It is very clear that one of the key indicators of what makes the real estate market grow is the creation of jobs. Where significant jobs have been lost the value of real estate goes down and foreclosures begin. On the flip side once new jobs are created the value of real estate goes up and the overall demand increases.
How does this affect Jamaica. On the north coast there are more hotels being added, therefore there are more jobs being created. As a result of more jobs from the hotels the demand for real estate continues to be on the incline. With regards to the south coast of Jamaica. Bauxite, IT and Telecommunications are currently increasing production. Therefore more jobs are being created and as such the real estate market is on the rise.
Because the crime rate has fallen in Jamaica the diaspora have realized that Jamaica is now a viable alternative for retirement. These are the things which contribute to the values of real estate appreciating in Jamaica. (In short, increase in jobs and reduction in crime boosts real estate development)
Ocho Rios, Jamaica