Cayman’s real estate market broke many records last year, as both the number and the value of property transfers set record highs.

The 2,983 freehold transfers in 2021 were 44 per cent more than the previous high set in 2018 (2070). The value of these transactions of $1.35 billion was $490 million higher (57 per cent) than the previous 2018 record.

The value of all freehold, lease, leasehold and purchase agreement transactions taken together amounted to $1.43 billion last year. This pushed government revenues from stamp duties and fees to $121.9 million for the year, according to figures provided by the Lands and Survey Department.

The income from stamp duties on land transfers alone was $104.3 million. This was more than double the budgeted amount of $45 million.

The total amount collected was $67.5 million higher than anticipated in the government’s budget. Although sales were initially depressed in 2020, high-value multi-million dollar properties started to sell during 2021 setting a trend for the year.

Monthly sales exceeded $100 million for the first time in October 2020 and then again in March, April, May, July and August 2021. Even with new developments coming onto the market, inventory is declining following last year’s breakout performance.

James Bovell, broker/owner at Re/Max in a review of the market on his website, commented that real estate sales exceeded the billion-dollar mark for the first time at $1.054 billion on the basis of 1,045 transactions that closed during the year.