At the Grand Harbour, the average sale price of high-end canal-front lots surged 33% to KYD27.73 (US$33.36) per sq.At the Crystal Harbour, the average price of high-end canal-front lots sold increased 7% y-o-y to KYD32.27 (US$38.82) per square foot (sq.Land prices continue to increase strongly in the Cayman Islands.
The absence of taxes and restrictions on foreign ownership of land makes investing in the Cayman Islands very attractive. There are no restrictions on foreign ownership of property in the islands. For instance in 2011, Dart Group made significant acquisitions representing about 28% of the total value of all property transfers. Follow the latest developments in the international property markets through the Global Property Guide newsletter.Īlready Subscribed? Manage your subscriptionĭuring the past decade, the movement of the average value of property transfers has been erratic because large-scale acquisitions by property developers distorted the market. Learn what returns you are likely to earn, and where are the best opportunities. Tailor your overseas property investment strategy! Likewise, approved applications fell by 15% to KYD 286.65 million (US$344.8 million) in 2018. The total value of permits for houses was down by 13.3% and by 4.3% for apartments and condominium units. In Grand Cayman, residential building permits fell by 10% in 2018 from a year earlier. However in the first nine months of 2019, freehold property transfers fell both in number and value by 8.3% and 11.4%, respectively, due to limited supply. In 2018 property transfers on the open market were up 9% to 857, the highest level since 2005, according to Charterland, Ltd, with transaction values up 17.8% to KYD800 million (US$962.3 million). In George Town’s Garden, Coco, Mystic and Sunset Retreat, two-bedroom inland townhouses´ prices rose 21% to about KYD247,400 (US$294,600) in 2018.At George Town Villas, another Seven Mile Beach seafront development of 60 condo units, sales prices increased 28% y-o-y to KYD655,500 (US$780,300).At the Regal Beach Club, a beachfront condominium development of 57 units on Seven Mile Beach, the average sales price rose in 2018 by 19% to KYD951,300 (US$1.13 million).At The Pinnacle, a luxury beachfront development on Seven Mile Beach, the average condominium sales price was KYD2.37 million (US$2.82 million) in 2018, up 25%, according to Charterland, Ltd.Property prices can reach as high as KYD1,500 (US$1,800) per square foot (sq. The most expensive housing is along Seven Mile Beach, a coral-sand beach on the western end of Grand Cayman island.
Growth is centered along Seven Mile Beach for condominiums, and Cayman Kai, on the island’s north, for single-family homes. “The market has recovered from the downturn of 2010 and is now way beyond the previous peak.” “We are into unchartered territory in the property market,” said Simon Watson of Charterland. After several challenging years, the Cayman Islands’ property market is growing again rapidly.
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