Cayman Islands sales slump

Country: New Zealand

6 April 2009

The volume of property sales in the Cayman Islands hit an all-time recorded low of just 1,691 homes in 2008, according to a report in the Caymanian Compass national newspaper.

The data from the Cayman Islands property transfer records also revealed that the annual volume of transfers fell for the third successive year. The drop in 2008 was 5% from the 1,786 transfers in 2007. The all–time high of 2,640 was recorded in 2005.

The total value of properties transferred in 2008 also dipped year-on-year.

In 2008, collective sales represented £389m, down almost 11% from 2007 and nearly 25% from 2006 – the highest year on record with transactions totalling £477m.

The research also shows that average property prices in the Cayman Islands also fell – down from £244,299 per transfer in 2007 to £229,896 in 2008, down more than 10%, its second successive drop.

Asked whether the market had seen the worst, the department’s Senior Valuations Officer Uche Obi said: “I wouldn’t think so. If anything, transfers and prices are continuing to drop. That’s why we needed the stamp–duty cut.”

See Also: Cayman Islands

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