Statistical Review of 2018:
It’s safe to say that knowledge really is power when it comes to real estate. With Cayman’s booming market this couldn’t be more true when thinking about how and where to spend your hard earned money! Generally we like to let the numbers do the talking, but we’re here to make sure you understand what they mean for you.
We’ve broken down the annual CIREBA statistics below to analyse current and future real estate trends and share how these may impact you as a buyer or seller in the Cayman Islands in 2019 and beyond.
Whether you’re thinking of buying, selling or staying put in 2019, here are Cayman’s real estate trends you need to know.
1,077 CURRENT (properties currently available for purchase in the Cayman Islands):
290 condos (US$140,000 → $15.5M)
238 homes (US$110,000 → $39.95M)
502 land (US$24,000 → $50M)
47 commercial (US$90,000 → $22M)
From US$140,000 to US$50 million there’s something available for everyone. However that’s only 1,077 total available options country-wide as inventory declined overall throughout 2018. Priced correctly, new inventory coming to market moved extremely quickly and in 2019 we will see a deepening seller’s market in most sectors. If you’re a buyer, don’t panic! Take the time to map out your budget and lifestyle needs for today and the future, and with your bespoke game plan, be ready to act quickly.
186 PENDING/CONDITIONAL (accepted offers awaiting conditions to be satisfied):
77 condos (US$256,000 → $3.7M)
56 homes (US$207,000 → $3.17M)
52 land (US$44,000 → $5M)
1 commercial (US$2.25M)
That’s 186 contracts going through the all important due diligence process! Seldom do these properties come back to market (but never say never). These statistics give us a good indication of how each sector has performed to date and will dictate what happens to this year’s pricing and value of the remaining inventory.
81 PENDING (offers accepted with no conditions):
41 condos (US$107,000 → $12.25M)
13 homes (US$182,000 → $2.25M)
26 land (US$25,000 → $1.2M)
1 commercial (US$423,000)
No two property sales are ever the same but it’s just a matter of time before these sales graduate from pending to sold. Congrats to the soon-to-be buyers or sellers that are now pending, you’re on the home stretch despite any hoops and hurdles you’ve had to overcome. If you’re not one of these 81 have you asked yourself why not? Perhaps it’s time to rethink your property strategy with this new year.
271 SEVEN MILE CORRIDOR (listings on Seven Mile Beach and within Seven Mile Corridor):
183 condos (US$244,000 → $15.5M)
40 homes (US$567,000 → $19M)
40 land (US$449,000 → $50M)
8 commercial (US$337,000 → $22M)
That’s 271 limited opportunities along world-famous Seven Mile Beach. Luckily there’s still something for every investor as location really does matter when considering your exit strategy.
766 SOLD (completed transactions in 2018):
338 condos (US$51,000 → $5.7M)
187 homes (US$88,000 → $3.25M)
240 land (US$23,000 → $4.2M)
1 commercial (US$30,000 → $6.3M)
With an average of 2.09 sales per day in 2018, these sellers have benefited from the quick market movements and we expect the rate to increase in 2019. For those not yet in the market, don’t think it’s too late as 2019 has fresh potential for growth. Regardless of the market, at every stage it’s important to ask yourself “How will this property serve me for the next 5 years?”. Understanding and deciphering past performance is one thing but truly understanding and mapping-out your personal property journey is fundamental for all.
So, what are your property plans this year and why? If you’d like to make a bespoke and financially-savvy plan to buy or sell with a dedicated team of Cayman real estate experts get in touch for free today.
Source: CIREBA as of [04/12] 2018 – Disclaimer: these are approximate figures designed to provide a snap shot image of the Cayman Islands property market only and are subject to further discussion. If you have a desire to see specifics as it relates to your property journey please contact us.
Last year we actively expanded our team, investing heavily in our people, marketing and operating practices in order to better serve you; and in 2019 we’ll be doubling down!
To us you are not a “Hot Buyer” or a “New Listing”, you are family and we thank you for your continued support. If you are looking to work with a real estate team who are extremely passionate about what they do and sincerely care about their clients and customers, we are here and ready to assist you in 2019 and beyond.
We would love to hear from you so reach out today by clicking here.