Kingston, Jamaica – July 2025 — In a market where housing demand is heating up across the island, first-time homebuyers are facing both new opportunities and serious challenges. With the Bank of Jamaica holding interest rates steady since late 2024 to curb inflation, mortgage availability remains stable — but prices in prime areas like Kingston, Montego Bay, and Portmore continue to rise.
At the centre of this whirlwind is a new generation of Jamaicans trying to get a foot on the property ladder — many of them turning to experienced realtors for guidance.
“In this market, your first home won’t be about perfection. It’s about positioning — positioning yourself to grow,” says Dean Jones, founder of Jamaica Homes and Realtor Associate at Coldwell Banker Jamaica Realty. “Ownership is still one of the strongest ways to break generational poverty in Jamaica. But you’ve got to be strategic.”
Pre-Approval Rates Rising — But Knowledge Gaps Remain
Across Jamaica, local lenders like NCB, VMBS, and JN Bank report a growing number of pre-approval applications — a trend partially influenced by the government’s New Social Housing Programme (NSHP) and recent campaigns encouraging homeownership.
Still, according to a June 2025 survey by the Realtors Association of Jamaica, 38% of first-time buyers begin house-hunting before they’ve spoken to a lender.
“That’s like planning your wedding before you know if the venue is available,” Jones quips. “Getting pre-approved isn’t just about paperwork — it’s about clarity. It tells you what you can realistically afford and keeps you grounded.”
Pre-approval also increases a buyer's chances of winning bidding wars, especially in competitive urban markets where well-priced homes often receive multiple offers.
Budgeting Beyond the Purchase Price
In areas like Spanish Town and Greater Portmore, more young professionals are entering the market thanks to better credit education and access to employer-based mortgage plans. But hidden costs remain a pitfall.
“Too many people budget only for the deposit and monthly mortgage. But there’s also closing costs, valuation fees, and in some cases, strata or HOA fees,” warns Jones. “A house isn’t just an asset. It’s a monthly responsibility.”
A recent exposé by The Gleaner revealed that over 50% of first-time buyers in 2024 underestimated the true cost of homeownership — especially when factoring in rising property taxes and insurance premiums.
To counter this, real estate professionals are encouraging buyers to create a "Total Cost of Ownership" plan, which includes utilities, repairs, and even commuting expenses.
“You don’t want your dream home to become a financial trap,” Jones advises. “Budget for your peace of mind, not just your purchase.”
Inspections: The New Non-Negotiable
Earlier this year, a viral TikTok from a young Jamaican couple in St. Catherine documented the collapse of a poorly constructed wall just weeks after they moved in — highlighting the risks of skipping inspections.
Since then, demand for certified property inspections has surged by over 22%, according to data from the Real Estate Board of Jamaica.
“Inspections are no longer optional. They’re essential,” says Jones. “A five-minute leak today could become a $500,000 disaster next month.”
Coldwell Banker Jamaica Realty now partners with several certified inspectors to offer discounted inspections for first-time buyers — a trend that other brokerages are beginning to follow.
Rethinking the “Forever Home” Myth
With property prices skyrocketing in city centres, many first-time buyers are turning to starter homes in up-and-coming communities such as Hellshire, Mandeville, and Discovery Bay.
“Jamaicans need to break free from the ‘forever home’ mentality,” Jones encourages. “Start with something solid. Build equity. Then grow. This isn’t a sprint — it’s a relay.”
This shift in mindset reflects a broader international trend. According to Bloomberg, millennial and Gen Z buyers globally are more open to smaller, fixer-upper, or suburban homes if it means entering the market sooner.
A Market Shaped by Faith and Flexibility
Jones, who hosts a weekly prayer and accountability session for realtors, believes that success in the Jamaican property market is about more than just numbers.
“Real estate isn’t just about land and buildings. It’s about people, purpose, and legacy,” he says. “I always tell my clients: ‘What God has for you can’t miss you — but you’ve got to do your part too.’”
In 2025, doing your part means arming yourself with information, aligning with trusted professionals, and being flexible in how you define your home journey.
Final Word: What First-Time Buyers Need to Know
If you’re planning to buy your first home in Jamaica, experts like Dean Jones say the path may be steep, but it's not impossible.
- Get pre-approved early
- Set a realistic total budget
- Never skip the inspection
- Be open to starter homes outside city centres
"Ownership is a declaration," Jones reflects. “It says you believe in your future. And that’s where true wealth begins — not with luck, but with vision and bold decisions.”
Dean Jones’ Quotes to Remember
“Start with a roof. Build towards a vision. Generational wealth begins one square foot at a time.”
“What God has for you can’t miss you — but you’ve got to do your part too.”
“Budget for your peace of mind, not just your purchase.”
“Your first home isn’t your final destination — it’s your first declaration.”
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.