Cayman Islands Real Estate Market Continues to Be “Resilient”
“Here in the Cayman Islands, we’re not afraid of an unsettled world.”
As a roller-coaster U.S. election season marches forward, global conflicts persist and everything in between, Jeremy Hurst – president and broker/owner of Cayman Islands-based IRG International – is as confident as ever in the local market.
“We’ve continued to be a resilient market,” he tells Caribbean Journal. “When the world is really shaky, this is when the Cayman Islands remains attractive. We’re predominantly an American market and what’s been going on with the politics there has been unsettling to a lot of folks. With that, we’ve been seeing more interest and if interest rates do get cut another quarter- or half-point, that will keep things going in the right direction.”
According the latest IRG International quarterly report – encompassing data from April through June 2024 – the average Cayman Islands transaction value sits at $631,941. The report says there were an average of 1,847 active listing per month in Q2 2024, marking a 15% increase over Q2 2023.
Among the key developments driving interest across the nation is ONE|GT, a new, ten-story boutique resort and residences project under construction just outside of the capital’s (George Town) epicenter.
According to the project’s website, one-bedroom options are currently starting at $649,00, with a four-bedroom plus a den listed at $4.29 million. Hurst says that of the 122 units, more than 100 have been sold.
Hurst also lists the Grand Hyatt Grand Cayman Resort and Residences, Lacovia and the Mandarin Oriental Grand Cayman as highly buzzed about.
The Grand Hyatt is currently under construction with more than 80% of its units – priced in the $1 to $10 million range – sold. Both the Lacovia and Mandarin Oriental have broken ground.
Looking beyond Grand Cayman and at the sister islands, Hurst says the Port Zeus Master Plan for Cayman Brac continues to inch ahead.
In late June, the developer of Port Zeus – which would encompass a new, marina and port – provided a detailed updated and is working toward completing its environmental impact assessment.
Islands-wide, legislation allowing first-time home buyers to borrow a portion of their pension plan to buy or build a home remains popular.
Additionally, on the heels of Hurricane Beryl recently skirting 60 miles south of Cayman Islands, hurricane preparedness remains top of mind, though the nation has some benefits on that front, too.
“We were fortunate to have hardly any damage from Beryl,” says Hurst. “We do have things working in our favor, too, being quite small, low-lying and requiring that new developments be built eight feet above sea level. We’ve optimized our infrastructure here to be low on flash floods… we’re prepared for what may be ahead.”
