Undoubtedly there are numerous deals to be had in Jamaica’s residential real estate market right now, but realtors say they are not as numerous and drastically low as in the United States, where their real-estate crash has made properties across many major cities astonishingly cheap.
Take a walk or drive anywhere in the parish of St Andrew and you will see numerous “For Sale” signs dotting the landscape outside houses, apartments and townhouses. There is an inventory build-up and properties are being sold at an alarmingly slow speed – chiefly because consumer purchasing power has weakened (given the difficult financial climate in which mortgage rates are up and individual earnings are down or stagnant). Match that with last year’s tremendous fall-out and crash of alternative investment schemes (particularly Olint and CashPlus) and you have a sure recipe for a buyer’s market.
It’s a buyer’s market because numerous properties are taking far longer than 6 months to be sold, and when they can’t sell, buyers are willing to lower their prices and negotiate. Compare that to the high-priced real-estate boom that local sellers enjoyed from the early to mid 2000s.
Ultimately, if you’re looking to buy property in Jamaica and you want to get a good deal, now is the time. Buyers are definitely in a good position these days to negotiate because sellers are more prepared to be flexible with their negotiations given the climate.
Don’t expect the fire-sale prices that have become common in the U.S. however. Despite the recent indicators of a buyer’s market, property prices still remain steady in Jamaica, and there has been no significant decline. Sellers will however negotiate on a case-by-case basis, so go for it!
October 12th, 2009 at 4:47 am
living in toronto canada and is looking for a house to buy in jamaica. would like a 3bdrm. would you know if it’s possible to find a house anywhere with no downpayment? makes approx 90.000 00cdn yrly would be able to make mthly payments but do not have the downpayment.