Jamaican Property
Jamaica’s culture is rich and vibrant with a fusion of African, Asian and European influences adding to the diversity. Unfortunately, it seems to attract negative publicity, which inevitably affects its tourist and property markets. “It’s a shame,” offers Caribbean property expert Marco Bonini of Prestige Properties, “because I have always found it to be a very friendly and welcoming island.”
The island’s political, economic and social capital, Kingston, offers history and culture galore - with traditional shops selling hand-carved furniture alongside modern hotels. The birthplace of legendary musician Bob Marley, the island is alive with reggae and music is an important feature of the laid-back Jamaican lifestyle.
Though full of charm and life, Jamaica property on the island is not up with other Caribbean islands in terms of prestigious developments. “Jamaica is an island I’ve looked at for years,” admits Bonini, “but apart from a very few long established Jamaica properties, like Goldeneye, I have never been offered a property for sale in Jamaica t that I felt would be of the standard that appeals to our client base.” Goldeneye resorts cater for all manner of occasions – from honeymoons and weddings to spa holidays and retreats. A luxury hotel brand, their clientele are those willing to payout for the privilege of elegance and opulence.
Derrick Ormande, managing director of Rutherfords, the Caribbean real estate specialists, is realistic about the impact of the global recession on the Jamaica property market but remains optimistic for the future.
“We’re all suffering from the global downturn, no one’s immune,” Ormande says, “but for three years prior to this, we had fantastic appreciation for our properties in Jamaica; they were selling quickly and with a handsome profit.”
Ormande believes that whilst in Jamaica property prices are competitive compared with Barbados and other islands with more established real estate; interest will become quickly generated when we are lifted from this slump. “Jamaica is a popular tourist destination as there’s something for everyone – beaches, the eco-market, and the music – and so bargain hunters will be sniffing around. It’s a buyer’s rather than a seller’s market for Jamaican property.”
As for rental potential, Ormande admits that the Jamaican property market has become quieter as “tourism has been hit to a point,” but he reckons there are plenty of potential buyers who are just waiting for the right time to invest, and will soon be looking for properties for sale in Jamaica.
In terms of securing future assets in the Jamaican property market, there is still dispute over the bureaucracy system, but for lower priced properties on a buzzing and popular island, this looks like a good bet.
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