HomeOverseas recently reported that "property sales in the Cayman Islands hit an all-time recorded low of just 1,691 homes in 2008, according to a report in the Caymanian Compass national newspaper.
"The data from the Cayman Islands property transfer records also revealed that the annual volume of transfers fell for the third successive year. The drop in 2008 was 5% from the 1,786 transfers in 2007. The all-time high of 2,640 was recorded in 2005.
"The total value of properties transferred in 2008 also dipped year-on-year.
"Asked whether the market had seen the worst, the department's Senior Valuations Officer Uche Obi said: 'I wouldn't think so. If anything, transfers and prices are continuing to drop. That's why we needed the stamp-duty cut.'
The real estate market has always been cyclical. Bad markets for sellers create buyer opportunities. Contact our Coldwell Banker agents to discuss options and the effects of the recently-announced government purchaser incentives.
(source: HomeOverseas)
"The data from the Cayman Islands property transfer records also revealed that the annual volume of transfers fell for the third successive year. The drop in 2008 was 5% from the 1,786 transfers in 2007. The all-time high of 2,640 was recorded in 2005.
"The total value of properties transferred in 2008 also dipped year-on-year.
"Asked whether the market had seen the worst, the department's Senior Valuations Officer Uche Obi said: 'I wouldn't think so. If anything, transfers and prices are continuing to drop. That's why we needed the stamp-duty cut.'
The real estate market has always been cyclical. Bad markets for sellers create buyer opportunities. Contact our Coldwell Banker agents to discuss options and the effects of the recently-announced government purchaser incentives.
(source: HomeOverseas)