The Lands and Survey Department has launched a new residential property price index (RPPI) for the Cayman Islands.
The RPPI provides a transparent and robust measure of residential property price changes, a government press release said on 1 October.
It replaces older methods that relied on averages, offering more precise and internationally benchmarked data.
Housing and planning minister Jay Ebanks said the launch of 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,” he continued.
“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 was developed in collaboration with the International Monetary Fund (IMF)’s Statistics Department, through three technical assistance missions between 2023 and 2024.
It was funded by the IMF’s Caribbean Regional Technical Assistance Centre (CARTAC).
Uche Obi, director of the Lands and Survey Department, said: “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.”
The RPPI will cover property price changes in key districts: George Town, West Bay and Seven Mile Beach (seaside).
Other areas include Bodden Town, East End, North Side, Cayman Brac, and Little Cayman.
The indices will be published annually, with a quarterly George Town index for greater insight into Cayman’s capital.
Adolphus Laidlow, director of the Economics and Statistics Office, said 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,” he said.
The launch took place on Thursday, 25 September, at the RICS Cayman Islands Property Update Forum held at the Grand Cayman Marriott Resort.
Acting CEO of CIMA, Patrick Bodden, said 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,” he added.
A full technical paper outlining the methodology can be found here.
