Cayman’s Economy Reports Highest Growth for Seven Years  

The Cayman Economics and Statistics office have announced a 2.1 per cent increase in Gross Domestic Product for 2014, the highest since 2007.

 

 
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It’s the second consecutive year that the Cayman government has recorded an overall fiscal surplus with the CI$93.2 million reducing its outstanding debt by $25.9 million to $534.0 million for 2014. It’s also worth noting that the average Cayman incomes rose from CI$47,170 in 2013 to CI$48,095 in 2014, an increase of just under 2 percent.

The increase of tourists visiting the Cayman Islands has had a strong impact on government revenues with the growth in areas such as hotels and restaurants, transport and retail trade. Air arrivals in 2014 were up 10.8 per cent on the previous year whilst cruise ship arrivals recorded a huge 17 per cent rise.

All good news of course, for property owners looking to earn some extra rental income with the increased demand for vacation rentals.

Coupled with the fact that work permits have also risen 9% over the last 12 months, The Cayman Islands now has more than 22,000 foreign workers seeking longer term accommodation, putting further upward pressure on property prices. Hardly surprising then that we are experiencing increased activity across all real estate sectors so far this year

 

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