Luxury property sales lift Cayman real estate market

Cayman sold US$238 million worth of residential properties between July and September 2026. That sales figure, which was released as part of IRG International’s Q3 2026 Market Report, was 10% higher than the same period last year.

The increase in sales volume happened despite a 7% drop in the total number of all types of properties sold to 190 in the quarter. The result of a higher overall sales value from fewer property sales meant that the average transaction value increased to almost US$1.3 million, up 20% year-on-year.

The increase was driven by the luxury property market, which IRG classes as properties worth US$3 million and above. The total value of luxury property sales was more than US$83 million, up 43% from the third quarter in 2025. It meant that the luxury segment now accounts for more than one-third of the total value of all residential property sales in Cayman.

“Major development completions have contributed significantly to this year’s record activity,” said the report. It noted that the completion of ONE|GT and Watermark accounted for around one-quarter of recorded year-to-date transaction volume.

During the quarter, the average price of a luxury property deal was US$6.4 million, up 21% year-on-year.

“Some will find this apparent boom encouraging, others alarming,” said IRG International president Jeremy Hurst. “The latter can take comfort that it is only an apparent boom. Many of this year’s sales were agreed off-plan years ago, and without ONE|GT and Watermark the underlying market is essentially flat.”

“But these large developments matter,” said Hurst. “They generate tens of millions of dollars in stamp duty and fees that help fund important community and social programmes, and they employ hundreds of Caymanians in the construction sector. Most projects now under way will complete within two to three years, and major projects take around six and a half years from launch. Unless more break ground soon, government revenue could come under real pressure.”

Fewer property sales under US$1 million

The booming luxury segment contrasts with a more stable market for properties under US$3 million.

The total sales volume for residences worth less than US$3 million fell to just over US$154 million – a 2% drop from the third quarter of 2025.

There were 173 sales of properties worth less than US$3 million, meaning they accounted for 91% of all transactions in the quarter but only 63% of the total sales volume.

The quarter saw fewer property deals overall, thanks to a slowdown in deals worth less than US$1 million.

“Excluding the impact of major development completions, the underlying market reflects relatively stable transaction values despite fewer properties changing hands,” stated the report.