Property Sales Values set a record
According to a review carried out by Deloitte Property Consulting Services, in 2006, the value of property sales in Cayman reached a historic yearly high. However, the actual number of transactions during 2006 decreased.
The Annual Property Review, based on Lands and Survey Department, Economics and Statistics Office and Planning Department figures, reported that the total value of property transfers in the Cayman Islands in 2006 hit $600.6 million, which is a 33% increase as compared with 2005. But the total number of transfers in 2006 dropped by 30% as compared with 2005 (from 2 640 to 1 868).
These figures involve the entire market, including all residential properties, hotel and commercial sales. The report emphasizes the few high-value transfers that occurred did not distort the statistics as might have been expected.
The sale of the Marriott Beach Resort was the largest transaction was for about $31 million. The 2nd largest sale was Victoria House – about $22 million. 3 other sales exceeded $10 million.
The Annual Property Review was prepared by property professionals at Deloitte .