August Market Updates
Highlights
123 new listings in August
Sold: 73 properties closed
Price Ranges: CI$47,000 to US$6M
Market Watch
So the speculation about a ‘recession’ looms but Cayman doesn’t seem to be largely affected. In fact, there are some areas that still are super-hot and the activity is feverish!
Development sites remain the #1 niche in the market that continues to grow. “Buy land; they’re not making it anymore”. Multiple bids within days of a listing hitting the market happened during August.
Indeed we have also seen a much-needed price ‘correction’ on several properties that were listed a bit too ambitiously. To us, it means that they are priced – and selling! – for fair market value instead of a bit over market, as the frenzy seems to have calmed down.
Banking Woes
Sadly there are some bank repo’s coming online, as our local market is deeply impacted by the continuous rise in interest rates and sharp increase in cost of living. Some mortgages have increased by $250-500 per month and that’s a tough nut to crack for some people on a tight budget/fixed income.
Government is working on the cost of living issues but they won’t happen immediately. Banks need to offer fixed rates instead of floating – there’s no reason not to – and by doing this would not only alleviate potential repo situations, but will help the local market to budget accordingly when buying property.
We Are Open!
As of August 24th, it’s COME AS YOU ARE! Our Covid-restrictions have been lifted and we are thrilled. With many carriers offering direct flights from a slew of cities (and Cayman Airways now flying direct from Los Angeles to Cayman!) we are ready to welcome you. New businesses, new roads, new places to stay, new restaurant experiences and more.
Come enjoy the improved island that we have been enjoying mostly for ourselves over the past 30 months. No tests, no quarantine, no travel certificates….and best of all no excuses!
Check out the link below to www.CaymanVacation.com and start packing!
Featured Listing
Prospect Triplex
3 separate rentals
TWO 2 bed 1 bath units and ONE 3 bed 2 bath unit.
$895,000 KYD (Price is Negotiable)
MLS# 414534
Charities We Support
Log on to www.CaymanVacation.com and let them help you. Large inventory, great service, super easy booking process.
