There’s a housing boom rumbling through this part of the Caribbean, according to Michael Day, president of the Cayman Islands Real Estate Brokers Association.
Not only are more residential developments in the making than in recent years, but the luxury features sought in vacation and investment homes and condos now are driving up prices dramatically, Day and his broker colleagues have shown.
One example of the “riching up” of Cayman housing is the rise in sales of expensive dwellings.
In 2010, 25 single-family residences sold for at least US$1 million, and there’s been a fairly steady rise in sales of such costly homes since then – until this year.
In 2015, now only halfway through, the steady rise became an explosion, as shown in the accompanying graphic.