Sales volume is up 5 per cent compared with 2009 and 2010, explains Kim Lund, broker/owner of RE/MAX Cayman Islands. Customers, who had become risk averse during that time, appear more willing to invest and take on some risk, Mr Lund says. This trend is most pronounced in the Seven Mile Beach resort market, which had felt the full impact of the recession, as sales of condominiums have again begun to rise.

JC Calhoun, broker/owner of Coldwell Banker, has also seen an upswing in sales. He attributes this increase to investors who are trying to get away from the US dollar and a drop in prices that even cautious investors have found attractive. Meanwhile, active listings are growing again, which had led to an oversupply, particularly in the condo market. As a result, potential buyers can choose from a wide variety of properties.

James Bovell, broker/owner at RE/MAX Cayman Islands, says Cayman’s history of real estate during the past 30 plus years has been characterised by a strong, consistent and generally stable market place.

However, with the pressure of the global economy, Cayman, too, has seen pressure applied to its market and thus Cayman’s property is primed for true opportunity and real long-term appreciation as prices have never been better. Availability is good and in some areas there is more choice, which means pricing is more attractive, Mr Bovell notes.

The fundamentals of what makes Cayman such a good, stable market are still as true today as they have ever been, Mr Bovell says. The factors that attract many investors and tourists are the lifestyle, and safe, friendly and warm environment. A further factor is Cayman’s political stability, Mr Bovell says. A major plus over the rest of the world is that Cayman has a one-time only property duty (purchase tax), whereby you pay at the time of purchase only; there is no annual property or sales taxes, inheritance or death tax, he adds.

Sheena Conolly, Sotheby’s International Realty owner/broker, believes that when compared with other locations around the world, Cayman’s real estate value and selection is impressive.

There is an interesting juxtaposition at the higher end of the market, she says. Those who know they want to reside in Cayman, at least for a reasonable length of time, are now buying for location and style, and are prepared to pay good prices to get what they want, which was not readily available in years gone by.

The market is more discerning than ever, Ms Conolly says, but the right quality property with the appropriate location and terms will move.

Overall, Ms Conolly says, the market is well poised for takeoff.