Take a drive around Kingston, Montego Bay or even a rural town like Port Antonio and it will become obvious that there’s a real estate boom happening in Jamaica. Cranes are filling the city skylines and trucks carrying cement and steel are everywhere. With interest rates at a steady rate below 10%, it’s no wonder more people are investing in real estate, as it has become more affordable for everyone.
In Kingston, the market is anticipating the completion of five new high rise buildings in the Waterloo Road/New Kingston area, along with the continued redevelopment of downtown Kingston, with the renovation of the Oceana property. Additionally, there is the construction of the GraceKennedy Group’s new headquarters on Harbour Street, the relocation of the Ministry of Foreign Affairs and other development projects (including restaurants and a gaming lounge) by private investors on Duke Street, King Street and Ocean Boulevard.
In Montego Bay, another Fairview development is about to break ground and there is talk of the development of the Ironshore Golf Course for residential use. Last February, Prime Minister Andrew Holness attended a groundbreaking ceremony for the development of 1500 units that are being built by the National Housing Trust and West Indies Home Contractors (WIHCON).
And while all of this development is happening, the team at Coldwell Banker is steadily working towards servicing clients with this new inventory. Whether it is through our agent services, assisting clients to buy or sell a property, or through our expanding property management services, we are armed with a wealth of knowledge of the real estate market and are available to help.
Thanks once again for picking up a copy of KÚYA and of course, please feel free to browse our website www.cbjamaica.com for the latest in real estate deals island-wide. And while you are at it, don’t forget our Facebook, Twitter and Instagram pages, which also have a lot of up to the minute