Values for Cayman condominiums, land and rent rose at low single-digit rates over the first three quarters of the year, according to the 2025 third quarter Market Report released by Provenance Properties.
Land prices rose just 1% during the first nine months of 2025, while the average price of condominiums increased by 3% over the first three quarters of the year, compared to where they finished in 2024.
“With three months of the year remaining, prices are climbing slightly slower than the 4% increase observed last year,” noted the report. Meanwhile the amount of time needed to sell a condominium increased to 186 days in the third quarter of 2025, up from 136 days in the third quarter of 2024.
The highest condo sales price achieved in the third quarter was US$5.9 million for a top-floor unit at The Residences at Seafire on Seven Mile Beach. The two-bedroom property has a total floor space of 2,226 square feet, giving it a value of US$2,650 per square foot. It achieved a lofty valuation yet was on the market for eight months.
Mixed market
There were 177 sales across all segments – not just condominiums – in the third quarter of 2025, the same number as for the third quarter of 2024, yet the total value of those sales fell 8% to US$185 million. That lower sales figure likely reflects the quality mix of the quarter’s properties, rather than the direction of the market.
Rent rates rose 2% during the first three quarters of 2025. That modest increase is roughly in line with the latest Cayman inflation rate of 1.9%. That means rental yields achieved by property owners have remained below 6% for the fifth year in a row and are a long way from the strong numbers above 10% seen in the late 1990s.
“We’ve seen a moderate softening during Q3 in line with expected seasonality but expect this to reverse in Q4 as demand increases and long-term rental supply reduces over winter,” said the report.
Editor’s Note: Provenance Properties Cayman Islands and Compass Media are both part of the Dart group of companies.
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No one wants a house anymore. Condos are the best thing these days. Saves space, less yard work. Can live oceanfront. Living off the ocean, heck, I could do that in Romania or anywhere in the world. Living ocean front in a condo in Cayman, the views are a chefs kiss everyday.
That said, no one wants to live out as far as Bodden town and work on Seven Mile but sometimes in life you don’t have choices.
Take traffic for example. The government could make a choice to fix it but they like having it. It suppresses housing prices in Bodden Town and East since there are no professional jobs and 1 hour of traffic but this is what the government strives to keep. I believe this is the unspoken truth but it’s all speculation and it would make sense.