Second Home Buyers Choose Jamaica
Ralph Lauren, Lennox Lewis, Keith Richards and Jane Seymour all own homes on the island, which has long stayed out of the spotlight for foreign buyers. But times have changed. With luxury homes in the Caribbean getting increasingly pricier, savvy investors have taken note of the fact that Jamaican real estate remains undervalued.
Despite concerns about the many uncertainties affecting global markets, a staggering 55% of last year’s real estate transactions in Jamaica were completed with overseas clients, who are showing heated interest in local property. According to leading realtor, Andrew Issa, Managing Director at Coldwell Banker Jamaica, you get a lot more real estate for the money in Jamaica as opposed to other Caribbean islands. Says Issa; “With prices starting as low US$450,000 for a luxury condominium on the Gold Coast, Jamaica is still a bargain.”
Jamaica’s position as a unique niche market has been affirmed over the last year. Foreign clients, who continue to show emotional attachment to the island and find it conveniently located geographically, are ever more present in the high-end real estate market and brokers report that sales are continuing at a consistent rate. Says the Coldwell Banker Director; “One can safely say that the market has experienced neither a rise nor a fall, but rather a consolidation of justified pricing.”
According to Issa, location continues to be a main factor for affluent buyers looking for a tropical island home. Says Issa; “Pristine beachfront property in the US is scarce, it is very hard to find. Jamaica is close to the US and it has really exotic, ocean-front properties without the crowded feel of Florida and the Eastern seaboard.” Warm blue water, sun-kissed beaches and palm trees waving in the breeze evoke the image of paradise for most. “With luxury homes it is location, location, location. And in the sun, sand and sea, a short hop from the US, is where buyers want to be.”
The steady pace of local real estate sales centers largely on the glitzy Solís The Palmyra Resort & Spa, just 15 minutes away from Montego Bay on the north coast, and the chic beach cottages of the Golden Eye Villas and Spa, located just outside Ocho Rios. Explains Issa; “These days buyers want more than just bricks and mortar and they are willing to pay for it.” According to the realtor, the level of service is vital to buyers; “Integrated resort developments with condominiums and villas are popular because they include a full array of luxury services and amenities such as restaurants with famous chefs and designer spas. Importantly, they also offer security and management.”
Stretching along half a mile of pristine Caribbean oceanfront, Solís The Palmyra is largely viewed as the main catalyst for the island’s real estate renaissance. In tune with escalating trends towards a preferred lifestyle environment, the gated luxury resort on the island’s Gold Coast caters to high-end real estate buyers with a penchant for luxury living. Visionary designers, excellent quality of construction, landscaping and interior design have ensured that the resort is perfectly positioned to attract this clientele to what is considered the most exciting development to come along in decades.
At prices 30-40% below that of other Caribbean developments such as The Ritz-Carlton in Grand Cayman, the Viceroy development in Anguilla and The Residences in Paradise Island, Bahamas, Solís The Palmyra has compelled many buyers to pick Jamaica as a second home destination. Explains Issa; “While penthouses at The Residences in Paradise Island, Bahamas, sell for just over US$2,400 per square foot, a similar penthouse at Solís The Palmyra in Rose Hall, Montego Bay is a great buy at under US$900 per square foot.” The Coldwell Banker realtor points to the Government’s move to allow premier casino gambling as another chief reason to pick the Gold Coast. Says the realtor; “With the news of a casino gambling license granted to the developers of the swanky development, people are getting excited about the potential.”
With more than 300 international flights per week into the brand new Sangster International Airport in Montego Bay, including 60 flights from non-stop markets, Jamaica is more accessible to visitors than any other Caribbean island. Says the Coldwell Banker Director; “Just think about it. You can leave your U.S. home in the morning and enjoy a round of golf in Jamaica by 2 p.m. Come winter time, that is quite a tempting way to spend the weekend.”
