You’d expect Jamaican real estate prices to be pretty high, considering the luxurious hotels and resorts, fancy restaurants, and frankly just the ‘Jamaica’ brand, but it’s not really!
Leading real estate agent Andrew Issa was quoted as saying that buyers are currently getting more “value for money” in real estate compared to other Caribbean islands. Which means you get a lot more real estate for the money in Jamaica.
Therefore, we should not be surprised by the increasing number of foreigners showing great interest in Jamaican property. I am reminded of a recent article in one of our notable newspapers, the Jamaica Observer reporting that over 55% of all Jamaican real estate transactions are completed with overseas clients!
Managing Director of JN Real Estate Signature Homes and Properties, Jacqueline Peat-Smith, recently stated that “demand, especially from people returning home from Britain who want to build mainly in Trelawny, St James, St Ann, St Thomas, St Catherine, Manchester, St Mary and St Elizabeth, were far outnumbered.
It is true that we had some concerns about red tape in the past, but with concerted pressure on the government from developers, a tremendous job has been done and the process has become much smoother.
Very soon, Jamaica is expected to consolidate its position of having the best real estate in the Caribbean. Mr. Issa identified the huge investments being made in the country’s infrastructure as the driving force.
He stated that “the infrastructure improvement that is taking place will boost our market. The improvements to the airport, highways and the new water system for the north coast come together to improve the country”, “in addition, we are blessed with the The largest beautiful island in the Caribbean. We have an authentic history, culture and people.”
In terms of the high-end resort market, highlights include the Palmyra Resort development in Rose Hall, Montego Bay and Chris Blackwell’s Goldeneye development in Oracabessa, St. Mary.
Jamaican real estate remains the jewel of the Caribbean and will continue to be as we move our country forward.
