IT'S A BUYER'S MARKET!
Current Trends
In 2010 Jamaica's National Land Agency reported that $43.5 billion in Jamaica real estate sales were realised. Realtors determined that the increase in cash sales was mainly due to many Jamaicans taking advantage of distressed property sales on the market. President of the Realtors Association of Jamaica, Howard Johnson, stated there were more cash sales in 2010 than in the two previous years: 2010 was a buyers' market and this trend continued into 2011.
Jamaicans were (and still are) able to get 'dream' deals on properties and rentals. Those buyers, who had cash resources or could get access to funding, quickly took advantage of the real estate market for investment purposes. In the last part of 2010, when interest rates were on the verge of being reduced, real estate investments became even more attractive and this trend is expected to continue throughout the current year with the upsurge due in large part, to purchasers intent on taking advantage of foreclosures.
What makes a Buyers' Market?
Property sales are more or less at a standstill while the number of domestic rentals has soared as property owners have reduced rental rates to attract more tenants.
Because inventories are increasing in most markets, sellers are required to be more competitive than they have been for quite a while. There are a number of excess units within gated communities, for example, which have multiplied and are still springing up in all the most desirable residential areas both within Kingston & St. Andrew and in several other parishes. This allows potential buyers to shop among some very anxious owners, or sellers, to obtain better prices and for the best terms.
Many properties have been on the market for quite a long period of time and this applies to rentals as well as purchases. We only have to look at the Jamaican real estate, housing and rental advertisements that fill the classified columns in both daily newspapers.
Interest rates have fallen, so basically if you are in the market to buy or rent, now is definitely the time. With few exceptions, Jamaican housing and property is either in transition or has already made the change from a sellers' to a buyers' market. In practical terms, this means that this is the best market to present itself in years for purchasing a first home or indeed a second.
All the signs are positive and indicate those looking to buy, or rent, can now have their pick of the abundant properties and houses for sale.
Buyers' Time
The prevailing lower interest rate regime and the financial support of the IMF and multi-lateral institutions augur well for the Jamaican property market going forward.
Local realtors are in agreement that prevailing conditions are very much in favour of prospective home owners, those seeking reasonable rented accommodation and investors. The buyers are controlling the market, so take control and take advantage of being able to pick and choose from a veritable glut of properties and housing ทาวน์เฮ้าส์มือสอง units in just the right conditions to negotiate both a good price and excellent terms.
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