Cayman Real Estate Market: Q4 2024 Year End Review — Property Cayman | Real Estate Experts in the Cayman Islands

Cayman Real Estate Market: Q4 2024 Year End Review

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Michael Joseph

Real Estate Agent

The Cayman Islands real estate market continues to show remarkable resilience and appeal, with strong activity observed throughout 2023 and 2024. As we look ahead to 2025, understanding recent trends offers valuable insights into the market's trajectory and potential opportunities.

In 2023, the Cayman Islands Real Estate Brokers Association (CIREBA) recorded US$3.44 billion in total listing value, with 727 transactions generating US$957 million in sales revenue. The average sale price was US$1.316 million, underscoring the high-end nature of the market. Notably, seven transactions exceeded US$10 million, six of which were residential and one commercial. However, rising interest rates had a dampening effect on the sub-US$2 million market, slowing activity in this segment.

By 2024, the market had gained further momentum, with total listing values climbing to US$3.51 billion. Transaction volumes increased significantly to 861 sales, generating US$1.021 billion in revenue. The average sale price dipped slightly to US$1.185 million, reflecting heightened activity in lower-priced market segments. The luxury market, however, remained a standout, with five sales exceeding US$10 million, including a landmark transaction of over US$25 million for a significant acreage property.

Market Dynamics in Q4 2024

A closer examination of the final quarter of 2024 reveals notable shifts. New listings remained steady at 322 compared to the previous quarter, but sales volumes edged up by 2%. Despite this, average sale values dipped by 3%, and residential properties stayed on the market longer, with average days increasing by 26%.

Year-on-year comparisons for Q4 show a more dramatic shift, with new listings dropping by 20%, sales declining by 2%, and average sale values plunging by 30%. Residential days on the market increased by 25%, while the average residential sale value fell by 22%. These trends suggest a more buyer-friendly market, with sellers adjusting their pricing expectations in response to broader economic pressures, such as higher interest rates.

(Source: CIREBA)

(Source: CIREBA)

Emerging Trends

Despite these shifts, the Cayman Islands market remains dynamic and full of opportunity. Limited housing supply combined with longer selling times may drive increased demand for rentals, potentially leading to higher rental rates. The luxury segment continues to perform exceptionally well, attracting high-net-worth buyers seeking long-term value. Meanwhile, the slight decline in average sale prices year-on-year creates a window of opportunity for buyers to enter the market at more accessible price points.

Looking Ahead to 2025

As we move into 2025, the Cayman Islands real estate market is poised to build on its strengths. Limited supply and sustained global interest are expected to place upward pressure on prices. For buyers, this means acting decisively and securing financing early. For sellers, the growing demand offers an excellent opportunity to leverage competitive pricing and attract motivated buyers. Investors will find strong potential in both the luxury and rental markets, with opportunities to cater to local and international demand.

Final Thoughts

The Cayman Islands continue to be a premier destination for real estate investment, driven by its economic stability, safety, and aspirational lifestyle. While 2024 revealed some softening in certain segments, the overall market remains resilient and attractive. With 2025 set to be another strong year, careful planning and market awareness will be essential for success. Whether buying, selling, or investing, now is the time to make the most of the opportunities that Cayman’s dynamic market has to offer.

(Please note that this is a broad analysis of the overall market. Please reach out for a bespoke detailed report tailored to your personal property journey).

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