2012 Jamaican Real Estate Market
50th Anniversary of Independence
and the 2012 London Olympics
by Rory Marsh
(Meldam Realtors, Ocho Rios, Jamaica)
Retreat, Trelawny, GB£240,000
The Jamaican real estate market has seen a huge increase in the demand for property since the start of 2012, and realtors such as Meldam Realtors have been very busy, and even busier during the month of March.
2012 brings Jamaica’s 50th Anniversary after Independence, people are happy with the future potential that Jamaica has to offer, and are they are grasping the opportunity to invest in valuable real estate early.
And once the "Jamaica brand" is promoted in England this summer during the 2012 Olympic Games, demand and values are projected to rise even more.
This demand comes from both the Diaspora and the working population of Jamaica.
Those living in Jamaica are searching for homes priced less than J$12 million, and residential lots priced less than J$3 million.
Prospects from the Diaspora are looking for homes less than J$24 million, and lots valued less than J$7 million.
The locations in the highest demand are the North Coast between Montego Bay, St. Ann, Ocho Rios, and St. Mary, and the South Coast between St. Andrew and St. Catherine.
The Jamaican Real Estate market is feeling the positive effects of a rebound in the international market particularly the North American markets.
2011 saw record highs in the remittance sector, with several billion Jamaican dollars flowing into the country.
Also, the financial institutions are providing mortgages at record low percentages, as low as 9.4%, down from over 14% just over one year ago.
The government has been urging developers to build affordable housing, but Jamaica is not getting any larger and sea view and ocean front lots are in very short supply, especially on the north coast.
And unfortunately the developers are having a hard time finding large pieces of affordable land to purchase for further development.
Residential lots that sold in Ocho Rios for J$3 million six months ago are now valued at J$4 million.
So, if there is a time to invest in Jamaican Real Estate the time is now.
Meldam Realtors has a very wide range of affordable properties in the high demand areas.
There are several private developments which fill the need for two and three bedroom detached homes priced between J$6 and J$16 million.
We have residential lots on the market in the high demand areas priced between J$3 million and J$8 million.
For further details on available property please contact Rory Marsh of Meldam Realtors.
Telephone + 1-876-974-2239