House prices in Cayman Islands down 15%
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House prices in the Cayman Islands are down 15% on average in 2010, due to a drop in housing demand attributable to a shrinking population.
The Economics and Statistics Office recorded a decline of 7.3% in the overall population in 2009. In the midst of the worldwide recession, employers were forced to lay off foreign workers, who make up most of the working-age group in the island. As a result, the number of non-Caymanians fell from 25,152 to 21,655, a decline of almost 14%.
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