Copyright caymancompass
On 25 Sept., the Lands and Survey Department presented the Residential Property Price Index to the Cayman Islands real estate industry. Uche Obi, director of the department, launched the new index at Property Update Forum 2025, which was organised by the Royal Institution of Chartered Surveyors. “The Residential Property Price Index tracks property price changes from 1998 to 2024, broken down by regions of the Cayman Islands,” said Obi during the event, which was held at the Grand Cayman Marriott Resort. “It helps buyers, sellers, government and financial institutions make informed decisions.” Some private-sector players already have their own pricing data, while the Cayman Islands Real Estate Brokers Association (CIREBA) also lists property prices. But the new index, which was supported by the International Monetary Fund, is the first official record of property prices in the Cayman Islands. “The government can use it to guide stamp duty policy or affordable housing initiatives, while banks use it for lending criteria,” said Obi. “While regulators like [the] (Cayman Islands Monetary Authority) rely on it for financial stability assessments.” During the event, Obi noted that the government earned $110 million from stamp duty in 2024, making it the fourth-largest source of fiscal revenue. Tracking rising property prices James Bovell, a broker and owner at RE/MAX Cayman Islands, who is also a registered CIREBA agent, believes the new index will help the market. “More data means better decisions and less misinformation,” he said. “If property prices only move slightly, people will understand the market better – transparency is positive.” The first phase of the index project focused only on condominiums. It found that between 1998 and 2024, property prices on Seven Mile Beach rose by 517%. That compared to a 465% increase in West Bay and 402% rise in George Town over the same period. Prices in Seven Mile Beach reflect international investment conditions, while George Town is seen as a more accurate reflection of the local property market. “Phase two [of the index project] will cover houses,” said Obi. “The goal is to expand data availability so that government, investors and the public can make data-driven decisions.” Price data for George Town will be released quarterly, while the other areas will see data released annually.
