Jamaica’s housing market was weakened by the 2008 global financial crisis. But it has been steadily improving over the last five years, particularly in the luxury sector, thanks in large part to an increase in tourism and the return of foreign buyers, real estate agents said.
The financial crisis of 2008 took a serious toll on the housing market in Jamaica, particularly the higher end, though as economic conditions have improved in Britain and the United States, “we’ve seen renewed interest from clients in second homes on the island,” Mr. Zephirin said.
Though Jamaica continues to be a buyer’s market, tourism hit record levels last year, and almost 3,000 hotel rooms are under construction, which should eventually benefit the housing market, said Rory Marsh, the owner and chief executive of Meldam Realty, based in Ocho Rios.
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