US buyers keen on Cayman Islands

Photo:   Dusty J

US buyers are increasingly keen on property in the Cayman Islands, according to a new study.

The report, by chartered surveyors and consultants Charterland, reveals that the share of activity made up by North American buyers has doubled in the past year.

The number of buyers registered in the USA with the government’s land registry almost doubled from 5.61 per cent to 10.04 per cent in 2014, while Canada saw a similar rise from 1.5 per cent to 2.35 per cent.

The total number of sales was 1,362 last year, notes the firm, 27 per cent higher than the previous year, as positive momentum builds in the market. The report highlights word of an upturn from agents and other professionals during the second half of the year. There is still some way to go before the Cayman Islands return to their peak level business, though: sales are still 48 per cent below that level, recorded in 2005.

The increase in the number of sales is also matched by a corresponding increase in the total value of the sales with total sales in 2014, exceeding CI$500 million for the ƒfirst time since before the global ƒnancial crash in 2008.

Indeed, at CI$504 million the total for 2014 is 28 per cent higher than the total value in 2013 of CI$393 million and actually 10 per cent higher than the total value for 2005; although it is still 16 per cent less than the peak in the market, in terms of value, in 2006.