Cayman property market update - April 2010

Jeremy Hurst Broker/Owner of IRG and President of the Cayman Islands Real Estate Brokers Association writes a regular market report and update for the Cayman Islands Chamber of Commerce. Check out the full article on our reports page https://www.irgcayman.com/our-property-management-services

Overview of the property market from CIREBA as of April 2010

The Cayman property market has continued to experience an tough time in the first quarter of 2010 with CIREBA’s statistics showing that first quarter sales through CIREBA fell by 11% compared to sales volumes last year. The number of transactions also fell by approximately 7%. When you compare the Land Transfer statistics from the Land Registry however, the picture is even worse with a 20% drop in land transfers for the first quarter of 2010 over 2009 with the number of transactions falling by 12%. Apart from the fact that this shows that properties listed with CIREBA have significantly outperformed those sold outside of the organization, this is obviously not good news for the market as a whole or the economy.