Cayman’s Real Estate Market Gains Transparency with Launch of Residential Property Price Index

In a landmark move toward greater transparency and data-driven policymaking, the Cayman Islands Government officially launched its first Residential Property Price Index (RPPI) on Thursday, 25 September 2025, at the Grand Cayman Marriott Resort. The event, hosted by the Royal Institution of Chartered Surveyors (RICS) Cayman Chapter, drew a full house of real estate professionals, government officials, and curious members of the public — all eager to witness the unveiling of a tool that promises to reshape how Cayman understands its property market.

The RPPI, developed by the Lands and Survey Department, uses stamp duty data from 1998 to 2024 to chart the trajectory of residential property prices — beginning with condominiums. It marks the first time Cayman has had a government-backed index to track real estate trends, offering insights for investors, policymakers, lenders, and local families navigating a rapidly evolving housing landscape.

“This index tracks changes in residential property over time,” said Uche Obi, Director of the Lands and Survey Department, who formally launched the RPPI. “It provides a trend — supports transparency and confidence.”

Obi explained that Phase One focuses on condominiums, which are “less likely to be subject to extensions, and which have a fixed square footage.” The initial data draws heavily from George Town, with the Seven Mile Beach corridor — west of West Bay Road — treated as a distinct entity due to its unique market characteristics. Other districts included are West Bay, Bodden Town, East End, North Side, Cayman Brac, and Little Cayman.

Obi noted that the RPPI is designed to serve multiple stakeholders. “It’s important for sellers to price properties accurately, and for buyers to better understand affordability and trends,” he said. “Investors can assess risks and opportunities. Financial institutions and government agencies like CIMA will also benefit, as it facilitates data-driven policy and planning.”

One compelling example from Obi’s presentation compared the RPPI’s index values with a real-world repeat sale. “Sunset Retreat, George Town — a two-bedroom condo — sold for CI $145,000 in September 2003 and CI $487,462 in 2024,” he said. “That’s a change of 3.45 times, which matches the index increase from 70.9 to 245 over the same period.”

The RPPI will be published quarterly for George Town and annually for other districts, with results released 45 days after each quarter’s close in stamp-duty information. “There was lots of data,” Obi remarked, noting that the timeline from 1998 to 2024 was divided into chronologically distinct phases. “Hurricane Ivan disrupted the property market,” he said, adding that the post-Ivan period through the 2008 stock market crash saw steady growth. The year 2015 was chosen as a reference point “because prices were very stable at this time.”

Since then, West Bay has outpaced George Town in price growth. “The road — extension and completion of the Esterly Tibbetts Highway — might have made a difference,” Obi said.

Obi emphasized that the RPPI will help identify subtle market factors — “for example, canal-view properties versus ocean-view properties” — and enable comparisons with other jurisdictions. “It will allow us to compare with markets in Miami or the UK,” he said. However, he cautioned, “The index is not a substitute for professional valuations.”

During the Q&A, one attendee asked whether the RPPI would be publicly accessible. Obi confirmed: “Yes, the information will be available on our website — it is free data.”

While Phase One focuses on condominiums, Obi hinted that Phase Two may expand to include houses, further widening the index’s scope.

A panel discussion moderated by Jeremy Hurst followed the presentation, featuring senior representatives from Cayman’s real estate industry. Together, they explored the RPPI’s implications for affordability, foreign investment, and the future of Cayman’s housing stock.