The Caribbean real estate market continues to flourish, with the Cayman Islands leading the way by surpassing $1.021 billion in sales volume in 2024. This milestone underscores the region’s growing appeal to both local and international buyers, reinforcing its status as a prime investment destination.
Despite a population of just 70,000, the Cayman Islands has consistently ranked among the Caribbean’s most dynamic real estate markets. According to local brokerage Bovell, total sales increased by 7% in 2024, continuing an upward trend that has been building since the early pandemic years. The demand for luxury properties, beachfront residences, and investment opportunities remains high, fueling sustained growth.
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The number of real estate transactions surged to 858 in 2024, an 18.3% increase from the previous year. Property prices also saw a modest 0.4% rise year-over-year, according to James Bovell of RE/MAX Cayman Islands, reflecting continued confidence in the market.
This isn’t the first time the Cayman Islands has reached the $1 billion mark in real estate sales; the market previously hit this milestone in 2021, further demonstrating its long-term resilience.
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Looking ahead, the Caribbean’s luxury real estate sector is poised for further expansion. In the Cayman Islands, major developments such as the Grand Hyatt, set to open in 2025, and the recently relaunched Mandarin Oriental project are expected to drive even greater investment.
With continued demand, strategic new developments, and a favorable investment climate, the Caribbean real estate market remains a key player in the global luxury property landscape.
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