A residential property price index (RPPI) will be officially launched later this month to track changes in home values across the Cayman Islands.
Developed by the government’s Lands and Survey Department with technical assistance from the International Monetary Fund (IMF), the index will use “rich and accurate” data.
In a CIGtv video report on 5 September, Uche Obi, director of the Lands and Survey Department, said the index is an important resource.
“The RPPI is a vital tool in monitoring the economy because it’s closely linked to any changes in the economy,” Obi said.
“Changes can signal shifts in the economic health, such as inflation, interest rates and consumer confidence.”
He explained it has been developed over two years with support and training from the IMF and the Caribbean Regional Technical Assistance Centre – one of ten IMF regional technical assistance centres.
“The good thing about it is that we’ve got the data,” Obi said. “So when we do a stamp duty assessment, we’re able to collect that data.
“The data is very rich and accurate, so it was easy to develop the RPPI.”
Buyers and sellers will be able to use the RPPI to make informed decisions, while financial lending institutions can gauge market trends to assist in lending and managing risk.
Meanwhile, the government will also be able to use the data to forecast revenue from stamp duty and inform policy decisions.
The RPPI will be officially launched at the 2025 RICS Cayman Islands Property Update Forum on Thursday, 25 September, at the Grand Cayman Marriott Resort.
