Government Launches Cayman Islands Residential Property Price Index (RPPI)

The Lands and Survey Department (LSD), under the Ministry of Planning, Lands, Agriculture, Housing & Infrastructure (PLAHI), has launched the new Residential Property Price Index (RPPI) for the Cayman Islands. The launch took place on Thursday, September 25^th, at the RICS Real Estate and Construction Forum, held at the Marriott Beach Resort.

The RPPI provides a transparent and robust measure of residential property price changes across the Cayman Islands, with a focus on condominium transactions. It replaces older methods that relied on simple averages, offering more precise and internationally benchmarked data. A full technical paper outlining the methodology accompanies the launch and can be found at caymanlandinfo.ky/Services/VEO/RPPI.

Developed in collaboration with the International Monetary Fund’s Statistics Department, through three technical assistance missions between 2023 and 2024, the RPPI adheres to international best practices. The initiative was funded by the IMF’s Caribbean Regional Technical Assistance Centre (CARTAC).

Mr. Uche Obi, Director of Lands and Survey, emphasised, "The IMF’s support was instrumental in developing the Cayman Islands Residential Property Price Index. Their expertise helped us establish a robust, transparent tool that enhances market confidence, guides decision-making, and underpins the growth and stability of our property sector."

Hon. Johany “Jay” Ebanks, Minister of Planning, Lands, Agriculture, Housing & Infrastructure, stated, “The RPPI is a landmark achievement for the Cayman Islands. Reliable and transparent property data is critical not only for investors but also for families and policymakers. This index gives us a clearer picture of housing trends, supports sustainable growth, and helps ensure that our development decisions are based on sound evidence.”

The RPPI will cover property price changes in key districts:

• George Town
• West Bay
• Seven Mile Beach (Seaside)
• Other areas (Bodden Town, East End, North Side, Cayman Brac, Little Cayman)

The indices will be published annually, with a quarterly George Town index for greater insight into Cayman’s capital.

Acting CEO of CIMA, Mr. Patrick Bodden, noted, “The launch of the RPPI marks a significant step in enhancing Cayman’s macro-financial surveillance framework. This index gives us the ability to track residential property prices with precision, identify emerging risks, and safeguard financial stability.”

Mr. Adolphus Laidlow, Director of Economics and Statistics, added, “This is Cayman’s first independent and transparent tool to track housing price trends. It enhances clarity in the property market, helps families, businesses, and government make informed decisions, and boosts investor confidence.”

Key Highlights of the 2024 RPPI

• Market Growth: Cayman Islands Property Market Index surged 4.6 times since 1998.
• Seven Mile Beach Leads: Rising from 60.3 in 1998 to 311.9 in 2024, driven by demand for high-end condos.
• George Town Strengthens: Index rose from 60.9 to 245.0, cementing its role as a residential and commercial hub.
• Post-2015 Acceleration: National index nearly tripled between 2015 and 2024.
• Resilience During COVID: Market showed stability, with West Bay rising from 138.1 in 2019 to 173.9 in 2020.
• Regional Disparities: The gap between Seven Mile Beach and other districts widened to nearly 94 index points in 2024.

This milestone underscores the resilience of Cayman’s property market and reflects continued confidence from local and international investors.

The Lands and Survey Department (LSD), under the Ministry of Planning, Lands, Agriculture, Housing & Infrastructure (PLAHI), will share public updates on the RPPI at each key milestone.