As a 21-year veteran of real estate in the Cayman Islands, I’ve had the opportunity to experience many ups and downs in our market. From the events of 9/11 and the emotional turmoil created for all of us due to the devastation and uncertainty that Hurricane Ivan created locally for our businesses, and onto the financial meltdown of 2007-2008.
Today’s challenges are different but similar. The pandemic left a lot of us wondering where the island would end up and what the new normal would look like. Although there was some deep suffering amongst our families and within our tourist-connected sectors, the real estate sector rose from the pandemic ashes strong and buoyant with record sales in consecutive years through 2020 and 2021.
Historically, our market has been stable and forward-moving with little fluctuation in its steady climb and appreciation yearly. Post-pandemic, and in the face of growing inflation, the market continues to hold its own and appreciate. Our construction sector continues to be strong and with issues easing in relation to supply chain challenges, projects are completing, and new projects are coming out of the ground.
The future is always bright in Cayman despite what we face. Our strong, diversified and resilient population continues to support the upward trends. As we look forward into 2023, we expect the market to be active and although not as robust as the last two years, the political uncertainty in the USA and maybe Canada and the rest of the world will continue to encourage buyers to our shores.
Our real estate community is, for the most part, well-trained and regulated by the Cayman Islands Department of Commerce and Investment, ensuring the experience for our buyers and sellers is a
positive one.
Choosing the right real estate professional to work with is an important decision and choices are sometimes made without a lot of consideration. Important questions to ask when looking for real estate representation should include:
· How long have you been a Cayman Islands realtor?
· Are you regulated and trained?
· Is this your full-time job?
· Do you have experience selling in my category?
· How will you market my property locally? And, if you’re selling or assisting in buying a property that potentially has an international audience, how will you reach those buyers?
This article appears in the Autumn/Winter 2022 issue of InsideOut magazine, now available at magazine stands and delivered to select homes.
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