07 Jul 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.
Trends in the second quarter of 2023 followed those from the first three months of the year. Condo sales activity continued to decrease in the second quarter, while sold prices and rental yields increased further.
As observed above, in the second quarter of 2023 there was a decrease in the number of sold listings compared to Q2 2022. This was accompanied by a reduction in the ratio of the number of units sold to the number of new units listed. Newly listed condo inventory was greater than Q2 2022 but, when taken together with Q1, is actually lower than the newly listed inventory count from the same period last year.
Our condo price index continues to show an increase during 2023 but at a slower pace than last year. With half of the year behind us, the index suggests mid-single-digit growth so far in 2023. 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.
Despite the increase in sales values shown in the DOKHPI index, the median condo income yield continued to increase, reaching 5.6% due to higher rents. As the year continues to unfold, these projections are subject to adjustments. If you would like to dive into this data further or explore listing your home for sale, contact Provenance Properties today.
As Q3 commences, our sales team provided their expert insights on the second quarter:
“The Cayman Islands real estate market remains resilient in the face of global uncertainty continuing to attract the interest of buyers and investors near and far.” - Antonette Baptist
“We continue to see healthy activity amongst buyers who have access to cash readily available. These buyers are price savvy and continue to look for opportunities that are priced correctly. The brokerage continues to successfully close sales at a faster pace than the wider market with listings priced at fair value.” - Ewelina Cimring
“A mixture of local demand and international interest continues to contribute to a steady real estate market in the Cayman Islands. Luxurious oceanfront properties remain the crown jewels, as buyers seek havens with uncompromising views and lifestyle offerings while sophisticated complexes in the Seven Mile Corridor close to Camana Bay appeal to those looking for a lock-and-leave lifestyle, often in centrally located, amenity-rich communities. Despite a slight slowdown in sales volumes in 2023, our price index shows that values are continuing to rise at mid-single digit rates this year across the entire condo market.” - Shanice Ebanks