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Property market grows by 20%, agents claim

| 24/07/2014 | 0 Comments

(CNS Business): Real estate agents have plenty to smile about at present as their industry associations said that more than a 100 more sales took place in the first half of this year than last. According to statistics compiled and released by the Cayman Islands Real Estate Brokers Association (CIREBA), the value of Cayman Islands real estate sales is up nearly 20 percent across the first six months of 2014, Michael Day the association’s president stated that 317 sales between January and June were valued CI$190 million compared to 218 sales worth CI$160 million during the same period in 2013 and, he said, 85% of all real estate deals in Cayman were undertaken by CIREBA agents.

After several challenging years, Day said, the Cayman Islands real estate industry is making a strong recovery, which he described as a reflection of consumer confidence in the economy. Despite concerns about over development the property industry is still an important element of the economy and there are currently over 2,000 properties listed for sale by CIREBA members with an aggregate value of $1.81billion

“CIREBA is proud to play a part in the economic recovery and I commend the dedicated professional realtors at our member companies who are helping fuel this growth in local sales. CIREBA members are real estate experts, who can add tremendous value to both buyers and sellers and can be counted on to operate to the highest standards and ethics” President Day continued. “Thirty five years ago, the local real estate industry was taking off and some people describe buying and real estate back then as ‘the wild west’, where anything could happen and it was difficult to know who was worthy of trust – either with your listing or with your deposit,” Day said.

CIREBA, he added, changed its a self-regulated framework allowing professionals to work “honestly and ethically with each other, using a common set of standards that ensured equality in promoting listings and protecting the customer’s deposits.’

Escrow accounts were created and commission rates were standardized, the CIREBA boss noted. However, the rates still remain a bone of contention as many claim the rates are considerably higher that in the US.

Nevertheless, Day said that the organisation was a leader in the region and the agents have earned the trust of buyers and sellers.

“CIREBA pioneered the use of the Multiple Listing System in the Caribbean, and our rules and training standards have been copied and replicated across the region” he said, adding that the members are the best prepared local real estate professionals to

He also revealed that in future, CIREBA will allocate its commissions more equitably with non-CIREBA parties who have chosen to operate outside the CIREBA’s professional framework of standards and ethics.

“As the most recent President of CIREBA, I’m proud that we remain a trusted voice on behalf of our 175 brokers and agents, over 90 percent of them Caymanian, working in member offices that are 100 percent Caymanian owned” Day stated.

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Category: Local Business, Real Estate

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