Jamaica Real Estate

You’d expect Jamaican real estate prices to be pretty high, considering the lavish hotels and resorts, fine dining restaurants, and frankly just the ‘Jamaica’ brand, but it’s really not!

Leading real estate agent Andrew Issa was quoted as saying 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, it should come as no surprise that the growing number of foreigners showing a keen interest in Jamaican property should come as no surprise. I am reminded of 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 by overseas clients!

The 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, far exceeded supply.

It is true that we had some concerns about bureaucracy in the past, but with concerted pressure on the government from developers, tremendous work has been done and the process has become much smoother.

Very soon, Jamaica is expected to cement its position as 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 improvement of the infrastructure that is taking place will boost our market. The improvements of the airport, the roads and the new water system for the north coast come together to improve the country”, “in addition, we are blessed with the largest beautiful island in the Caribbean. We have an authentic history, culture and people.”

As for the high-end resort market, the Palmyra Resort development in Rose Hall, Montego Bay and Chris Blackwell’s Goldeneye development in Oracabessa, St. Mary stand out.

Jamaican real estate remains the jewel of the Caribbean and will continue to be as we move our country forward.