Do you know how to buy or sell a property in Jamaica? Selling a house involves more than just placing an advertisement. Selling and buying a home in Jamaica can occasionally be challenging, particularly if you live abroad or do not have a real estate agent or representative to handle the talks. A realtor is an individual entrepreneur or a legal entity professionally engaged in mediation in the conclusion of transactions for the purchase and sale by bringing together partners in the transaction and receiving commissions (Rojzibaevna, 2022). Selling or buying a house is made much simpler by using a realtor because they take care of all the tours, inquiries, paperwork, price negotiations, and other things linked to the property.
Despite a weakening economy brought on by the COVID-19 outbreak, Jamaica’s housing market is still booming. To continue boosting the housing market in the wake of the global pandemic, the government-owned National Housing Trust (NHT), which dominates the mortgage market with about 50% market share, has offered special relief measures. The housing market in Jamaica has attracted more foreign interest recently. Foreign homebuyers are drawn to the vacation properties in Jamaica’s Negril, Ocho Rios, and Montego Bay areas. According to Nicola Delapenha of Coldwell Banker Jamaica, interest in Port Antonio is also gradually increasing due to a local airport expansion.
In Jamaica, there are no limitations on foreign ownership of the real estate. In recent years, demand for residences costing J$25 million (US$ 174,800) and less has grown significantly, while demand for homes costing J$40 million (US$279,700) has grown the least. Townhouses, flats, and homes in gated communities continue to be in demand. That is why the value of a realtor’s professional services to sell residential houses in Jamaica is very high.
Reference
Rojzibaevna, B. Y. (2022). Real Estate and Its Features. Spectrum Journal of Innovation, Reforms and Development, 4, 130-133. Web.