“Uncertainty in global financial markets has created a surge for more solid investments” says Edwin Wint, President of the Realtors Association of Jamaica. Mr. Wint goes on to say in a recent press release that, “real estate is a stable and concrete investment, and the global economic fallout is increasing demand for property in Jamaica.”
The Association recently staged its First Annual Expo under the theme, “Secure Your Future with Real Estate”. The publishers of the Jamaica Real Estate Guide were there providing their valuable resource for all homebuyers and investors of Jamaican Real Estate. Over on the North Coast of the Island, developments are abound with Solis The Palmyra Resort & Spa offering 277 apartments and 11 villas at prices ranging from US$500,000 for a studio to US$3.5 million for a beachfront villa. There is also the Colony at Half Moon with plans for development of 30 private villas. Richmond Development in St. Ann offers a World Class Residential Community with units starting at US$195,000. These developments have been marketing heavily to overseas clients who are looking for a tropical getaway that is in close proximity to the U.S.
There are more than 300 International flights coming into Sangster International Airport in Montego Bay weekly and there are no restrictions to foreign ownership of Real Estate in Jamaica. In addition to easier access to beachfront property in Jamaica than in the U.S., Jamaica Real Estate is quite an attractive investment. On the financial side of things, latest numbers from the Planning Institute of Jamaica in their report of Mortgages issued in Jamaica from NHT, NHDC, Building Societies, Life Insurance Companies and Credit Unions indicate that the volume and value of mortgages disbursed declined. The total number of mortgages disbursed fell by 8.2% to 8,553 during January –September 2008 compared with January – September 2007.
This is a turnaround compared with the continued annual increases recorded in volume and value of mortgages disbursed. The number of mortgages disbursed went from 10, 556 year ending December 2006 to 12, 469 year ending December 2007 according to the report. The value of disbursed mortgages amounted to $31,595 million for the year ending December 2007, this compared with the $25,563.9 million disbursed for the year ending December 2006. INFORMATION, INFORMATION, INFORMATION In order to make an educated decision when investing in any commodity, you need information. It is no different for Jamaica Real Estate. The Jamaica Real Estate Guide aims to be a friendly and informative partner for prospective homebuyers and investors. The latest issue which was featured at the Realtors Association Expo 2008 at the Hilton Kingston Hotel on November 23rd has an article about Mortgage basics, a handy mortgage worksheet and a checklist of items for a loan application. Additionally, readers will find the usual delivery of full colour listings by Real Estate brokers and developers who promote their listings actively in this handy resource guide.
The Jamaica Real Estate Guide which was first published in 2006 started with the mandate of being a partner to the Jamaican Homebuyer, arming them with information about local real estate trends and the home buying process. With the demand increasing for Jamaica Real Estate from the local population and the Diaspora, so has the readership of the guide. The publishers of the Jamaica Real Estate Guide responded to demand by increasing the distribution of the magazine from 3,000 to 20,000 copies in print per issue. In addition, the website was redesigned to allow for free online viewing of the magazine. Response to the new website feature has been great with downloads coming from Countries like Australia, Bermuda, Canada, Denmark and of course the USA, Canada, our very own Jamaica and other neighbouring islands. About the Jamaica Real Estate Guide The Jamaica Real Estate Guide is the only magazine that serves the Jamaican Real Estate Marketplace. A free quarterly real estate shopping guide showcasing real estate listings in an attractive, full colour, glossy digest-size format that is easy and pleasing to read by any prospective buyer and seller.
Since June 2008 the magazine is also available for full viewing on the website at www.JaRealEstateGuide.com We provide the Jamaica Home Buyer or Investor with information at a local level to help them make better decisions when buying a home. The Jamaica Real Estate Guide is also a tool for Real Estate Industry Professionals to market their brands and promote their listings. About the Realtors Association of Jamaica The Realtor’s Association of Jamaica (RAJ) was founded in 1966 by 12 concerned persons, who felt a need to promote and maintain a high standard of conduct within the industry. They also agreed that the association would provide a role in continuing education for its members and to promote its services to the public. Today, the association is the largest professional body for the real estate industry in Jamaica and has a membership of 170. All members hold either a dealer’s or salesman’s licence (or both) and through membership in the RAJ, can use the designation, ‘realtor’. The association is affiliated with the National Association of Realtor’s (NAR) in the United States of America, which has more than 1.5 million members. The RAJ has become the voice of real estate in Jamaica and facilitates the coming together of professionals, policymakers and the public in matters concerning real estate.