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Market Report 2022

2022 has been another significant year for the Cayman Islands' real estate sector, charting remarkable dynamics influenced by the ongoing global challenges and the after-effects of the COVID-19 pandemic.
01 Jan, 2023
Market Report 2022

2022 has been another significant year for the Cayman Islands' real estate sector, charting remarkable dynamics influenced by the ongoing global challenges and the after-effects of the COVID-19 pandemic. With the continued success of the Global Citizen Concierge Program and the surge in new construction projects, the property landscape presents a picture of resilience and adaptability.

Key Figures

Number of Properties 2022:

  • Active Properties: 1,516, with a cumulative value of $3,050,184,497.21, which accounts for 33.3% of the market.
  • Properties Sold YTD: 936, accumulating to $1,033,992,898.67, contributing 20.6%.
  • Properties Pending: 658, with a total value of $867,169,182.98, representing 14.5%.
  • New Properties: 1,441, aggregating to $2,498,599,460.69, or 31.7% of the market.

Active Listings Average Time on Market 2022:

  • Land: 605 days, average price at $1,822,900.73, constituting 24.1%. 
  • Commercial: 469 days, with an average price of $3,628,579.27, representing 18.7%. 
  • Business: 506 days, average price of $1,394,713.46, making up 20.2%. 
  • Multi-Unit: 432 days, average price being $3,195,00281, amounting to 17.2%. 
  • Residential: 494 days, at an average price of $2,023,565.17, accounting for 19.7%.

Observations and Comparisons

1. COVID-19 Impact: The Cayman Islands' property market saw a modification in its trend from 2021, especially influenced by the dynamics of the pandemic. Despite certain challenges, the market showcased an admirable capability to recover and adjust.

2. Global Citizen Concierge Program: As in 2021, the program continued to draw significant interest in 2022. It stands as a testament to the island's attractiveness and how strategic initiatives can boost property demand.

3. New Construction: An influx of new construction projects on the island undoubtedly played a role in the higher number of new properties listed, suggesting a vibrant real estate development environment and increased investor confidence.

4. Year-on-Year Analysis:

1) Sales: A minor reduction from 1,068 properties sold YTD in 2021 to 936 in 2022. 
2) Pending Sales: There was a decrease to 658 properties in 2022 from 821 in 2021, indicating potential fluctuations in buyer sentiments. 
3) New Listings: A marked rise from 1,252 in 2021 to 1,441 in 2022, pointing towards increased real estate activity.

5. Duration Insights: In general, properties in 2022 were on the market for shorter durations before sale, suggesting a more rapid movement in the property market.

2022 reaffirmed the vitality of the Cayman Islands' property market. With the ever- present influence of the COVID-19 pandemic, the adaptability of the market was evident. The combined effects of the Global Citizen Concierge Program and the surge in new construction projects showcase a bright and promising horizon for the real estate sector in the Cayman Islands.

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