Cayman’s real estate leaders say the market continues to strengthen, even if the numbers don’t show drastic change.
The Cayman Islands Real Estate Brokers Association recently released its year-end report for 2016.
According to the report, 724 properties were sold in 2016, totalling nearly a half-billion dollars in revenue. CIREBA says those numbers are similar to 2015 and another 47 sales were pending at the end of the year.
Nearly 1,600 active listings were posted in 2016, about 80 percent of them new listings and they totaled about $1.3 billion in value.
“Cayman right now is enjoying an incredible building boom,” architect and developer Eddie Thompson said. “It’s back to glory days right now. It’s everybody who’s in the business has more than they can handle or almost as much as they can handle.”
As for the listings that went off the market in 2016, multi-unit properties led the way by pulling in an average of $1.5 million per unit.
Residential and land purchases came out about the same, averaging slightly more than a half-million dollars per sale.