Real estate market projected to hit US$93 billion this year – Jamaica Observer

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Organisers of a three-day real estate conference and expo scheduled for April in Jamaica’s capital city say it will present and examine new trends in the sector that should help potential investors and sellers make well-informed choices.

The event is being staged April 14-16, 2024 by RE/MAX Elite Realty at Jamaica Pegasus hotel in New Kingston and according to the company’s country manager/director of growth and expansion, Neil Kirlew, it will provide a platform for real estate professionals, stakeholders, investors, companion industries, and the general public to engage, learn, share, and grow.

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“This trailblazing real estate expo creates the unique opportunity for cohesion between real estate connoisseurs, investors and stakeholders. Participants will leave the expo inspired, educated, and better connected to industry pros and with like-minded high-net-worth individuals; be in the know with the latest market trends and emerging real estate technology; and have strengthened relationships with key partners in companion industries,” a news release from the company’s publicists quotes Kirlew.

Powered by RE/MAX Jamaica and RE/MAX Elite, the conference and expo will also feature an extensive array of sessions and panels led by local and international industry experts.

“Participants will learn how to discover and evaluate portfolio-building opportunities, gather insights and strategies, and acquire tips to help them succeed in the vast, challenging and exciting world of real estate,” the release said.

Despite the effects of the recent COVID-19 pandemic, Jamaica’s real estate market has remained one of the most stable sectors and continues to prove that a sure way to secure wealth and financial stability is by owning property.

With savings providing less than one per cent return per annum, and low yields being offered by other financial instruments, real estate provides a more secure and higher return on investment. Average rental yields in Jamaica typically start at six per cent and can easily surpass that, in addition to the continuous appreciation of housing values.

“As inflation eats away at savings and income, in the Jamaican context, investors look to assets that will preserve the value of their money. One such asset is real estate, as property prices tend to move up along with other prices,” said Kirlew.

According to the release, “the value of the real estate market is projected to reach US$93.95 billion in 2024. Residential real estate dominates the market with a projected market volume of US$76.73 billion in 2024. The value is expected to show an annual growth rate of 4.00 per cent, resulting in a market volume of US$109.90 billion by 2028. In global comparison, most real estate value will be generated in China (US$135.70 trillion in 2024).”

Kirlew pointed to the growth in tourist arrivals in Jamaica and the influx in expatriates, arguing that both factors aid in sustaining the substantial demand for Jamaican real estate.

“ It is no wonder short-term rentals are the main go-to for real estate investors these days, and with tourism levels now surpassing pre-pandemic levels, real estate investors are sure to realise an increase in their bookings,” Kirlew said.

The 2019 Travelers Choice Awards listed Jamaica as one of the top 25 destinations in the world. Many of those guests, the release said, want to expand their horizons and rent Airbnb properties rather than being cooped up in a hotel room, and the returns show.

Airbnb bookings increased by 55 per cent in 2021, from $193 million in 2020 to $300 million in 2021, with Kingston properties earning US$2.4 million from Airbnb services in 2017 alone.

“Holding real estate in Jamaica can yield almost 60 per cent in revenue in any period over five years. This figure is evident, based on the recent appreciation of Jamaican real estate. Purchasing property in Jamaica is, therefore, one of the most profitable long-term investment options,” Kirlew said.

Jamaica is conducive to growth and in 2014 was named the number one Caribbean country to do business and to invest by Forbes.

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