Prime Minister of Jamaica Portia Simpson Miller recently announced that mortgage rates within the three-five per cent range would be cut for three years to a range of one-three per cent. The NHT will also receive a two-year waiver from GCT and other taxes, the PM said. Realtor Andrew Issa who heads Coldwell Banker Jamaica says in order to increase market supply in response to excess demand, the savings projected from a two-year tax holiday granted to the National Housing Trust (NHT) should be reinvested into the development of homes capped at J$7 million in price.

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