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!
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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!
According to Deborah Cumming, the managing director of Century 21/Heave-Ho Properties, the real estate market in Jamaica remained buoyant market last year when total transactions were estimated to be at 50 billion dollars, and that was a conservative figure!
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.
Since the Palmyra is a fairly new timeshare development, prices are still fairly expensive. If you are looking for an affordable timeshare ownership opportunity, you would do well in buying a Jamaica timeshare on the resale market
Jamaica is still the jewel of the Caribbean, and will remain so as we propel our country forward.
For more on real estate in Jamaica, visit the Jamaica Real Estate Association website.
First Posted: 8/1/08
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