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Real estate insider: Building boom a sign of high demand

Real estate insiders at Team Property Cayman say they expect Cayman’s hot property market to stay that way.

Partner Stefan Prior pointed to a key indicator: the amount of new construction taking place.

CIREBA statistics showed a marked decrease in the number of properties now for sale versus two years ago.

Mr. Prior said these new developments are due to come on-line at a time of high demand.

“There currently still is an under-supply of desirable properties hence what you see: a lot of building projects like this behind me, there will be kind of a turn in there slightly, but so long as population continues to increase, there will be nice new properties for everyone,” said Mr. Prior.

Mr. Prior told Cayman 27 eventually the supply and demand curve will level out, but he does not foresee construction activity slowing down for now.

About the author

Joe Avary

Joe Avary

Joe Avary has been with Cayman 27 since 2014. He brings 20 years in television experience to the job, working hard every day to bring the people of Cayman stories that inform the public and make a difference in the community. Joe hopes his love for the Cayman Islands shines through in his informative and entertaining weather reports. If you have a story idea for Joe or just want to say hello, call him at 324-2141 or send an email to josephavary@hurleysmedia.ky

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