The woman who will again serve as president of the country’s largest group of real estate professionals says the market is strong and CIREBA’s members are working toward full compliance with upcoming international standards.
Jeanette Totten of Cayman Luxury Property Group also led CIREBA (Cayman Islands Real Estate Brokers Association) in 2012. She says a priority for the group in 2016 is ensuring that agents and brokers are ready to meet new anti-money laundering requirements known as “Know Your Customer.”
“We’re gearing up toward making sure all of our members are 100 percent compliant with the due diligence before next year,” she said, when government and industries ranging from banking to accounting and insurance must adhere to the new international standards.
CIREBA is also strengthening requirements for membership, she said, so that applicants demonstrate more experience as real estate professionals, whether that experience came in Cayman or overseas.
Ms. Totten says the luxury and mid-range markets are doing well in the first quarter of 2016. “In the condo range from $200,000 to $400,000, there are more and more Caymanians and more people on work permits buying these properties, which is great.”
She also noted an uptick in luxury sales along Seven Mile Beach. The same trend was cited by Jeremy Hurst with International Realty Group in announcing a sale that sets a new record price for a luxury single family home. The property in Vista Del Mar sold to a European investor for an estimated $8 million (US). Mr. Hurst says international buyers are returning to the luxury and mid-range markets.