The Provenance Properties Q2 2026 Real Estate Market Report showed strong growth across every significant Cayman property market indicator.
It was a blockbuster quarter for property deals. “The quarter recorded the highest sales volume ever achieved through the CIREBA Multiple Listing System, reaching US$412 million across 256 transactions,” said the report.
The massive growth in deals was fuelled by sales at two landmark projects. Watermark on Seven Mile Beach saw 11 transactions worth a total of US$124 million, while ONE | GT in George Town sold 52 units for US$48 million.
Watermark also helped break another record. “A US$15.5 million sale at The Watermark also set a new Cayman Islands record for price per square foot, achieving US$3,875 per square foot for a 4,000-square-foot residence and surpassing the previous record by several hundred dollars per square foot,” said the report.
“Increasing demand and a diminishing supply is now an ongoing trend on Seven Mile Beach,” said REMAX Cayman Islands broker Kim Lund, who co-brokered the deal with Property Cayman’s Michael Joseph. “Therefore, record sales prices like this one will continue, due to new better-quality developments like Watermark being built and a shrinking supply of inventory. The progressively affluent level of tourism and residents coming to Cayman will facilitate more new price records in the years ahead.”
But the strong sales data extended beyond Watermark and ONE | GT.
“Even after excluding transactions from The Watermark and ONE | GT, the ratio of condo sales to new listings reached its highest level in nearly a decade,” said the report. “For every 100 condominium listings added to the MLS, 97 units were sold, compared with the long-term average of 64 sales per 100 new listings.”
The strong start means that US$700 million worth of properties have already been sold in the first half of 2026, compared to almost US$1 billion in the whole of 2025.
Condo rents and prices up
The second quarter also saw the level of rents continue to rise and is now 9% higher than in the second quarter of 2025.
That’s a marked pick up from the first quarter of 2026, when rents were broadly flat. It means that rents are now 4.5% higher year-to-date than they were in 2025.
Prices are also up, with Provenance Properties data indicating that condo prices so far in 2026 have increase 6% compared to 2025 figures. That’s cooled slightly from the 10% increase posted in the first quarter of this year but still means that prices are rising faster this year than the 5% growth in 2025.
Condos are also selling faster, and closer to their asking price. During the second quarter of 2026, properties spent just 138 days on the market, compared to 152 days in the same period of 2025. The median discount needed to shift units was only 4.4%, compared to the 6.2% discounts on the official asking prices that were seen in the second quarter of 2025.
The fact that rents and condo prices are both rising in tandem means that condo yields are broadly stable at 5.5%, down slightly from 5.6% in 2025.
Provenance estimates yields by subtracting strata fees and insurance costs from gross annual rent and dividing it by the sales price.
Editor’s Note: Provenance Properties Cayman Islands and Compass Media are both part of the Dart group of companies.
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