By Adrian Bishop From opp.Today

The proportion of North American buyers buying property in the Cayman Islands has doubled in a year, according to a detailed market study.

The number of 2014 Cayman property purchasers registered in the United States of America almost doubled from 5.61% to 10.04% and those from Canada rose from 1.5% in 2013 to 2.35%, according to the 2014 Cayman Property Review, from chartered surveyors and consultants Charterland.

Partner, Simon J Watson, says property sales volume and value in 2014 in the Caribbean British Overseas Territory, which contains Grand Cayman, Cayman Brac and Little Cayman, located south of Cuba and northwest of Jamaica, both rose.

Cayman sales“Based on our detailed analysis, the total number of open market transfers registered with the Cayman Islands Government’s Land Registry for 2014 was 1,362. This figure shows a significant increase of 27% over the number of transfers for 2013 or 1,047.

“This indicates a marked increase in market activity in 2014 and supports positive comments made by realtors and others involved in the property market in the latter part of the year. It should be noted, however, that the numbers of sales are still 48% less than the peak of the market, in terms of activity, in 2005.

“The increase in the number of sales is also matched by a corresponding increase in the total value of the sales with total sales in 2014 exceeding CI$500million for the first time since before the global financial crash in 2008.

“Indeed, at CI$504million the total for 2014 is 28% higher than the total value in 2013 of CI$393million and actually 10% higher than the total value for 2005; although it is still 16% less than the peak in the market, in terms of value, in 2006.”

Sales along the Seven Mile Beach corridor to those with non-Cayman Islands addresses rose from 22.5% around 28.5%, with demand again rising particularly from US buyers, up from around 15% to 20% and Canadian buyers from around 4% to 5%.

The range of sales volumes and price brackets was similar to 2013, apart from a large rise from 67 to 102 transfers in property worth between CI$1million and CI$4.99million.

The highest value sale in 2014 were two adjoining condominiums in The Waters Edge development which sold, along with their associated garage parking spaces for CI$10,465,147 excluding chattels. The second highest value sale was also for two adjoining condominiums, this time in the Watercolours development (also by Fraser Wellon). These two units sold for a total price of CI$7,441,549 net of chattels, equating to CI$950 per square foot.

In fact, condominiums, particularly those at the newly completed Watercolours development on Seven Mile Beach, accounted for a large proportion of high-end sales in 2014 with 33 (32%) of the total number of sales from CI$1million and CI$4.99million and represents 18% of the total value of all Cayman Island sales in 2014

The information comes from details in property transfer documents concerning the domicile of the registered owners acquiring property in the Cayman Islands, which is the best available for identifying where the purchasers of each individual property originates.

In 2014, the proportion of purchasers without Cayman Islands addresses rose from around 10.5% to around 15%. The percentage of purchasers with addresses in the United Kingdom, remained stable at around 1% of the overall market. Other purchasers came from South Africa, China/Hong Kong, Bahrain and the United Arab Emirates.

The 2014 Cayman Property Review was launched to more than 100 agents and developers in the Cayman Islands.

For more on this story go to: http://www.opp.today/cayman-islands-property-buyers-from-north-america-double/