For decades, the Cayman Islands real estate market has remained buoyant in the face of global economic upheaval, offering safe investment opportunities to affluent international buyers and locals looking to benefit from the continued growth and diversification of the economy.
While Provenance Properties’ long-term view of the market remains optimistic, 2023 will see central banks continue to use all mechanisms at their disposal to wrestle the worst inflation in four decades. Interest rates will likely increase, though at a more moderate pace through the first half of the year, dissuading potential buyers who require financing to purchase.
If the market softens as expected, there will be opportunities for cash buyers to invest in their portfolio for the long term. Keep in mind that in the ten years since 2012, the island’s price indexes show that condos have increased in value by 109% in Grand Cayman as a whole and by 170% on Seven Mile Beach.
“The Cayman Islands remain highly sought after as a place to invest in real estate. Our island is increasingly becoming the jurisdiction of choice, particularly for those who value safety, a stable government, global accessibility and a robust economy,” says Antonette Baptist, Provenance Properties Sales Specialist.
“I expect that 2023 will yet again reflect the strength and resilience of the real estate market here in The Cayman Islands.”