Cayman Islands Unveils Official Residential Property Price Index for Enhanced Market Transparency

New Index to Boost Real Estate Transparency

The Cayman Islands has officially launched its new Residential Property Price Index (RPPI), a significant step towards greater transparency and data-driven decision-making in the local real estate market. The Lands and Survey Department (LSD), operating under the Ministry of Planning, Lands, Agriculture, Housing & Infrastructure (PLAHI), introduced the index on September 25, 2025, at the Property Update Forum 2025, held at the Grand Cayman Marriott Resort.

Uche Obi, Director of the Lands and Survey Department, stated that the RPPI tracks property price changes from 1998 to 2024, broken down by regions of the Cayman Islands. He emphasized that it 'helps buyers, sellers, government and financial institutions make informed decisions.'

Collaborative Development and Comprehensive Scope

The development of the RPPI was a collaborative effort, receiving technical assistance from the International Monetary Fund's (IMF) Statistics Department through three missions conducted between 2023 and 2024. This initiative was funded by the IMF's Caribbean Regional Technical Assistance Centre (CARTAC), ensuring adherence to international best practices.

The index replaces older methods that relied on simple averages, offering more precise and internationally benchmarked data. Currently, the RPPI focuses exclusively on condominium transactions, compiling data from stamp duty returns submitted to the Lands and Survey Department and tracking both mortgage-funded and cash purchases. Non-market transactions are excluded. Future plans include expanding the index to cover houses in its second phase.

Geographically, the RPPI covers key districts including Seven Mile Beach, which serves as a proxy for foreign investments, George Town, a primary indicator for the local market, West Bay, and other areas such as Bodden Town, East End, North Side, Cayman Brac, and Little Cayman. Price data for George Town will be released quarterly, while other areas will see annual data releases.

Impact on Market Stakeholders and Policy

The introduction of the RPPI is expected to have a broad impact across the Cayman Islands' economy. Hon. Johany “Jay” Ebanks, Minister of Planning, Lands, Agriculture, Housing & Infrastructure, hailed the RPPI as a 'landmark achievement for the Cayman Islands,' highlighting its role in providing 'reliable and transparent property data' for investors, families, and policymakers.

The index will serve multiple purposes, including guiding government decisions on stamp duty policy and affordable housing initiatives. Financial institutions will utilize it for lending criteria, and regulators like the Cayman Islands Monetary Authority (CIMA) will rely on it for financial stability assessments and macro-financial surveillance. Acting CEO of CIMA, Patrick Bodden, noted that the RPPI marks a 'significant step in enhancing Cayman's macro-financial surveillance framework.'

Initial findings from the RPPI reveal substantial growth in property values. Between 1998 and 2024, condominium prices on Seven Mile Beach surged by 517%, followed by West Bay with a 465% increase, and George Town with a 402% rise. More recently, the national index for condos increased by 9.1% in 2024, with George Town experiencing a 12.6% rise in condo prices during the same year.