Kingston, Jamaica — 6 February 2026
Global listed real estate markets are showing early signs of a rebound after several years dominated by the United States, with Asia and Europe emerging as the strongest performers. The shift is drawing renewed attention to how international property cycles, capital flows, and interest rate movements can shape long-term housing and development outcomes for small, open economies such as Jamaica.
Recent performance data from global real estate investment trusts (REITs) suggest that non-US markets are outperforming their American counterparts for the first time since 2017. Asia-Pacific markets, followed by Europe and selected emerging economies, have led the recovery, reversing a prolonged period in which US property assets were seen as the primary global safe haven.
A changing global property cycle
The recovery follows several years of uneven performance across regions. While US listed real estate benefited from scale, liquidity, and relative economic stability, international markets contended with political uncertainty, slower growth, and post-pandemic disruption. That balance now appears to be shifting.
Lower interest rate expectations, stabilising inflation in major economies, and improving supply-demand fundamentals have begun to restore confidence in global listed property. Valuations outside the US entered 2025 at deep discounts to underlying asset values, particularly in Europe and Asia, creating conditions for a rebound as financing costs ease and investment activity resumes.
This phase of the cycle is less about speculative momentum and more about fundamentals. Historically, multi-year real estate returns have been anchored by income growth, occupancy, and long-term demand rather than short-term sentiment. Current signals suggest a return to those dynamics as markets adjust to a higher-for-longer interest rate world that is now gradually softening.
Why global trends still matter to Jamaica
Jamaica does not have a listed REIT market of comparable scale, nor is it directly exposed to the same capital structures driving large international portfolios. However, global property cycles still matter. International investment sentiment influences tourism development, cross-border financing, diaspora investment behaviour, and the availability and pricing of development capital.
Periods of renewed confidence in global real estate tend to unlock institutional capital, some of which finds its way into emerging and frontier markets through hotels, logistics facilities, mixed-use developments, and infrastructure-linked property. At the same time, easing global rates can lower borrowing costs for Jamaican developers and governments, indirectly shaping housing supply and construction activity.
Conversely, when capital concentrates heavily in a single market, smaller economies often face tighter financing conditions and reduced risk appetite. A more balanced global allocation environment can therefore improve Jamaica’s long-term development options, even if the effects are gradual rather than immediate.
Structural themes shaping the rebound
The international recovery is also being driven by sectoral shifts that have implications beyond listed markets. Demand for logistics, data infrastructure, healthcare-related property, and urban retail formats is rising as demographics, technology, and consumption patterns evolve.
These themes echo challenges already visible in Jamaica: pressure on urban land, the need for resilient logistics and storage, ageing populations, and the ongoing tension between commercial development and housing affordability. While Jamaica’s market operates at a different scale, global capital increasingly favours assets linked to essential services and long-term use rather than speculative excess.
Dean Jones, founder of Jamaica Homes, said global property cycles often “set the tone for how capital thinks about land and buildings everywhere, even in places that sit outside the main indices.”
“Jamaica’s housing and development story is not detached from the wider world,” he said. “When international real estate moves back toward fundamentals, it reinforces the idea that land, shelter, and long-term security remain core economic assets.”
Looking ahead
The outlook for global listed real estate remains uneven and region-specific. Europe’s recovery is closely tied to inflation control and refinancing conditions, while Asia’s performance depends on policy support and domestic growth. Risks remain, including geopolitical tensions and uneven economic expansion.
For Jamaica, the relevance lies less in short-term market performance and more in what the shift signals about the next phase of global property investment. A world in which capital is more evenly distributed, financing conditions gradually improve, and fundamentals regain importance may offer steadier ground for long-term housing, development, and land use planning.
As global real estate rebalances, the question for Jamaica is not whether it can mirror those markets, but how it positions its land, housing stock, and development frameworks to remain credible, resilient, and attractive in a changing international landscape.
Disclaimer: This article is for general information and commentary purposes only and does not constitute legal, financial, or investment advice. Readers should seek professional guidance appropriate to their individual circumstances.
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