HIGH-END-HOMES-ON-THE-RISE-AS-INVESTMENT-SOARS-IN-JAMAICA

HIGH-END HOMES ON THE RISE AS INVESTMENT SOARS IN JAMAICA

30.10.17

Foreign investors are dominating the growing Jamaican property market as the nation witnesses a surge in demand for high-end homes.

Vacation homes in Montego Bay, Ocho Rios, and Negril are proving extremely attractive to those in the USA and further afield – with price tags ranging from $800,000 to $10 million. Kingston was also recently identified as one of the ‘52 Places To Go’ by the New York Times and investors are pumping money into new developments.

The Ruthven Towers 226-apartment development in St Andrews is set for a 2019 completion while Wihcon Ltd broke ground last month on the $2billion ‘Loft’ project. This will see the construction of 128 apartment units in Kingston.

These developments are not alone, as Zara Realty is developing a new luxury apartment complex in Queens. The 18-unit, seven-story building will feature a gym, two rooftop terraces with a recreational space, a lounge with free Wi-fi, washer and dyers in every unit, and a 24/7 concierge.

It is projects like these that are spelling out a time of change for the nation. "Growth isn’t just occurring in our backyards, it is occurring in all corners of the market,” says Andrew Issa of Coldwell Banker Jamaica. “We anticipate that we’ll be seeing many more tourists in our capital city and many more real estate investors. And apart from the Kingston market, investor confidence is building island-wide.”

Part of this surge has been attributed to the political change up in Jamaica with last year’s election of new Prime Minister Andrew Holness. His push to build more and lower mortgage rates could open up the market for even more overseas investors who are likely to get a handsome return.

With incentives like this, the tourism market is predicted to soar. And in response to this soaring demand the Sagicor Group Jamaica has rolled out plans to invest $200 million and construct an 800-room mega luxury hotel – its biggest yet under the company’s brand Jewel off Montego Bay.

uh8Across the property industry, investment of this size is believed to be a sure-fire sign that things are on the up for Jamaica.

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