THE LOCAL VILLA MARKET - JAMAICA TOURIST ISSUE 9
The thought of owning a villa where the sun shines, the tropical breezes brush your face and the water splashes your feet as you relax with a cool tropical drink, is all you could want paradise to be. And the time to buy a piece of Jamaican paradise has never been better.
With prices at an all time high and a variety of real estate products to choose from, the villa market in Jamaica has never been more dynamic. Says Nicola Delapenha, Sales Executive at Coldwell Banker Jamaica; “The villa market remains stable in Jamaica and local real estate is still the bargain of the Caribbean.”
Continues Delapenha; “The last 18 months give a good indication of things to come and with all that Jamaica has to offer, it will continue to be a seller’s market. ‘Price’ continues to be a main factor, with local real estate selling at 30 – 40% below that of other Caribbean islands.” According to the Coldwell Banker representative a ‘good location’ and ‘security’ are the other key aspects important to high-end buyers, clearly evidenced by an increasing interest in secure, gated communities with world-class amenities.
Says Delapenha; “The standard of what poses a luxury villa has changed and expectations are high. High-end buyers are looking for infinity pools, spacious bedrooms and outdoor living areas, professionally equipped kitchens and finishes that include hardwood floors and natural stone finishes.” According to Coldwell Banker, this has resulted in elevated interest in developments such as the new Palmyra Resort & Spa, the Tryall Club, Round Hill, the Rose Hall developments and Goldeneye.
Continues Delapenha; “Areas that continue to be of serious interest to overseas buyers include Negril, Montego Bay’s ‘Gold Coast’ and Ocho Rios. Rose Hall continues to be another favorite pick due to the area’s beautiful golf courses, restaurants, shopping and high-end hotels, which are now set to be further enhanced with the introduction of casino gambling by the developers of The Palmyra Resort & Spa.”
According to the Coldwell Banker Sales Executive, Falmouth and the surrounding areas pose another hot spot for future development. “With the proposed development of a new cruise ship pier, easy access to and from the airport and wonderful white sand beaches, Trelawny is now ‘it’. The hope is that future real estate developers will be encouraged to build, while preserving the historical aspects of the town and the natural habitats in the area.”
Coldwell Banker foresees continued growth in the local real estate market, driven by good comparable prices and an increasing availability of new real estate. “Improvements to our airports and roads make owning a vacation home here even more attractive to an overseas buyer and this coupled with our greatest asset; our people, makes this an excellent time to buy,” concludes Delapenha.
With prices at an all time high and a variety of real estate products to choose from, the villa market in Jamaica has never been more dynamic. Says Nicola Delapenha, Sales Executive at Coldwell Banker Jamaica; “The villa market remains stable in Jamaica and local real estate is still the bargain of the Caribbean.”
Continues Delapenha; “The last 18 months give a good indication of things to come and with all that Jamaica has to offer, it will continue to be a seller’s market. ‘Price’ continues to be a main factor, with local real estate selling at 30 – 40% below that of other Caribbean islands.” According to the Coldwell Banker representative a ‘good location’ and ‘security’ are the other key aspects important to high-end buyers, clearly evidenced by an increasing interest in secure, gated communities with world-class amenities.
Says Delapenha; “The standard of what poses a luxury villa has changed and expectations are high. High-end buyers are looking for infinity pools, spacious bedrooms and outdoor living areas, professionally equipped kitchens and finishes that include hardwood floors and natural stone finishes.” According to Coldwell Banker, this has resulted in elevated interest in developments such as the new Palmyra Resort & Spa, the Tryall Club, Round Hill, the Rose Hall developments and Goldeneye.
Continues Delapenha; “Areas that continue to be of serious interest to overseas buyers include Negril, Montego Bay’s ‘Gold Coast’ and Ocho Rios. Rose Hall continues to be another favorite pick due to the area’s beautiful golf courses, restaurants, shopping and high-end hotels, which are now set to be further enhanced with the introduction of casino gambling by the developers of The Palmyra Resort & Spa.”
According to the Coldwell Banker Sales Executive, Falmouth and the surrounding areas pose another hot spot for future development. “With the proposed development of a new cruise ship pier, easy access to and from the airport and wonderful white sand beaches, Trelawny is now ‘it’. The hope is that future real estate developers will be encouraged to build, while preserving the historical aspects of the town and the natural habitats in the area.”
Coldwell Banker foresees continued growth in the local real estate market, driven by good comparable prices and an increasing availability of new real estate. “Improvements to our airports and roads make owning a vacation home here even more attractive to an overseas buyer and this coupled with our greatest asset; our people, makes this an excellent time to buy,” concludes Delapenha.
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