Jamaica has lagged behind many other Caribbean countries in terms of property prices and demand, but that is changing. Prices for beachfront property have been rising over the past several years as demand has increased. The increase has come as hotel companies have also discovered Jamaica and made substantial investments in the Caribbean island.
Some of the new hotel properties on the island in recent years include two local high-end hotel groups, the Sandals resorts and the Superclubs Breezes resorts. Other properties that have opened are the 427-room Ritz-Carlton in Montego Bay, and the Colombian Decameron group has new hotels in Montego Bay and Runaway Bay. At Harmony Cove near Falmouth a vast new resort is planned with golf courses, multi-million dollar villas, four hotels and casinos.
Montego Bay has always been a popular destination, and prices at the resort on the northwest coast of Jamaica have been fetching as much as US $600,000 for an acre. A bit farther to the east, Discover Bay has become the place for the rich and famous who want a bit of paradise. Island real estate agent George Cumming noted in a recent interview with Jamaica’s Observer Newspaper that over past two years prices on the north coast have appreciated anywhere from 30-45%. “The average property price in the high-end resort market is US$1 million to US$1.5 million, but we have listings in Negril for as much as US$3.5 million. Prices have definitely hardened,” he said.
Some of the more exclusive properties, such as gated communities of Round Hill, at Montego Bay, and Tryall Club, about 20 kilometers west of Montego Bay, have seen prices skyrocket, but the rest of the island is still relatively affordable. Realtors interviewed for the Observer indicated that Jamaica is still priced at a discount from other Caribbean countries.
Realtor Anya Levy said that “We are about 20-30 per cent cheaper than the rest of the Caribbean.” She continued, “We haven’t matured as a tourist destination like The Bahamas and the Turks and Caicos, but we are getting there.
