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...discussing politics, claim business is either good or looks good for the future/poised to take off.
Is this the same Jamaica that it is claimed bad of business/or investor unfriendly?
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Behind Jamaica's real estate boom
You get a lot more real estate for the money in Jamaica, says IssaBy Dennise Williams
Sunday, June 10, 2007
Relative to the rest of the Caribbean, real estate prices are lower in Jamaica, but a confluence of factors are catalysing the renaissance of a high-end resort market on the island. Leading realtor, Andrew Issa, told Sunday Finance that Jamaicans currently get more 'bang for the buck' on real estates as opposed to other Caribbean islands.
"You get a lot more real estate for the money in Jamaica," said Issa, head of Coldwell Banker Jamaica. "You get a larger home and a larger lot than you would get in another island for one-fifth the price."
One of the high-end developments on the real estate market.
According to Issa, positive developments in Jamaica could drive prices in line with the region in the near future.
"Resort owners are not putting up properties for sale right now," Issa explained. "They are holding on because they expect a greater demand to drive up prices in Jamaica within the next five years."
Indeed, the realtor highlighted that there are many factors that are coming together to make Jamaica the real estate jewel of the Caribbean, but he specifically identified the huge investments that are being made in the country's infrastructure as the driving force.
"The infrastructure upgrade that is taking place will drive our market. The airport upgrades, the highways and the new water system for the North Coast all are coming together to improve the country," Issa stated. "Plus, we are blessed with the most beautiful island in the Caribbean. We have an authentic history, culture, and people."
At the forefront of the high-end resort market in Jamaica is the Palmyra development in Rose Hall, Montego Bay. The Palmyra resort is marketed to the international jet-set crowd and prices start in the US$500,000s.
"Michelle Rollins should be credited for an incredible job," said Issa, who claims that compared to the rest of the Caribbean, Palmyra is a steal. "A suite in the Ritz Carlton development in the Cayman Islands sells for US$7.45 million."
The other high-end resort development in Jamaica is Chris Blackwell's development, Goldeneye in Oracabessa, St Mary. The most expensive unit in that development, which boasts a seawater spa, is US$2.5 million. Issa says that there is a shortage of new developments that cater to the luxury market.
"We don't have anything called inventory in Jamaica," he explained. "I could take you around Cayman and show you 20 luxury villas for sale; and Cayman fits inside Kingston. I can then take you around Jamaica and show you three luxury villas for sale and that would be a lot."
Issa told this newspaper that this shortage of inventory is expected to change within five years, saying that based on the growing demand, resort development will out-perform residential development by 10 to 1 in the next five to ten years. Leading this shift, he said, is the highly anticipated Harmony Cove.
"When the Harmony Cove resort development in Trelawny takes off, it will be like the old days in Jamaica when the super rich would fly into the island. The revenue generation of that development will be amazing," Issa stated. "The Ritz Carlton development in Cayman added US$1-billion worth of real estate in the island. Harmony Cove is expected to bring US$2 billion worth of real estate to Jamaica. I have to applaud the Government for leading this development."
The Harmony Cove resort will commence in the next 18 to 24 months and take two years to be completed. The first phase will include a 1,500-room boutique hotel, a mega yacht marina, two golf courses, attractions and other amenities.
"The development will cater to the who's who of the world," Issa explained. "And that will be a draw in itself. It's like an addiction; wherever the rich and famous are, the rest of the world likes to follow."
In the meantime, real estate across the Caribbean are enjoying growing demand and higher prices.
"Barbados is red hot," Issa stated. "In Cayman, Hurricane Ivan devastated the island and caused real estate values to drop by 25 per cent, but that was short lived. It speaks to the strength of the product that values could bounce back so quickly after such destruction."
Both European and United States buyers are driving the market in the wider Caribbean, while Jamaica attracts mainly North American buyers.
For those who are daunted by the price tags attached to resort and high-end properties, Issa gives some advice. "First, build a relationship with a good real estate agent, then be flexible," he said. "Sometimes you have to buy away from the hub of activity. look at the South Coast, it took the Jakes resort property to put Treasure Beach on the map."
The realtor also pointed to Portland as the next high-end gem.
"Developers and investors are looking at Port Antonio. Once the highway opens up in Portland, there will be better access and prices will go up. You have to be patient," he said.
Looking outside of Jamaica, Issa sees the Cayman Islands as a viable investment.
"Cayman is a proven option. Real estate is traded like a commodity. They have been able to maintain and grow the value of properties. Plus, Cayman offers great tax incentives," said Issa.
And compared to the rest of the Caribbean, Issa argues that there is one serious flaw that holds back price appreciation in the land of wood and water - crime.
"If we could get control of crime, Jamaica would have the most expensive real estate in the Caribbean," Issa stated. "Property tax collections alone would be enough to support the Government."
