Cayman Islands Property Market In Review

Are you contemplating an investment in Cayman Islands real estate? Delve into our insightful market overview, thoughtfully curated by the real estate experts at Corcoran Cayman Islands. This guide aims to assist you in making informed decisions as we share our noteworthy achievements in 2023, highlight the market’s resilience amidst global challenges and shed light on the recently implemented provisions facilitating an easier entry for Caymanian buyers into the property market.

Corcoran 2023 Wrap Up

Despite global pressures in 2023, the Cayman Islands real estate market displayed resilience. Corcoran Cayman Islands was grateful to be able to assist a number of families in finding their dream homes, with notable closings at the prestigious FIN, Camana Bay’s OLEA , the Ritz Carlton Residences at the Ritz Carlton and luxury homes in Crystal Harbour and Britannia Estates.

We’re grateful that our success was highlighted by the Wall Street Journal in their Home for the Holidays edition. Corcoran Global also enjoyed a successful year in 2023, with new offices opening in New Jersey, Texas, Canada and Italy, adding to the global network of real estate experts eager to help you find your dream home.

Local Market Performance

There was a notable surge in the luxury real estate sector last year, with seven residential properties priced over US$7.5M being sold including a ground floor Waters Edge unit at US$18.1M and a record sale for the Eastern Regions at US$17.5M for an oceanfront estate home. The sector’s robust performance is further highlighted by the continued confidence by International HNWI leaving less stable regions or highly taxed jurisdictions.

The Corcoran Cayman team was fortunate last summer to be involved in two sales taking a mere 14 days between receiving an offer and closing. We’re grateful to be able to share our expertise and look forward to continuing to assist discerning clients with finding their home in 2024.

The Cayman Islands’ real estate market has navigated the complexities of global challenges with unwavering resilience, reinforcing its position as a sought-after destination for investors and homebuyers alike. The steady performance exemplifies not only the enduring appeal of the islands but also the adaptability of the market to economic fluctuations and geopolitical shifts.

While 2023 presented its share of challenges, the success stories in high-value transactions and swift market movements highlight the market’s vitality. The blend of natural beauty, economic stability and a robust real estate market continues to position the Cayman Islands as a secure haven for those seeking not only a property investment but a lifestyle investment.

Speaking of investment, the National Pensions (Amendment) Act 2023 created a great opportunity for Caymanians to either purchase a property or pay off existing property related debt. Similarly, the increase of the First Time Caymanian Buyer Stamp Duty waiver threshold now allows first time Caymanian buyers to consider higher priced properties while remaining exempt from stamp duty payments. These developments are expected to stimulate greater market activity.

You can learn more about Stamp Duty and applicable exemptions here.

As we look ahead, the strategic advantages offered by the Cayman Islands, coupled with the ongoing commitment to sustainable growth, make this destination a beacon in the global real estate landscape. Whether one is drawn to the pristine beaches, the flourishing business environment, or the allure of luxury living, Corcoran Cayman Islands have the knowledge and network to help you find the perfect property for you.