You are here: Home

Jamaican real estate offers more bang for buck
Property news
Monday, 25 June 2007

"You get a lot more real estate for the money in Jamaica," said Issa, head of Coldwell Banker Jamaica. "You get a larger home and a larger lot than you would get in another island for one-fifth the price." According to Issa, positive developments in Jamaica could drive prices in line with the region in the near future. "Resort owners are not putting up properties for sale right now," Issa explained. "They are holding on because they expect a greater demand to drive up prices in Jamaica within the next five years."

Indeed, the realtor highlighted that there are many factors that are coming together to make Jamaica the real estate jewel of the Caribbean, but he specifically identified the huge investments that are being made in the country's infrastructure as the driving force.

"The infrastructure upgrade that is taking place will drive the market. The airport upgrades, the highways and the new water system for the North Coast all are coming together to improve the country," Issa stated. "Plus, we are blessed with the most beautiful island in the Caribbean. We have an authentic history, culture, and people."

In the meantime, real estate across the Caribbean are enjoying growing demand and higher prices. "Property in Barbados is red hot," Issa stated. "In Cayman, Hurricane Ivan devastated the island and caused real estate values to drop by 25%, but that was short lived. It speaks to the strength of the product that values could bounce back so quickly after such destruction."

Both European and United States buyers are driving the market in the wider Caribbean, while Jamaica attracts mainly North American buyers.

Courtesy: The Jamaican Observer

Like what you read? Digg it. Tag it. Share it.
Digg!Reddit!Del.icio.us!Google!Live!Facebook!Slashdot!Netscape!Technorati!Furl!Yahoo!

Other projects and articles of interest