Cayman Islands Journal: Residential real estate growing by double digits; commercial ready to soar

March 7, 2018News Releases

The complaints nibble at the edges of their optimism, but the upbeat mood among real estate brokers remains firm, though things could be even better – and South Sound is still booming.

A growing U.S. economy has infused buyers with optimism, translating into abiding interest in homebuying, driving prices up more than 20 percent in the last year – itself a banner exercise in free-market economics.

No one has spotted any warning signs – inflation is low, pegged at 1.9 percent, unemployment is at 4.1 percent, matching the U.S. rate, and air arrivals are strong, setting an all-time record of 418,403 in 2017, and a January 2018 record of 39,185.

Those numbers, says Kim Lund, RE/MAX broker and co-owner, “should continue to increase in 2018,” largely due to “the influx of new tourism from hurricane-ravaged destinations.”

James Bovell, another RE/MAX broker/owner and head of the in-house “Bovell Team,” says tourism growth “may be due somewhat to visitors seeking alternatives to the Caribbean islands hit by last year’s hurricanes, but I believe that Cayman’s market is able to create such a positive experience for visitors that they will want to come back again, which bodes well for us both tourism-wise and for the real estate industry also.”

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