Q1 2026 Market Report

The Cayman Islands property market presented a more mixed outlook this quarter, with differing performance between the sales and rental sectors. Sales prices increased sharply, while rents were broadly flat. Market liquidity softened, although a higher percentage of listings converted into sales than in 2025. The total value of closed sales increased significantly, while signed and pending contracts also increased.

Q1 2026 sales volumes on CIREBA totaled US$295m across 190 sales, the second-highest quarter volume on record. The total is US$27m higher than the US$268m recorded in Q1 2025 and US$24m higher than the highest Q1 total observed in 2024 at US$271m. Although a new 10% stamp duty rate on properties above CI$2m was introduced at the beginning of the year, 15% of Q1 sales on CIREBA, accounting for over US$160m of the US$295m volume, were above this threshold. This concentration mirrors recent years.

Our price index DOKHPI shows condominium values increased by 10% in 2026. This estimate is directional, given limited early-year data. However, there is precedent for reliability as the Q1 2025 estimate was within 1% of the final full-year figure. A clearer trend should emerge by the end of the second quarter, as more transactions are recorded by Lands and Survey.

Condominium activity improved relative to new listings. New supply is slightly below Q1 2025 levels, tightening the market. Limited inventory, particularly at the lower end, continues to support pricing.

Rents, by contrast, are flat versus observed rates in Q1 2025. Q1 2026 rents are roughly 1% higher than the same period last year. The slowing trend of rental increases may be correlated with the moderation of work permits and the resulting deceleration of population growth.

Sales activity and values remain robust, with over US$180m condominiums sold in Q1 2026 alone. Almost half a billion dollars of CIREBA inventory was placed under contract in the first three months of 2026, the highest quarterly total on record. However, this was not the only new CIREBA benchmark set this quarter. Provenance Properties agent Ewelina Cimring represented the seller in the highest value sale in CIREBA history, exceeding the previous record condo price by almost US$11m and selling within 39 days. These record‑setting benchmarks highlight the depth of confidence in the Cayman market and reinforce its position as a jurisdiction of choice.