Building supply shortage fuels cost-of-living concerns
House prices expected to rise
A global shortage of building supplies is driving up the cost of construction, leading to delays in new developments and fuelling predictions of even higher house prices in the Cayman Islands.
The cost of materials – including copper, lumber, PVC and concrete – has escalated across the globe because of depleted production during the worst of the pandemic in 2020 and surging demand from economies coming out of lockdown this year.
The same factors are the cause of rising food prices, reported in the
Cayman Compass last week.
With the cost of oil rebounding after a slump during the pandemic, higher electricity bills and petrol prices could also be in the pipeline.