At some point, you’ve probably heard the saying: "Di best time fi buy a house was yesterday, di next best time is today."
In Jamaica, this rings even truer. From the hills of St. Andrew to the shores of Montego Bay, owning property has always been one of the smartest moves you can make — if not for yourself, then for your family's future.
But maybe you’re wondering if you should hold off. Maybe you think prices might drop, or mortgage rates might cool down. Here’s the thing: trying to time the market almost never works. And by waiting, you might just price yourself out of your dream home altogether.
Let's dig into why waiting could actually cost you more in Jamaica’s real estate market, and why it might be a better idea to get your foot through the door now rather than later.
Jamaica’s Property Prices Are Poised to Keep Rising
International experts aren’t the only ones saying home prices are going up. Right here in Jamaica, local data shows steady growth across key areas like Kingston, St. Andrew, St. James, and even emerging communities in St. Catherine and St. Ann.
According to the latest reports, Jamaican home prices have been climbing between 3% to 5% per year. And while the crazy pandemic-driven spikes have cooled off, the trend of gradual, healthy increases is expected to continue.
Dean Jones, Realtor Associate at Coldwell Banker Jamaica Realty and Founder of Jamaica Homes, explains it this way:
"Jamaica's real estate market isn't cooling — it's maturing. The days of 20% jumps might be behind us for now, but steady growth means property will continue to build wealth for smart buyers."
In simpler words: even if the market isn't on fire, homes are still gaining value every single year.
Here's what that means for you:
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Next year’s house prices are expected to be higher than this year’s. That dream home you love? It’ll cost more the longer you wait.
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Waiting for lower mortgage rates might not help much. Even if rates drop slightly, if home prices rise faster, you’ll still end up paying more overall.
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Owning sooner means building equity faster. Every month you pay a mortgage, you’re investing in your own future — not your landlord’s.
Real-World Numbers: What Waiting Might Cost You
Let’s put this into real numbers.
Imagine you’re looking at a $35 million Jamaican Dollar (JMD) home in Kingston today (around US$225,000 depending on exchange rates). Based on expert forecasts of a 4% annual price increase, here’s what could happen if you wait:
| Year | Estimated Price (JMD) |
|---|---|
| 2025 | $35,000,000 |
| 2026 | $36,400,000 |
| 2027 | $37,856,000 |
| 2028 | $39,370,240 |
| 2029 | $40,944,049 |
That’s almost $6 million dollars more in just 4 years!
And that’s not even factoring in higher mortgage payments or new government fees and taxes that could come into play.
Dean Jones puts it perfectly:
"The biggest cost in real estate isn’t the price you pay — it's the cost of waiting. Every year you delay, you’re losing more than just money; you’re losing opportunities."
Time in the Market vs. Timing the Market
There’s a common mistake first-time buyers make: waiting for the 'perfect' time to buy.
But the truth is, perfect doesn’t exist. There will always be something — higher rates, higher prices, personal doubts — making you think twice.
Real estate rewards those who act when they’re ready, not those who try to predict every market shift.
Consider this:
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If you buy today, you start gaining equity immediately. Every mortgage payment brings you closer to full ownership.
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If you rent and wait, your money is going towards someone else's equity. And when you finally do buy, the prices will likely be higher.
That’s why homeowners you know — whether in Mona, Norbrook, Ironshore, or Discovery Bay — are often the ones nodding wisely when you talk about buying. They've seen their property values rise and are now enjoying the rewards.
Jamaica-Specific Factors to Remember
There are a few unique things about Jamaica’s real estate scene to keep in mind:
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Land is Limited. Jamaica is a small island, and prime land (especially close to cities and beaches) is even more limited. Demand will always outpace supply in popular areas.
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Inflation. Like many parts of the world, Jamaica faces inflation pressures. Property is a classic hedge — meaning while other prices go up, your home value usually grows with them.
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Growing Tourism. Our tourism numbers keep booming, and with it comes greater demand for Airbnb properties, holiday homes, and vacation rentals.
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International Buyers. Diaspora Jamaicans and foreign investors continue to snap up local property, driving competition even higher.
As Dean Jones says:
"People from Miami to London dream of owning a slice of paradise here. Jamaicans living at home must understand — this demand isn't going anywhere. Get in while you still can."
What If You Can’t Afford Your Dream Home Yet?
That's okay. Buying real estate in Jamaica doesn’t mean you have to start with your "forever home."
If you can’t afford the four-bedroom house in Cherry Gardens yet, maybe you start with a two-bedroom townhouse in Portmore or a studio in Ocho Rios. You get in, build equity, and move up over time.
Ways to make it work:
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Explore different neighborhoods. Look at places slightly outside the traditional hotspots — areas like Spanish Town (some parts), Mandeville, Linstead, and sections of St. Mary.
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Look for new developments. Sometimes, buying early in a new scheme (before it's fully built out) gets you a lower price.
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Ask about down payment assistance. Some local banks and credit unions offer special programs.
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Be flexible on size and features. Starter homes can be stepping stones.
The goal is simple: start.
How to Set Yourself Up for Success
If you’re considering buying soon, here’s a plan to stay ready:
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Meet with a qualified Realtor. Find someone who truly knows the Jamaican market — not just a "hustler" looking for a quick sale.
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Get pre-approved for a mortgage. Talk to your bank or a trusted mortgage broker to know your true budget.
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Know your must-haves vs. nice-to-haves. Be clear on what you need today versus what can wait.
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Stay patient but decisive. Once you find a good property, act. Good deals in Jamaica don't sit on the market for long.
Dean Jones shares one final piece of advice:
"It’s better to own a small home than to keep dreaming of a big one you never buy. Ownership is the foundation. Expansion comes later."
Final Thoughts: Should You Buy Now or Wait?
If you're still debating the big question — "Should I buy now or wait?" — remember this:
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Prices are likely to keep rising.
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Land is getting scarcer.
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Inflation isn’t slowing down.
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International demand is increasing.
And most importantly: Time in the market beats trying to time the market.
Jamaica’s real estate is a long game, and those who start sooner are the ones who win.
Whether you’re ready to buy now or just starting to explore your options, partnering with a knowledgeable Realtor can help you create a realistic, achievable plan.
Your dream of homeownership in Jamaica isn’t as far away as you might think — but it starts with a step.
Are you ready to take it?
Disclaimer:
This article is intended for general informational purposes only and does not constitute financial, investment, mortgage, or real estate advice. Property markets can vary significantly, and individual circumstances will differ. Readers are encouraged to consult with a qualified real estate professional, financial advisor, or attorney before making any real estate decisions. Jamaica Homes is not liable for any decisions made based on the information presented herein.