IMF-开曼群岛：住宅物业价格指数考察技术援助报告（2024年11月11日至22日）（英）

CAYMAN ISLANDS Report on Residential Property Price Index Mission(November 11–22, 2024) MAY 2025 Prepared By Jens Mehrhoff Authorizing Department Statistics Department TECHNICAL ASSISTANCE REPORT MEMBERS Anguilla, Antigua and Barbuda, Aruba, The Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Curaçao, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia, St. Maarten, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, Turks and Caicos Islands PARTNERS Canada, United Kingdom, European Union, Netherlands, Caribbean Development Bank, Eastern Caribbean Central Bank IMF | CARTAC Technical Assistance Report – Cayman Islands Residential Property Price Index Mission | 1 Summary of Mission Outcomes and Priority Recommendations 1. Technical assistance was provided to the Lands and Survey Department (LSD) of the Cayman Islands with finalizing the compilation and dissemination of a first-time Residential Property Price Index (RPPI) during November 11–22, 2024. This was the third mission to the LSD funded by CARTAC after two earlier missions in FY23 and FY24 focused on assessing the data source and preparing the data for index compilation, respectively. 2. There was great interest from and continuous meetings during the mission with the Cayman Islands Monetary Authority (CIMA). CIMA will be the main user of the to-be-released indexes. The database hosted by the LSD contains granular information on every transaction of land, developed and undeveloped, in the Cayman Islands. Further, the LSD also has the domain expertise and institutional memory on the Cayman Islands real estate market. Together with the LSD, the mission reviewed the indexes for condominiums and assessed the suitability of the data on (undeveloped) land and houses for index compilation. The mission also assisted in developing a dissemination plan, including the creation of methodological documents, and undertook training of LSD staff on all facets of RPPI compilation, including data analysis using R. 3. Reliable property price indexes and other indicators of real estate markets are critical ingredients for policymakers to assess the state of the real estate market and its potential impact on macroeconomic and financial stability. Rapid increases in property prices may indicate the presence of a bubble that increases vulnerabilities in the financial system, while rapid decreases in property prices could signal an impending recession as households and businesses cut consumption and investment. The indexes are also used by policy makers as an input into the design of macroprudential policies, (i.e., policies aimed to reduce systemic risks in the financial sector) and to evaluate the effectiveness of monetary policy transmission. 4. A fact-finding mission in FY23 assessed the suitability of the data source for price index compilation. The LSD database not only contains granular information on every transaction, it also makes