Q3 2026 Market Report

The Cayman real estate market continues to reflect the trends observed in Q2 2026. Residential property prices and rental rates have maintained their upward trajectory, while overall growth remains consistent with the more moderate pace established over the past several years.

Q3 2026 recorded the highest third-quarter sales volume in Cireba history, extending the momentum seen in Q2, which set the record for the highest quarterly sales volume observed. As noted previously, much of this volume was driven by the closing of Watermark and OneGT that had been under contract for several years. Even excluding these transactions, Q3 sales volume totaled US$217m, making it the second-highest third quarter on record.

The ratio of sold condos to new condo listings remains elevated at 0.78 during the quarter and downward price adjustments on existing Cireba listings were the lowest observed since Q2 2022. The average discount between asking price and sale price was slightly elevated at 5.0%. Market conditions remain favourable for sellers, although buyers continue to demonstrate price sensitivity while still achieving modest discounts.

Despite the high sales volume and other positive market indicators, the value of listings placed under contract during the quarter was lower than in Q3 2025. Inventory with a combined asking price of US$227m was marked as pending on Cireba compared with US$345m during the same period in 2025. However, the year-over-year decline is partly attributable to several exceptionally high-value listings that were marked pending in Q3 last year but ultimately did not close, including a single-family residence with an asking price of nearly US$50m. As a result, the gap is less significant than the headline figures suggest. It is worth noting that the third quarter is typically a slower period for both closing activity and new pending sales.

Overall, the supply of available condo inventory remains relatively constrained. Over the past 12 months, demand has resulted in 481 condominium sales through the Cireba MLS. Currently, there are only 445 condo units available to purchase. More than 100 of these available units are off-plan, under construction, or yet to be completed. The inventory of complete and immediately occupiable units remains limited and continues to support pricing and market activity.

Condo yields (defined as rental income net of strata and insurance divided by the sales price) remain steady at 5.4%.

At the end of Q3, total sales through the Cireba system stood at US$978m, just US$37m short of the record-breaking US$1.015b achieved in 2025. While a significant portion of the 2026 year-to-date total is attributable to the closing of large condominium developments, the performance remains remarkable and underscores the continued strength of the Cayman real estate market.