18 Apr 2023
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, 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.
Despite a decrease in sales activity during the first quarter of 2023, both condo prices and yields increased.
As seen above, during the first quarter of 2023, there was a decrease in the number of new and sold listings compared to Q1 2022. However, despite the decrease in activity, the ratio of the number of units sold to the number of units listed improved.
"We continue to see signs from the market that sales are completing and activity remains busy,” says Provenance Properties Sales Specialist Antonette Baptist. “This allows us to move forward into Q2 with optimism."
After registering a double-digit growth during 2022, condo prices continued to increase during 2023. With limited data from the beginning of the year, the index suggests a high single-digit growth so far in 2023.
Note: The index values are likely to change as additional transactions are registered throughout 2023. For the most current estimates of change in prices, contact the team at Provenance Properties.
"Our pipeline gives me much confidence that we will continue to see strong activity, albeit with tough negotiations and some creativity,” said Provenance Properties Real Estate Agent Ewelina Cimring. “But there is no doubt that the recent mortgage rate environment will have a significant impact on price-per-square-foot levels below $1.5 million, and that scarcity will further drive pricing per-square-foot upwards for condos on the beach."
The median condo income yield improved slightly, reaching almost 5.5% due to an increase in rents. These estimates are subject to change as the year progresses further.
If you would like to dive into this data further or explore listing your home for sale, contact Provenance Properties today.