The Cayman Islands Semi Annual Economic Report published September 2013
The Cayman Islands Economics & Statistics office provide year-to-date information and analysis on major sectors of the Cayman Islands economy. In the report released on the 28th October 2013, there were some promising figures for the Real Estate industry.
In the overview the report showed the number of property transfers in the Cayman Islands increased by 11.5% to 990, while the total transfer value increased by a massive 67%.
Based on available indicators, the Cayman Islands’ real GDP grew by an estimated annualised rate of 0.9% in the first half of 2013 compared to a year ago.
Upbeat growth rates were indicated for most sectors, led by hotels and restaurants (5.4%), construction (4.4%), real estate, renting and business activities (2.0%), electricity and water supply (1.5%). Financing and insurance, the largest sector, posted marginal growth (0.4%).
New company registrations for foreign companies grew by 18.1% from the same quarter of the previous year.
The Cayman Islands saw an increase in air arrivals over 2012’s mid-year results by 6.1% from 181,108 in 2012 to 192,411 in 2013. There were fewer cruise ships to visit the Cayman Islands port as of June, from 309 in 2012 to 278 in 2013.
The construction industry overall saw mixed results, with building permit values showing an increase, yet the overall activity declined. The value of building permits rose by 4.6%, when broke down non-residential building permit values where 43.7% higher. Project approvals are an indicator of construction intention, strengthened in the first six months of 2013. Boosted by large projects, approval values surged 101.9% to $148.6 million. The spike in approval values are a result of a number of large scale projects in the Cayman Islands such as the Mega Health City which is to open its doors to the public in just a few weeks.
Real Estate transactions increased upwards by 11.5% from 888 transactions in 2012, to 990 in 2013. The traded property value hugely increased by 67%. Freehold property accounted for a 58.4% increase from the period for the year earlier.
Oasis are looking forward to viewing the full 2013 year report.