It is expected that Jamaica will solidify its position as having the best real estate properties in the Caribbean. Foreign ownership of land in Jamaica is unrestricted and with international financing available through First Caribbean International Bank, the real estate offer is even more tempting. Says Issa; “The trendsetters who are able to see the opportunity and act on it will be able to capitalize on their investment.”
Despite concerns about the many uncertainties affecting global markets, a staggering 55% of last year’s real estate transactions in Jamaica were completed with overseas clients, who are showing heated interest in local property. According to leading realtor, Andrew Issa, Managing Director at Coldwell Banker Jamaica, you get a lot more real estate for the money in Jamaica as opposed to other Caribbean islands. Says Issa; “With prices starting as low US$450,000 for a luxury condominium on the Gold Coast, Jamaica is still a bargain.”
Jamaica’s position as a unique niche market has been affirmed over the last year. Foreign clients, who continue to show emotional attachment to the island and find it conveniently located geographically, are ever more present in the high-end real estate market and brokers report that sales are continuing at a consistent rate. Says the Coldwell Banker Director; “One can safely say that the market has experienced neither a rise nor a fall, but rather a consolidation of justified pricing.”
According to Issa, location continues to be a main factor for affluent buyers looking for a tropical island home. Says Issa; “Pristine beachfront property in the US is scarce, it is very hard to find. Jamaica is close to the US and it has really exotic, ocean-front properties without the crowded feel of Florida and the Eastern seaboard.” Warm blue water, sun-kissed beaches and palm trees waving in the breeze evoke the image of paradise for most. “With luxury homes it is location, location, location. And in the sun, sand and sea, a short hop from the US, is where buyers want to be.”
The steady pace of local real estate sales centers largely on the glitzy Solís The Palmyra Resort & Spa, just 15 minutes away from Montego Bay on the north coast, and the chic beach cottages of the Golden Eye Villas and Spa, located just outside Ocho Rios. Explains Issa; “These days buyers want more than just bricks and mortar and they are willing to pay for it.” According to the realtor, the level of service is vital to buyers; “Integrated resort developments with condominiums and villas are popular because they include a full array of luxury services and amenities such as restaurants with famous chefs and designer spas. Importantly, they also offer security and management.”
Stretching along half a mile of pristine Caribbean oceanfront, Solís The Palmyra is largely viewed as the main catalyst for the island’s real estate renaissance. In tune with escalating trends towards a preferred lifestyle environment, the gated luxury resort on the island’s Gold Coast caters to high-end real estate buyers with a penchant for luxury living. Visionary designers, excellent quality of construction, landscaping and interior design have ensured that the resort is perfectly positioned to attract this clientele to what is considered the most exciting development to come along in decades.
At prices 30-40% below that of other Caribbean developments such as The Ritz-Carlton in Grand Cayman, the Viceroy development in Anguilla and The Residences in Paradise Island, Bahamas, Solís The Palmyra has compelled many buyers to pick Jamaica as a second home destination. Explains Issa; “While penthouses at The Residences in Paradise Island, Bahamas, sell for just over US$2,400 per square foot, a similar penthouse at Solís The Palmyra in Rose Hall, Montego Bay is a great buy at under US$900 per square foot.” The Coldwell Banker realtor points to the Government’s move to allow premier casino gambling as another chief reason to pick the Gold Coast. Says the realtor; “With the news of a casino gambling license granted to the developers of the swanky development, people are getting excited about the potential.”
With more than 300 international flights per week into the brand new Sangster International Airport in Montego Bay, including 60 flights from non-stop markets, Jamaica is more accessible to visitors than any other Caribbean island. Says the Coldwell Banker Director; “Just think about it. You can leave your U.S. home in the morning and enjoy a round of golf in Jamaica by 2 p.m. Come winter time, that is quite a tempting way to spend the weekend.”
It is expected that Jamaica will solidify its position as having the best real estate properties in the Caribbean. Foreign ownership of land in Jamaica is unrestricted and with international financing available through First Caribbean International Bank, the real estate offer is even more tempting. Says Issa; “The trendsetters who are able to see the opportunity and act on it will be able to capitalize on their investment.”
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