While the Caribbean Islands have long been a sought after address for international real estate investors, Jamaica has lagged a bit behind many of the more popular islands. This means that on average, property in Jamaica costs less and has more room for appreciation than real estate on many other islands in this sun-drenched part of the world.
The Jamaica Observer newspaper (www.jamaicaobserver.com) recently noted that Jamaica’s real estate is a bargain, but in the next five years it could be as pricey as the rest of the Caribbean. According to local realtor Andrew Issa, quoted in the Observer, one of the main reasons for the current increase in demand is new infrastructure that is being put into place. “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 are all coming together to improve the country,” said Issa.
Currently, there is a lack of high end inventory in Jamaica, a problem which is being addressed. Unlike many other islands, there just aren’t the luxury resorts and off-plan property that is available elsewhere. There are, however, several new developments under way right now and many more in the planning stages. This will drive the prices for all property upward in the future.
For those who can’t afford the prices of the new luxury resorts, it is a good idea to look at surrounding areas with pre-existing housing. There is plenty of inventory, and while many of these properties that are on the market now are good deals, when the newer developments come on line all the prices will increase. This is one reason that Jamaica is a good deal, and now is a good time to invest in this market.
Jamaica is one of the most accessible Caribbean destinations. There are international airports in Kingston and Montego Bay, and the island is a frequent stop for cruise ships.