Jamaica history

Jamaica’s third quarter of 2024 has consolidated the recovery that began in late 2023 into something more durable: a broad-based improvement in volumes across price segments, sustained price appreciation in the mid-market, and a north coast benefiting from another exceptional summer season. With the election calendar entering its active phase and the BOJ’s easing approaching completion, the market’s final quarter of 2024 will determine whether the recovery has legs into the election year.

With a general election due no later than September 2025 and the BOJ’s easing cycle adding further fuel to the market’s recovery, Jamaica’s property sector enters the second half of 2024 in its most active state since the 2021 peak. Pre-election policy commitments on housing, the continued improvement in mortgage affordability, and another strong tourism season are sustaining a momentum that market participants are approaching with cautious confidence.

The Bank of Jamaica’s rate-cutting cycle accelerated through the opening quarter of 2024 as inflation returned within the target range, delivering meaningful relief to mortgage affordability for the first time since the 2021-22 tightening began. The property market’s response has been tangible: transaction volumes are up materially on Q1 2023, developer pre-sales are absorbing at the strongest pace in two years, and the buyer confidence that had been suppressed through the adjustment period is returning with it.