Cayman island property sales up 40pc

Photo: Dusty J

Sales of property in the Cayman Islands shot up 40 per cent in 2014, according to new figures. American buyers returned to the country, driven by the strengthening US economy. Indeed, the spending power of the US dollar and pound in the past year has encouraged both Brits and Americans to invest in the islands' real estate. In the past year, demand for the Cayman Islands has notably increased on TheMoveChannel.com, appearing in the portal's top 10 most popular countries on five separate occasions..

That appeal can be seen in the country's tourism industry, with 80 per cent of visitors coming from the US, compared to the 130 different nationalities that make up the country's residents.

Property transactions in the Cayman Islands jumped US$150m last year, a rise of 50 per cent compared to 2013, according to the Cayman Islands Real Estate Brokers Association (CIREBA).

J C Calhoun, owner of realtors Coldwell Banker, tells Property Showrooms that the market is becoming a sellers' market: "We haven’t seen the same increase in the local residential sector. Typically you have to have a couple of good years in tourism sector before you see a jump in the local market. This was the first really good year for us since 2007″.