Market Report 2021

The Cayman Islands Real Estate Brokers Association (CIREBA) proudly presents the 2021 Property Market Update. This review comes in the wake of a globally challenging year, yet showcases the remarkable adaptability and strength of the Cayman Islands' property market, particularly in light of the prolonged effects of the COVID-19 pandemic and the success of the Global Citizen Concierge Program.

Key Figures

Number of Properties 2021:

• Active Properties: 1,394, with a total value of $2,209,436,774.09, making up 30.7% of the market.
• Properties Sold YTD: 1,068, with a combined value of $1,084,760,978.86, representing 23.6%.
• Properties Pending: 821, accumulating to $916,005,468.81, accounting for 18.1%.
• New Properties: 1,252, aggregating to $1,910,174,525.54 or 27.6%.

Active Listings Average Time on Market 2021:

• Land: 596 days, average price pegged at $1,250,307.33, contributing 22.4%.
• Commercial: 506 days, with an average price of $2,376,306.40, making up 19%.
• Business: 525 days, average price standing at $804,023, equating to 18.3%.
• Multi-Unit: 488 days, average price being $3,219,440.07, amounting to 18.3%.
• Residential: 547 days, with an average of $1,644,368.42, representing 20.5%.

Observations and Comparisons:

1. COVID-19 Impact: While 2020 saw some hesitations due to the pandemic, 2021 witnessed a significant rebound in sales and listings. The Cayman Islands managed to adapt, and this resilience translated to a vibrant property market.

2. Effect of the Global Citizen Concierge Program: The introduction of this program, designed to attract remote workers to the Cayman Islands, undeniably contributed to increased demand for properties. This influx of long- term residents led to more active engagement with the real estate sector.

3. Year-over-Year Analysis:
1) Sales: A remarkable rise from 706 properties sold YTD in 2020 to 1,068 in 2021.
2) Pending Sales: 2021 observed a surge to 821 properties from 588 in 2020, highlighting increased activity and potential sales in the near future.
3) New Listings: An increase in new listings from 1,128 in 2020 to 1,252 in 2021 signifies heightened interest and confidence in the Cayman property market.

4. Duration Insights: The average time on the market reduced for most categories, indicating higher demand and faster property turnovers in 2021.

Despite the global challenges presented by the pandemic, the Cayman Islands' property market demonstrated a strong and buoyant character in 2021. The success of the Global Citizen Concierge Program paired with the inherent allure of Cayman properties has driven this upward trend. CIREBA remains optimistic about future prospects and stands firm in its commitment to excellence in the Cayman Islands real estate domain.