August 2024 Real Estate Highlights

Discover the Latest Listings, Market Trends, and Success Stories!

Properties Sold

45 properties

Prices Ranging

US$39,500 US$9.8M

Reduced Listings

53 properties

Listings For Sale

1261 properties

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MARKET SITUATION

Well the best news we had this month is that interest rates (for a change!) did NOT go up. This was a sigh of relief for those with floating interest rates here in Cayman. That said, the market is still in a lull and although there is some activity, spread out over 300+ agents on the island, it’s slow compared to this time last year in both sales and general market activity. There were 97 closings in November 2022 so we are down by over half for this November and consistently have been slowing down for the past 5 months.

South Sound to West Bay are the most popular real estate areas, and listings that come up tend to go under contract super-fast. The same holds true for anything listed under $500,000 regardless of where it is located. It’s just too hard to find a property under that half-million mark anywhere on the island (sad but true). With traffic situations improving only marginally in the Eastern Districts, anything from Grand Harbour to West Bay is deemed a hot market-mover if it’s priced properly.

DAZZLING DECEMBER

This is NOTHING like Christmas in Cayman….honestly it’s just gorgeous island-wide. From the elaborate home and garden décor, hotel lobbies to leave you in awe, the many roundabouts and of course complexes like Camana Bay and shops in George Town…everywhere you look, Christmas is there! Activities for every age group are in high gear and there is NEVER a dull moment! Christmas concerts at many churches and public venues, Santa photo-ops, giveaways, festive menu items at many of our fine restaurants and of course, a general feeling of magic, Caribbean Style, is offered to our locals and visitors alike. The only Holiday event we don’t have is snow…but who needs jackets and layered clothing when flip flops, shorts, and a hat are so much more comforable? Check out these sites to (try to!) keep up with all the events.

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www.explorecayman.com/events/event-calendar
www.CamanaBay.com
www.CaymanGoodTaste.com
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OUR PERSONAL THOUGHTS

We have had a lot going on in Cayman in 2023: a dramatic political shuffle of leadership, road/traffic changes, increased tourism arrivals and new airline routes, a new school for our youth, new hotels on the horizon, an influx of new residents, and even a new governor. Cayman continues to thrive, grow and adapt to change. While we are obviously in real estate, we regard the immense growth and development with caution - it’s too much in our eyes. Cayman has an attraction to it unmatched by many islands: we are safe, secure, close to the US, offer an affluent lifestyle, our dining and entertainment scenes are top-notch, and living and working here is pretty easy. That draw has increased demand but we would prefer to see Cayman slow down the progress train. It may sound hypocritical given our industry, but we are Caymanians with a deep love for our country and want to preserve what we can.

Careful consideration of future development and population goals must be taken by our government. We are at a pivitol and critical period and have to be careful with how we handle climate change, financial service demands, and our overall infrastructure changes in order to maintain our global attractiveness - and hold on to the little bits of our culture that still remain.