Christie’s announces record-breaking sales

Christie’s announces record-breaking sales

19 May 2021

2020 was a record year for property sales in the Cayman Islands, despite the global pandemic, according to a new market report from Provenance Properties Cayman Islands, the official Christie’s International Real Estate affiliate in the sunny British Overseas Territory.

According to the Cayman Islands Real Estate Brokers Association (CIREBA), sales of US$638.7m representing 327 properties were conveyed by 36 brokerages in 2020. In the luxury segment of properties priced at US$1m and up, 69 condominiums and 57 residences were sold. Provenance Properties’ Broker Jackie Doak said this was no small feat, considering the Cayman Islands’ borders have been closed to visitors since late March 2020.

Jackie Doak headshot
Jackie Doak, Broker, Provenance Properties

“The first quarter of 2020 was very active for real estate sales, so the closure of our borders to non-residents in late March prompted pundits to assume our real estate industry would be adversely affected,” said Doak. “However, Cayman’s value proposition as an easy-to-reach luxury destination with excellent infrastructure, an absence of direct taxation and a high standard of living prevailed and we saw the sales pace not only resume but surge by mid-summer once shelter-in-place guidelines were lifted. The government’s response to the pandemic and resulting containment of local transmission of COVID only furthered Cayman’s appeal to our discerning clientele.”

Doak notes that many real estate sales were generated by local residents, as well as international clients seeking to move to Grand Cayman. “Cayman’s residency programme allows a limited number of high-net-worth individuals to establish permanent residency here each year by investing in luxury property and meeting other programme requirements. There are no restrictions on foreign ownership, which makes acquiring a property straightforward for international investors. Our team enhances the transaction process by providing a bespoke relocation experience. As a result of robust local and international demand, the market continues to perform extremely well.”

That strong performance has not abated in the first half of 2021. Provenance Properties closed the sale of The Peninsula Estate in early May, representing the largest transaction for a condo or private residence on record in the Cayman Islands. In addition, the team has sold 17 condos at The Residences at Seafire, a luxury development on Seven Mile Beach that shares a 12-acre property with the AAA Five Diamond award-winning Kimpton Seafire Resort + Spa.

Cayman Islands property sales are not the only segment of the market booming. Doak reports that the Cayman Islands Government’s Global Citizen Concierge Programme is driving demand for luxury long-term rentals. “We have welcomed more than 100 global citizens to Cayman since last fall (source). These digital nomads have come here because of our quality of life, excellent telecommunications, schools and healthcare, and rich marine environment. They are already actively involved in our community, committing to philanthropic initiatives and patronising local businesses, particularly our superlative culinary venues. It’s another great example of how Cayman’s quality real estate attracts new long-stay visitors and their spending contributes to our local economy.”

About Provenance Properties Cayman Islands
Provenance Properties is the exclusive Christie’s International Real Estate affiliate in the Cayman Islands and a member of the Cayman Islands Real Estate Brokers Association (CIREBA). In 2019, Provenance Properties was recognised as a Christie’s Affiliate of the Year. Provenance Properties is also the exclusive Cayman Islands affiliate of Haute Residence.

Provenance Properties provides access to a portfolio of luxury homes and condominiums for sale or rent, as well as land for sale and commercial properties for lease in the Cayman Islands. The Provenance Properties team provides bespoke service to individuals seeking to relocate to the Cayman Islands for business or personal reasons.

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