By all indications over the past 6 months, Jamaica's real estate market has been softening. Lending rates went up making borrowing for mortgages more expensive and more difficult to qualify for. Over the period, realtors have acknowledged that turnover has been slow and properties are staying on the market longer. Deborah Cumming of Century 21 noted recently that we are now in a buyers market.
Based on the economic climate, buyers are still not rushing to buy real estate. Low real estate sales means lower revenues for the government and the financial institutions. The following moves have been taken recently to stimulate the market
Additionally, a number of new NHT and HAJ projects are in the pipeline. We think these are combination of good initiatives and should help accelerate real estate sales for the months to come.