Property in Cayman Island | Cayman Island Real Estate Investment

Property in Cayman Island | Cayman Island Real Estate Investment: "House prices in the Cayman Islands are down 15% on average in 2010, due to a drop in housing demand attributable to a shrinking population.

The Economics and Statistics Office recorded a decline of 7.3% in the overall population in 2009. In the midst of the worldwide recession, employers were forced to lay off foreign workers, who make up most of the working-age group in the island. As a result, the number of non-Caymanians fell from 25,152 to 21,655, a decline of almost 14%.

“With these people leaving the island there is a dramatic decrease of rental properties needed,” says Jeanette Totten, owner and broker at Cayman Luxury Property Group. “Many of town homes are sitting empty with either developers not being able to sell them or owners not being able to rent them.”

No area is doing well overall, but beachfront properties on Seven Mile Beach and Cayman Kai in Grand Cayman, the largest island, are still in demand. “These two areas have the best beaches on the island, and because of the limited amount of beachfront properties on the island there is always a demand for this type of property,” says Totten."

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