Is this the same Jamaica that it is claimed bad of business/or investor unfriendly?
-------------
Behind Jamaica's real estate boom
You get a lot more real estate for the money in Jamaica, says IssaBy Dennise Williams
Sunday, June 10, 2007
Relative to the rest of the Caribbean, real estate prices are lower in Jamaica, but a confluence of factors are catalysing the renaissance of a high-end resort market on the island. Leading realtor, Andrew Issa, told Sunday Finance that Jamaicans currently get more 'bang for the buck' on real estates as opposed to other Caribbean islands.
"You get a lot more real estate for the money in Jamaica," said Issa, head of Coldwell Banker Jamaica. "You get a larger home and a larger lot than you would get in another island for one-fifth the price."
One of the high-end developments on the real estate market. According to Issa, positive developments in Jamaica could drive prices in line with the region in the near future.
"Resort owners are not putting up properties for sale right now," Issa explained. "They are holding on because they expect a greater demand to drive up prices in Jamaica within the next five years."
Indeed, the realtor highlighted that there are many factors that are coming together to make Jamaica the real estate jewel of the Caribbean, but he specifically identified the huge investments that are being made in the country's infrastructure as the driving force.
"The infrastructure upgrade that is taking place will drive our market. The airport upgrades, the highways and the new water system for the North Coast all are coming together to improve the country," Issa stated. "Plus, we are blessed with the most beautiful island in the Caribbean. We have an authentic history, culture, and people."
At the forefront of the high-end resort market in Jamaica is the Palmyra development in Rose Hall, Montego Bay. The Palmyra resort is marketed to the international jet-set crowd and prices start in the US$500,000s.
"Michelle Rollins should be credited for an incredible job," said Issa, who claims that compared to the rest of the Caribbean, Palmyra is a steal. "A suite in the Ritz Carlton development in the Cayman Islands sells for US$7.45 million."
The other high-end resort development in Jamaica is Chris Blackwell's development, Goldeneye in Oracabessa, St Mary. The most expensive unit in that development, which boasts a seawater spa, is US$2.5 million. Issa says that there is a shortage of new developments that cater to the luxury market.
"We don't have anything called inventory in Jamaica," he explained. "I could take you around Cayman and show you 20 luxury villas for sale; and Cayman fits inside Kingston. I can then take you around Jamaica and show you three luxury villas for sale and that would be a lot."
Issa told this newspaper that this shortage of inventory is expected to change within five years, saying that based on the growing demand, resort development will out-perform residential development by 10 to 1 in the next five to ten years. Leading this shift, he said, is the highly anticipated Harmony Cove.
"When the Harmony Cove resort development in Trelawny takes off, it will be like the old days in Jamaica when the super rich would fly into the island. The revenue generation of that development will be amazing," Issa stated. "The Ritz Carlton development in Cayman added US$1-billion worth of real estate in the island. Harmony Cove is expected to bring US$2 billion worth of real estate to Jamaica. I have to applaud the Government for leading this development."
The Harmony Cove resort will commence in the next 18 to 24 months and take two years to be completed. The first phase will include a 1,500-room boutique hotel, a mega yacht marina, two golf courses, attractions and other amenities.
"The development will cater to the who's who of the world," Issa explained. "And that will be a draw in itself. It's like an addiction; wherever the rich and famous are, the rest of the world likes to follow."
In the meantime, real estate across the Caribbean are enjoying growing demand and higher prices.
"Barbados is red hot," Issa stated. "In Cayman, Hurricane Ivan devastated the island and caused real estate values to drop by 25 per cent, but that was short lived. It speaks to the strength of the product that values could bounce back so quickly after such destruction."
Both European and United States buyers are driving the market in the wider Caribbean, while Jamaica attracts mainly North American buyers.
For those who are daunted by the price tags attached to resort and high-end properties, Issa gives some advice. "First, build a relationship with a good real estate agent, then be flexible," he said. "Sometimes you have to buy away from the hub of activity. look at the South Coast, it took the Jakes resort property to put Treasure Beach on the map."
The realtor also pointed to Portland as the next high-end gem.
"Developers and investors are looking at Port Antonio. Once the highway opens up in Portland, there will be better access and prices will go up. You have to be patient," he said.
Looking outside of Jamaica, Issa sees the Cayman Islands as a viable investment.
"Cayman is a proven option. Real estate is traded like a commodity. They have been able to maintain and grow the value of properties. Plus, Cayman offers great tax incentives," said Issa.
And compared to the rest of the Caribbean, Issa argues that there is one serious flaw that holds back price appreciation in the land of wood and water - crime.
"If we could get control of crime, Jamaica would have the most expensive real estate in the Caribbean," Issa stated. "Property tax collections alone would be enough to support the Government."