Discover the Latest Listings, Market Trends, and Success Stories!
Cayman has been VERY LUCKY this hurricane season. It was an active one for sure: starting with Beryl in July and ending with Rafael a few days ago. While we had stormy seas and some coastal damage – and beach erosion – properties overall were ok. It seems like Mother Nature wanted us to remember the Ivan visit 20 years ago this past September. The shutters island-wide are starting to come down and we see the signs of the spectacular Christmas Season coming to life. It’s the best time to be in Cayman – we do Christmas to the extreme and it’s fantastic!
Our government needs to work on our cost-of-living expenses, bank rates and insurance premiums. These are 3 big factors hurting Caymanians across the board, not just when it comes to real estate. Hopefully, our political debacle will also get better in 2025; it’s been a bit embarrassing these last 3 years for sure and we have been stuck in neutral (or reverse?!) for far too long. Luckly the private sector has been keeping things going for us. (you can do an image of someone scratching their head or a face palm!)
The interest rate may be the boost needed: 48 properties went under contract in September. Combined with very good financing options by the major banks, locals are feeling a bit better about buying, especially the younger crowd, who can get mortgages for up to 40 years. The terms are long but the monthly budget works for them and that is key to their investment strategies to secure a home to call their own.
We have had a shift in the market as expected: a lot of pre-construction properties have gone under contract in the past few months, especially Grand Hyatt and Lacovia residences. Right now, there are a lot more ‘move in ready’ properties on the market but many are moving fast (under 30 days).
