With about 58,000 residents, Grand Cayman, at 76 square miles, is the biggest of the three Cayman Islands, which are a British Overseas Territory in the western Caribbean.
The island’s economy lags two to three years behind that of the United States, said Sheena Conolly, the broker-owner of Cayman Island Sotheby’s. Accordingly, 2011 and 2012 were “tough years for the Cayman Islands.”
The turnaround began in 2013. During the last nine months, the market has been “extremely buoyant,” Ms. Ratcliffe said. “We are seeing a definite uptick.” With inventory falling, the buyer’s market of the last few years is giving way to a seller’s market.
Rentals and tourism are also up. “The volume of transactions has gone up 90 percent in the last 12 months,” Ms. Conolly said. “Price points are shifting up.”
Opt in here