Record Breaking Year
The Real Estate market continued to smash records in 2021, with the number & value of transactions hitting record highs. The income from stamp duties on land transfers alone was $104.3 million. More than double the budgeted amount of $45 million.
Many people are starting to see the benefits from the Real Estate boom in The Cayman Islands. Investors & land owners alike seen an increase in the value of their land as the demand for land surged within the Cayman Islands. The value of these transactions of $1.35 billion was $490 million higher (57%) than the previous 2018 record. The value of all freehold, lease, leasehold and purchase agreement transactions taken together amounted to $1.43 billion last year.
“To say that the real estate market is booming in the Cayman Islands is an understatement,” wrote James Bovell, broker/owner in a review of the market on his website.
James Bovell noted that real estate sales exceeded the billion-dollar mark for the first time at $1.054 billion on the bases of 1,045 transactions that closed during the year. Although sales were initially depressed in 2020, high-value multi-million-dollar properties started to sell during that year setting a trend for 2021. Monthly sales exceeded $100 million for the first time in
October 2020 and then again in March, April, May, July and August 2021, the realtor said.
Even with new developments coming onto the market, inventory is declining following last year’s breakout performance. Bovell believes this will continue both because of the waning of the PANDEMIC effect that drove many to the property market and the slowing of many new developments as a result of supply chain issues and the cost increases for materials.
A COMPLETE SELL OUT!
Oasis Land Development are also encountering the unprecedented demand for Cayman Islands Real Estate, we have witnessed an increased in demand and this week have sold 99% of our development Selworthy Grove, with just 2 plots remaining. Selworthy Grove has been Oasis’s Flagship development on Cayman Brac for the last 10 years, consisting of 311 Freehold Building Plots.
As we draw an end to Selworthy Grove Oasis’s Director Mr. McLean Jr released a statement: We are proud to say we have provided over 311 investors worldwide access to Selworthy Grove, a beautiful development in the heart of Cayman Brac,
Selworthy Grove has always been a popular development, and in 2021 we introduced a zero deposit payment plan, since we introduced the no payment down scheme, and with the heightened property market the lots on Selworthy Grove have sold at an unprecedented rate and we are now down to two lots which we expect to sell over the weekend.
Being part of Selworthy Grove has been a heart-warming experience, although we are a little sad to see the last plots sell we are also excited to move onto our next Flagship project on Grand Cayman Signature One.
Featured Lot: P57
Signature One Grand Cayman is located in the East End of Grand Cayman on the North Side. Lot 57 located third line to the Grand Cayman Ocean offering garden views whilst located within a beautiful new luxury gated 146-lot development. With two lakestotalling 10.57 acres running through the centre offering stunning lakeside living. The development will benefit from onsite facilities for owners including an outdoor swimming pool, tennis courts, wellness centre and more.
Size: 10,000 Square Feet