the Cayman Islands Real Estate Brokers Association, the Compass calculated the average price of a home sold in the Cayman Islands in 2020 at just over CI$700,000.
However, the wide disparity of houses and developments aimed at different sectors of the market make it difficult to draw meaningful conclusions from a national average. One $40 million sale, for example, could skew the statistics.
By comparing prices within the same complexes we are literally comparing like with like. The data below, therefore, represents the most accurate reflection of the escalation of house prices in Cayman over the past decade.
Simon Watson of Charterland said the rise in prices had been particularly extreme in the past five years. He said early data from 2021 showed that pattern was only continuing.
“I don’t see any indication that it is going to stop,” he added.
George Town Villas
This condo complex at the southern tip of Seven Mile Beach has seen the greatest price inflation of any of the developments we reviewed. Available for $335,000 as recently as 2013, the average price per unit in 2020 was $919,000.
There are two properties at the complex currently listed for sale on the CIREBA multi-listing system with an average price of $999,000.
Garden, Coco, Mystic and Sunset Retreat
Considered a barometer for the state of the George Town housing market, the four ‘Retreat’ developments off Bobby Thompson Way have traditionally been entry-level properties.
The price of the average two-bed home in these developments was a relatively affordable $181,000 in 2013 – the low point, pricewise, for the Cayman housing market. By last year, the average sales price tipped the $300,000 barrier for the first time. There are currently two, two-bed homes in those estates up for sale on the CIREBA system listed at $375,000 and $415,000, respectively.
Viewed as a good indicator of the upper middle-class housing market, the price of property in the canal side community on the North Sound has almost doubled over the last decade.
Most of that increase has happened over the past couple of years, with the price remaining relatively stable before then. Because of the range of sizes and styles of the homes, the price comparison is calculated in square feet. In simple terms, a sample 3,000 sq. ft. family home available for $630,000 in 2010 would cost $1.12 million in 2020.
The range of types, styles, ages and conditions of homes in Savannah make data for this district less reliable than in homogeneous estates or condo projects where the properties are essentially the same.
Charterland notes in its reports that the price recorded in 2010 is likely misleadingly high, distorted by a couple of upper priced sales. Even so, it appears that prices in Savannah had not risen at the same pace as in other areas. That trend started to change in the last two years, however.
Anyone looking to buy land and build in Cayman, rather than purchasing existing homes, is facing a similar escalation in prices. Lots in the high-end canal-side subdivision of Crystal Harbour have more than doubled since 2010.
Again, the biggest increases have been seen in the last two to three years. A 0.4 acre lot now goes for just over half-a-million dollars – before even considering building a property.
Aimed more at the middle class residential market, Grand Harbour has seen a boom in prices in recent years.
Raw land lots have more than doubled since 2010.