You would expect that Jamaica real estate prices would be quite high, considering the posh hotels and resorts, the elegant restaurants, and quite frankly, just the brand name ‘Jamaica’, but actually it is not so!
Leading realtor, Andrew Issa, was quoted as saying that currently purchasers get more ‘bang for the buck’ on real estates as opposed to other Caribbean islands. Meaning that you get a lot more real estate for the money in Jamaica.
There should be no surprise therefore, of the increasing number of foreigners who are showing heated interest in Jamaican properties. I recall a recent article in one of our notable newspapers, the Jamaica Observer reporting that over 55% of all real estate transactions in Jamaica are completed with overseas clients!
General Manager of JN Real Estate Signature Homes and Properties, Jacqueline Peat-Smith, not so long ago stated that “demand, especially from people returning home from Britain wanting to build primarily in Trelawny, St James, St Ann, St Thomas, St Catherine, Manchester, St Mary and St Elizabeth, was far outstripping supply.
Admittedly, we had some concerns of bureaucracy in the past, but with concerted pressure on the government from real estate developers, tremendous work has been done and the process has gotten a lot smoother.
Very soon, it is expected that Jamaica will solidify its position as having the best real estate properties in the Caribbean. Mr. Issa identified the huge investments that are being made in the country’s infrastructure as the driving force.
He stated that “the infrastructure upgrade that is taking place will drive our market. The airport upgrades, the highways and the new water system for the North Coast all are coming together to improve the country”, “plus, we are blessed with the most beautiful island in the Caribbean. We have an authentic history, culture, and people.”
In terms of the high-end resort market, the Palmyra Resort development in Rose Hall, Montego Bay and the Chris Blackwell’s development, Goldeneye in Oracabessa, St. Mary stands out.
Jamaica real estate is still the jewel of the Caribbean, and will remain so as we propel our country forward.