In today’s economic climate, where the price of nearly everything seems to be on the rise—from food to fuel to financing—it’s only natural to wonder what all this means for homeowners and the property market. Some people are growing anxious, asking: Will we see more Jamaicans unable to keep up with their mortgage payments? Will there be a wave of foreclosures like we saw in the United States during the 2008 housing crash?
The short answer is no. Even though we are seeing a slight increase in foreclosure filings globally, and some of that is trickling into the local conversation, there is no reason to believe Jamaica is heading into a housing crisis.
Let’s explore why.
This Is Not 2008
To truly understand today’s situation, we need to look at what happened in the past. The global housing crash of 2008 was largely caused by risky, unchecked lending practices in the United States. Lenders were giving out loans to people who couldn’t afford them. When those loans failed, millions of homes went into foreclosure, and housing markets around the world felt the ripple effects.
That is not the case today—certainly not in Jamaica.
"The market today is built on stronger foundations than the shaky scaffolding of 2008. Homeowners now are more informed, better financed, and more protected than they’ve ever been."
— Dean Jones, Realtor Associate at Coldwell Banker Jamaica Realty and Founder of Jamaica Homes
The foreclosures making the news today are not from irresponsible lending or a collapse in property value. In fact, a big reason we’re seeing any increase in numbers is simply because the foreclosure moratoriums that were put in place during COVID-19 have ended. Those temporary protections kept foreclosure filings artificially low for a few years. Now that things are returning to normal, so are the numbers.
And even with the recent uptick, current foreclosure activity is well below historical averages, and nowhere near the disaster levels of 2008.
Stronger Homeowners, Stronger Market
Today’s homeowners—especially in Jamaica—are standing on much stronger financial ground than in the past. One major reason is equity.
Over the past several years, Jamaican property values have steadily increased, particularly in areas like Kingston, Portmore, Ocho Rios, Tower Isle, Montego Bay, and Mandeville. This means that homeowners are not only living in homes—they’re building wealth.
"Homeownership in Jamaica is more than shelter—it’s generational wealth. And right now, most Jamaican homeowners have a solid financial cushion under them."
— Dean Jones
This equity acts as a safety net. If a homeowner is faced with hardship—job loss, rising costs, or unexpected expenses—they’re not immediately at risk of losing everything. In many cases, they have enough value in their home to sell, downsize, or refinance, rather than face foreclosure.
Contrast that with 2008, when millions of homeowners in the U.S. owed more than their homes were worth. Many simply walked away because they had no other options.
Jamaican Proverb: "If yuh want good, yuh nose haffi run."
Translation: Good things take effort. Homeowners today have worked hard and made smarter choices, and it’s showing in their stability.
What’s Happening Globally Versus Jamaica
Globally, yes—foreclosures have gone up in the first quarter of 2025 compared to the last few years. But again, this is expected. The pandemic distorted the numbers, and now we’re seeing a return to regular activity—not a surge.
In Jamaica, the real estate market has continued to show resilience. While affordability remains a challenge for some, demand for homes is still strong, especially in coastal and urban areas. What makes Jamaica’s housing market unique?
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Fewer risky mortgages – Our local lenders have generally maintained more conservative lending standards. We don’t see the same volume of subprime lending that led to crashes elsewhere.
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More cash buyers – Many purchases, especially in new developments or from overseas Jamaicans, are paid in cash or with large deposits. This reduces the risk of foreclosure.
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Limited inventory – There is still more demand than supply, which keeps prices relatively stable and supports homeowner equity.
Jamaican Proverb: "Every mikkle mek a mukkle."
Translation: Every small effort adds up. Jamaica’s market has grown slowly but steadily, and that slow growth has created resilience.
Why Some People Are Still Facing Hardship
We should not pretend that no one is feeling the pressure. The cost of living has gone up, and interest rates have risen, affecting new borrowers and people with variable-rate loans.
A few homeowners are experiencing genuine financial strain. But that does not automatically mean foreclosure. There are often options:
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Talk to your lender – Many Jamaican banks and credit unions are willing to work out payment arrangements or temporary relief options.
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Explore selling – If your home has appreciated in value, you may be able to sell it and still walk away with money in hand.
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Get professional advice – Speak with a licensed realtor or financial advisor to weigh your options before things reach a breaking point.
Jamaican Proverb: "When yuh see fire, yuh run water."
Translation: Be proactive when trouble starts. Don’t wait too long to act if your mortgage is becoming difficult to manage.
This Is a Time for Clarity, Not Panic
Too often, people read headlines about foreclosures in the U.S. and assume the same is happening here. But context is everything.
The recent data is not a warning sign—it’s a rebalancing after a period of extreme government support during the pandemic. The housing market, both globally and in Jamaica, is undergoing adjustments, not collapses.
"Don’t panic over shadows when the sun is still shining. This isn’t a crash, it’s a course correction."
— Dean Jones
Foreclosures are part of any real estate cycle. They happen. But the difference today is that they are not the dominant force in the market. Instead, they are isolated events that reflect individual financial situations—not systemic failure.
Advice for Homeowners Who Are Concerned
If you are a homeowner in Jamaica and you’re worried about your ability to keep up with your mortgage, here’s what you should do:
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Don’t ignore it – The earlier you take action, the more options you’ll have.
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Call your mortgage provider – Ask about hardship programs or restructuring options.
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Speak to a real estate professional – You may be able to sell your home before falling behind.
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Create a budget – Review your income and expenses to find areas where you can adjust.
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Stay informed – Real estate markets change, and knowledge is your best tool.
Jamaican Proverb: "Trouble nuh set like rain."
Translation: Trouble can come unexpectedly. Be prepared and stay informed.
Final Thoughts from Dean Jones
"Jamaica’s housing market is not in crisis—it’s evolving. Smart homeowners and serious buyers are still making moves, and the long-term outlook remains strong. Now more than ever, the key is financial awareness and professional guidance."
— Dean Jones, Realtor Associate at Coldwell Banker Jamaica Realty and Founder of Jamaica Homes
So if you’re a homeowner worried about the news you’re hearing, know this: today’s foreclosure numbers are not the start of a disaster. They are part of a normal market cycle. Homeowners in Jamaica are better positioned than ever, and those who prepare early, seek advice, and stay educated will continue to thrive.
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Please note: Jamaica Homes is not authorized to offer financial advice. The information provided is not financial advice and should not be relied upon for financial decisions. Consult a regulated mortgage adviser for guidance.
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