When people talk about Jamaica’s real estate market, the conversation often swings between high optimism and lingering caution. Recently, someone mentioned that Kingston has seen a surge of apartment construction, creating what looks like an oversupply. In fact, some units have been selling for less than their original listed prices in 2024. That observation is true in pockets of Kingston, but to take that as a sign of a nationwide price collapse would be a misread of the bigger picture.
The reality is simple economics: if a product—in this case, apartments—is created faster than demand, sellers must eventually adjust prices to meet the market. Yet Jamaica’s property story is not confined to Kingston, nor can it be measured in one season of sales. Across the island, the pulse of real estate beats differently in Montego Bay, Ocho Rios, Negril, Port Antonio, Mandeville, and beyond. To understand where we are and where we’re heading, it’s important to zoom out and appreciate both the historical cycles and the unique Jamaican context.
“In real estate, patience isn’t just a virtue—it’s the currency of opportunity. Markets breathe, and when they exhale, the wise prepare to inhale.” – Dean Jones
Kingston: Apartments, Aspirations, and Adjustments
Kingston, the nation’s capital, has undergone a remarkable transformation in the past decade. Sleek towers now punctuate the skyline in areas like New Kingston, Barbican, and Manor Park. Gated communities with modern finishes, rooftop pools, and fitness centers have targeted young professionals, investors, and expatriates.
But when too many developers bet on the same segment at the same time, competition intensifies. Some apartments listed in 2024 entered a crowded market, and buyers—aware of their options—drove harder bargains. That resulted in occasional price drops from initial listing prices.
Does this mean Kingston’s market is collapsing? Far from it. Instead, it reflects a classic correction in a localized niche. Apartments are one slice of Jamaica’s real estate pie. Detached homes, townhouses, and land still command strong interest across the island. In fact, many areas outside Kingston are experiencing upward pressure, particularly in the tourism belt where international buyers are active.
History Lessons: Why Jamaica’s Market Always Finds Its Feet
If there’s one constant in property markets worldwide, it’s cycles. Peaks and valleys are inevitable, but the trendline—especially in a country with limited land like Jamaica—always points upward over time.
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1980s Global Context: Mortgage rates in some countries soared above 18%. Buyers froze. Sales stalled. But once rates dropped, demand surged. Jamaica, too, navigated challenging interest rate environments, yet housing needs never disappeared.
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2008 Global Financial Crisis: Arguably the harshest modern downturn. Property prices dipped, projects slowed. Jamaica felt ripples, particularly in its tourism-driven investments. But recovery followed as investors regained confidence.
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2020 COVID-19 Pandemic: Sales across the globe paused overnight. Borders shut, travel halted. In Jamaica, many potential buyers and investors pressed pause. Yet within months of reopening, demand returned with surprising force, especially from returning residents eager to secure a home base.
The through line is clear: downturns are temporary, but demand for housing is permanent.
“Jamaica’s housing story isn’t written in quarters or years—it’s carved into generations. Land is legacy, and legacy never loses value.” – Dean Jones
Today’s Landscape: Affordability Meets Aspiration
So where do things stand now in 2025? Jamaica, like much of the world, has wrestled with affordability. Interest rates rose sharply in 2022 and 2023, raising the cost of borrowing. Meanwhile, construction costs have climbed due to imported material prices, global inflation, and supply chain challenges.
These factors have slowed sales volumes, particularly among first-time buyers. Yet at the same time, property remains one of the most sought-after investments for Jamaicans at home and abroad. Demand for homes under JMD $25 million remains robust, though inventory is often limited. Meanwhile, luxury villas and resort-area properties continue to attract foreign exchange buyers.
In short: affordability has pinched, but aspiration remains.
Kingston vs. The Island
The oversupply story in Kingston apartments has generated headlines, but beyond the capital, the dynamics differ:
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Montego Bay: The tourism hub has strong demand for both villas and apartments near the coast. Returning residents often prefer the west, driving steady interest.
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Ocho Rios & St. Mary: With highway improvements, these areas have seen increased activity. Properties with ocean views remain highly sought after.
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Negril: Still relatively underdeveloped compared to Montego Bay, Negril attracts eco-conscious buyers and boutique tourism investors.
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Portland: Long considered Jamaica’s “hidden gem,” Portland has been gaining momentum among investors seeking tranquility and authenticity.
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Mandeville & Central Jamaica: Demand from middle-class professionals creates steady movement, though not at the fevered pace of Kingston.
So while Kingston may have an apartment glut, much of the island tells a story of steady if sometimes cautious growth.
Looking Ahead: 2026 and Beyond
Global forecasters predict a rise in sales volumes as interest rates stabilize or decline. Jamaica will feel these tailwinds. By 2026, activity is expected to tick upward, driven by both local buyers regaining affordability and international investors continuing to see Jamaica as a safe haven for real estate.
Developers are already recalibrating. Instead of building solely high-end apartments, there’s renewed interest in mixed-use developments, affordable housing schemes, and sustainable communities.
“The next great chapter in Jamaican real estate won’t be written in concrete and steel alone—it will be built in balance, where sustainability and affordability meet.” – Dean Jones
Sellers: To Hold or To List?
Many Jamaican homeowners today face a dilemma. If they listed their property and didn’t achieve their desired price, they may feel discouraged. According to U.S. data (often mirrored in Jamaica’s trends with a delay), more homeowners are pulling properties off the market when offers fall short.
This can be frustrating, but it’s worth remembering: pulling your home today doesn’t erase its value tomorrow. Markets shift. Timing matters. With the right guidance, patience often pays.
That’s where real estate professionals step in. A trusted agent provides not only market data but also strategy. Knowing when to re-list, how to stage, and which buyers to target can mean the difference between disappointment and delight.
Buyers: Opportunity in Disguise
For buyers, moments like these are often the best times to act. With Kingston apartments experiencing softer prices in some pockets, opportunities exist for first-time homeowners or investors looking to secure rental units.
Nationwide, patient buyers who understand the cyclical nature of the market are likely to benefit as conditions normalize. The witty connotation here? It’s a bit like mango season in Jamaica—if you wait for the perfect time, you might find the sweetest fruit already gone.
As founder of Jamaica Homes and a Realtor Associate at Coldwell Banker Jamaica Realty, Dean Jones has seen firsthand the market’s ebbs and flows. His voice offers both reassurance and challenge for those navigating the current climate.
“Don’t measure your property’s worth by today’s headlines. Measure it by tomorrow’s horizon.” – Dean Jones
His advice underscores a truth: short-term fluctuations matter, but the long-term trajectory is what builds wealth, stability, and legacy.
Conclusion: The Long View
Jamaica’s real estate market is not defined by Kingston’s apartment supply alone. While some listings in the capital have adjusted downward, this does not represent an island-wide decline. Instead, it illustrates how markets self-correct when supply outpaces demand.
History shows us—whether in the 1980s, the 2008 crash, or the COVID-19 pandemic—that slowdowns never last forever. Demand for housing is resilient, and Jamaica’s appeal, both for locals and internationals, only deepens over time.
So, whether you’re a seller deciding when to re-list, or a buyer seeking the right moment to enter, keep perspective. This is a cycle, not a crisis.
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.