Cayman Islands: Technical Assistance Report-Report on Residential Property Price Index Mission (November 11–22, 2024)

The Lands and Survey Department (LSD) of the Cayman Islands received technical assistance to finalize and disseminate the first Residential Property Price Index (RPPI) in November 2024. This was the third mission funded by CARTAC, following earlier missions that assessed data sources and prepared data for index compilation. The Cayman Islands Monetary Authority (CIMA) showed great interest, as they will be the main user of the indexes. The LSD database contains detailed information on every land transaction, which is crucial for creating reliable property price indexes. The mission reviewed condominium indexes and assessed data suitability for land and houses. They also developed a dissemination plan and trained LSD staff on RPPI compilation using R. Reliable property price indexes are vital for policymakers to assess the real estate market and its impact on macroeconomic and financial stability. The initial publication, scheduled for late 2025, will include quarterly and annual indexes for condominiums in various regions of the Cayman Islands, dating back to 1998. The release will be accompanied by a press release, a methodological note, and a frequently asked questions document. The mission recommended a detailed one-year action plan to improve residential property price availability.