Bolstered by sustained interest across various property categories, the Cayman Islands real estate sector showed exceptional strength and steady expansion throughout 2024. Even amid global economic uncertainties, the market held firm with 1,855 active listings collectively worth approximately $3.46 billion.
Additionally, 1,362 new properties entered the market, representing a total value of $2.22 billion. Completed sales reached 809 transactions, generating $960.79 million. Meanwhile, pending sales — 671 properties valued at an estimated $985.53 million — highlight the market’s sustained momentum and continued confidence among property investors.
Here is a more detailed description of how the real estate sector fared in 2024, based on the latest statistical report from CIREBA (all figures are in US dollars):
Market overview
Total Active Listings: By the close of 2024, the Cayman Islands real estate market featured 1,855 active listings, collectively valued at $3.46 billion. Residential properties dominated the market in terms of volume, with highly sought-after areas such as Seven Mile Beach and West Bay Beach North attracting premium pricing due to their heightened desirability.
New Listings: Over the year, 1,362 new listings were introduced, adding $2.22 billion in market potential and reflecting the ongoing appeal of the Cayman Islands as a prime destination for property investment. These new opportunities catered to a broad range of buyer preferences, from luxury homes to investment properties.
Sales Performance: Sales activity remained strong, with 809 transactions completed, generating $960.79 million in total sales value. Properties sold for an average of 94% of their listed prices, highlighting the competitive nature of the market and the steady demand from buyers. The combination of new inventory, high-value transactions, and consistent buyer interest continued to support Cayman real estate market’s reputation as a stable and thriving sector.
Diverse opportunities across property types
The year showcased a diverse array of opportunities for property investors, with residential properties, land, and commercial spaces each playing a significant role in shaping the market dynamics.
Residential properties led the way with 1,316 active listings, averaging $2.04 million and typically spending 498 days on the market. Among the most coveted areas was Seven Mile Beach, where the average list price soared to $5.75 million, solidifying its status as a premier destination for global luxury real estate. Similarly, West Bay Beach North commanded impressive attention, with high-end properties averaging $6.76 million, reflecting the strong demand for exclusive homes in this area.
The land segment offered 478 active listings, with an average price of $1.27 million, providing investors and developers with a range of options. Notable areas included Rum Point, where the average listing price stood at over $833,000, catering to mid-tier buyers seeking prime locations. Duck Pond, however, captured headlines with a single high-value listing priced at $26.8 million, demonstrating the market’s ability to accommodate unique, high-end opportunities.
Commercial real estate also had a noteworthy year, with 41 active listings averaging above $3 million. George Town Central remained a hub for commercial activity, particularly for office spaces, which averaged $6.16 million and underscored the area’s status as a vital business center. Additionally, mixed-use developments saw continued growth, reflecting evolving market demands for versatile, multi-functional spaces that balance work and lifestyle needs.
Spotlight on key regions
George Town stood out as the heart of the Cayman Islands’ real estate market in 2024. It featured 178 residential listings with an average price of $1.3 million, appealing to a mix of local and international buyers. On the commercial front, the area thrived with 9 active listings averaging $6.16 million, further reinforcing its reputation as a global business hub.
West Bay continued to shine as a premier luxury destination, drawing high-end buyers to West Bay Beach North, where properties averaged an impressive $6.76 million. The combination of stunning natural landscapes and world-class amenities has solidified the area’s appeal as a magnet for luxury investments and upscale living.
Meanwhile, the East End saw steady growth, driven by exclusive residential properties averaging $4.21 million. Its serene setting and potential for development attracted buyers looking for privacy and prestige. Land in the East End also remained competitive, with average values of $415,223, offering opportunities for future investment in a growing market.
Market forces shaping 2024
Upward pricing trends characterized the Cayman Islands real estate sector in 2024, with listing values rising steadily across all property types. This was largely driven by unrelenting demand for luxury properties.
Residential listings, in particular, achieved a strong 94% list-to-sale price ratio, indicating a market where buyers and sellers consistently reached fair terms.
A healthy balance between supply and demand also defined the year. With 1,362 new listings entering the market, paired with 809 completed transactions and 671 pending sales, buyer interest remained vigorous throughout. This alignment between new supply and transactions signals confidence in the market’s ongoing stability.
The time properties spent on the market further reflects the thoughtful consideration that is typical of high-value deals. On average, commercial listings required 528 days to close, while residential properties stayed listed for 498 days. This demonstrates the careful decision-making process characteristic of transactions in this sector, reinforcing the strength and reliability of the Cayman Islands’ real estate market.
Key drivers and emerging challenges
The revival of the tourism industry following the pandemic played a pivotal role in fueling real estate demand throughout the year. Resort-driven locations, including Seven Mile Beach and Rum Point, benefited immensely from the steady flow of both international visitors and property investors with an insatiable appetite for luxury developments.
However, the market also faced notable challenges. Inventory shortages in popular areas like Seven Mile Beach provide limited options for buyers and could drive future price increases. In addition, rising construction costs are putting pressure on the budget of ongoing developments and may affect the pricing of future projects.
Strategic planning in addressing these issues will be key to maintaining the market’s stability and continued growth in the years ahead.
A promising outlook for 2025
Overall, the Cayman Islands real estate market demonstrated exceptional resilience and growth throughout 2024, fueled by strong demand across residential, commercial, and land sectors. Its enduring global appeal and a reinvigorated tourism industry have positioned the market for continued prosperity in 2025.
By adapting to the constantly evolving market demands and sustaining its focus on quality and exclusivity, the Cayman real estate sector is poised to continue its upward trajectory, offering promising opportunities for investors in the year to come.
If you’re ready to explore opportunities in the thriving Cayman Islands real estate market, the trusted and experienced team at ERA Cayman is here to assist you. Contact us today!