Q4 2022 Market Report

The Provenance Properties Cayman Islands (PPCI) residential sales team is committed to providing our clients with all the crucial details necessary to make an informed choice when approaching real estate transactions. When you become a client of PPCI, you gain the advantage of access to Dart’s own in-house data analysts, providing up-to-date, accurate and relevant information regarding the current sales index. Having this market analysis easily to hand enables our team to stay on top of industry trends and provide you with the knowledge to buy or sell with confidence. 

Wrapping up a strong year and a strong fourth quarter, the PPCI Market Report for Q4 is as follows:

Index Value of Condos (across the Cayman Islands)

Increased from 267.1 in 2021 to 313.9 in 2022 - a difference of 17.5%.

"Source: Lands and Survey. Repeat sales regression."

Index Value of Land (across the Cayman Islands)

Increased from 431.4 in 2021 to 581.0 in 2022 - a difference of 34.7%.   

"Source: Lands and Survey and CIREBA. Hedonic price index."

Median Net Condo Income Yield

As at the end of the fourth quarter of 2022, the median net condo income yield was approximately 5.1%.

“Source: CIREBA condo sales. Net income is calculated as the stated rental income minus strata fees and insurance, divided by the purchase price.”

Ewelina Cimring, Real Estate Agent

“In this market, with demand well exceeding supply, the price per square foot of condos and single-family homes is steadily increasing.”

Antonette Baptist, Sales Specialist

“Our island is increasingly becoming the jurisdiction of choice particularly for those who value safety, a stable government, global accessibility and a robust economy.”

Shanice Ebanks, Sales Specialist

“We've seen an increased demand for rental properties this past year and if supply remains low due to increased construction costs, it's likely property owners will see an increase in rental income."

To find out more about the real estate market in the Cayman Islands or explore buying and selling real estate here, contact our team at info@provenanceproperties.com or call 1.345.640.7000.