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The State Of Jamaica's Real Estate Market

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The State Of Jamaica's Real Estate Market - Real Estate Market - Jamaica

The Caribbean island of Jamaica is a beautiful location, but it has a range of issues preventing it from becoming a top international real estate market. Are these problems too much to make Jamaican real estate a viable investment? See the following report by Global Property Guide to learn more.

Jamaica’s housing market has been weak for the last two years due to weak economic growth and high inflation, not helped by a high crime rate. In early-2009, property prices and sales volumes dropped further, as foreign demand weakened.

The luxury property market, i.e., houses valued from JM$30 million (US$340,000) and above, has seen little activity from 2008 to early-2009. Houses that used to sell in just two months have been sitting on the market for almost a year now, local real estate agents complain.

Real estate developers, especially those in the high-end market, have been forced to stall projects because of weak demand, expensive raw materials and high domestic interest rates.


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