Seeing is Believing | Jamaica's Housing Boom
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- Опубліковано 28 чер 2024
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Link to the Short referenced in the video • Why Jamaica's real est...
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I'd like to make a mostly positive list for the questions often raised:
1. It is not a 'Jamaican' problem, it is an international one. Real estate worldwide is rising.
2. Crime will dwindle in the face of massive investments due to gentrification of inner-cities primarily Downtown, Kingston(That waterfront is a historical goldmine)
3. For those who can't afford the houses.Your best option is to buy and build in a rural/underdeveloped area near a city or town (Cherry Gardens was once a rural back a bush place)
4. Seek employment overseas or go and work overseas and come back if possible (Please don't "run-off").
5. Exploit the investors by creating the products you see them importing (Either be the manufacturer or middleman)
6. Last but not least surround yourself with positive people, smart minds or be a positive person, our current culture is highly toxic and depressing to our current generation.
No 6...?) It is mostly the current generation on the island, that are "toxic" I'd go as far as saying, they are the problem!
They are toxic because their parents left them with relatives to work in a foreign country. You are seeing 1 of the end result from the foreign mentally. But dont worry we are currently having a drastic decline in our birth rate SOON there will be no young people on the Island. That should solve your toxic children mentality. #4 So the solution is to go overseas and earn foreign money to come back to buy a home. Dont you think there is something wrong with this thought.
5 and 6 💯
For number 5 I really hope Jamaica will choose to be the manufacturer
Lol crime isn't going to decline due to investment, that's a cultural problem. Badness and crime reaps fast money and is perceived to be cool. For instance, some successful Dancehall artistes from impoverished backgrounds still engage in criminal activities in some manner.
Thank you Throp for helping to enlighten our people.
Some of the bitter negative comments are coming from some of us in the diaspora who have spent a lifetime believing that we were the "lucky" ones to have escaped the crime and poverty in Jamaica. It gave us a perceived status especially when we travel back to Jamaica. Some wouldn't even visit.
Now, the same people are shocked and at times angry that the tide is turning and Jamaicans who have remained are now doing well. I think we should lose this mindset and come together to build Jamaica and make it a great place is to live, retire and do business.
The comments about affordable housing is a legitimate one and needs urgent attention.
Very well sad. You dont want to hear them when they land in the airports and go to the hotels to spend their vacations ( for they dont have any home to go home to), they thrash Jamaica left, right and center. Some cant believe that we are able to buy a house, buy a car shop online for top brands and also visit America for our vacations.
Let's not talk about Brooklyn. In the early ninties I wanted to buy a brownstone in Parkslope for 300k, I wanted my parents to go half, they said no. Ive regretted that ever since. It's now worth 2.5 mil.
It's every where. People told me 18 years ago that townhomes don't hold value not to buy one.
Well, so glad I didn't listen and I bought.
It's has doubled it's value and keeps going up.
I get calls every day to sell. I'm not selling.
Not a rant.... Some of us...myself included needed to hear this. Keep it coming. Excellent advice.
The issue is a great divide is taking place between the upper and lower classes. The middle class is getting extinct. Persons purchasing these homes are either a part of the diaspora (earning in a developed country) or local residents are purchasing their 2nd or 3rd homes. (or even more!). Based on average Jamaican salary, these homes are out of the masses purchasing power. So they are left to watch from the sidelines. But he is correct, it is happening! There are lots of developments slated for various markets in Jamaica. So even if we, as locals, complain, it won't stop what's happening. I would encourage persons to find a way to participate. Look for older homes in need to repair near these places of boon and invest for the long haul. The train is leaving the station, either you're gonna get on or get left behind.
Throp, I really admire everything you are trying to accomplish in Jamaica. Nothing stays the same forever. I believe, like you, that Jamaica will rise. It start with us not being emotional about the negatives, staying focused on the realities and finding real long term solutions to move the country forward. But I honestly believe Jamaica will rise. Stating what it s factual is not about being negative, but being brutally honest about realities. Often times, when one point out facts or statistics in this comment section, people get all up in their feelings, labeling others as being negative or tearing down. Well how do you fix anything, if one is not willing to accept what the truth and realities are. That said, I believe firmly Jamaica will rise.
You are totally right in everything you said, alot of Jamaicans are ignorant about investments. I remember buying a old house good community in Kingston year 2009 for 9 million dollars. 8 out of 10 friends told me i was making a big mistake and its far too expensive, i didnt listen to them because they weren't home owners. its now 2023 and the property value 60 million dollars now. The point i am making is that my friends still dont own a house because they are looking for their dream house and now the housing market is out of their reach..be smart ppl
How old were you when you made that decision?
late 20s
Agree with you again completely. Jamaica housing market is an excellent place to invest. My brother and I are investing in JA and we are hoping to get the rest of our siblings to do the same soon. Keep up the excellent messaging!
Jamaica seems to be moving in the direction as St. Barth's in terms of prices. I will say I honestly don't know how I feel about it. On the one hand, its great because the island will attract more high-net worth buyers and investors. Which hopefully will result in more job creation. But then it also makes me feel sad for the average Jamaica. Especially when the minimum wage is so low. When it comes raising the standard of living for the 'average' Jamaicans, the government definitely need to focus on attracting more fortune 500 companies like Uber, Apple and Microsoft to build factories for job creations. They also need to develop more programs for young entrepreneur in terms of accessing SB loans and grants. Which honestly need to be a course in schools. I went to school (primary & high school) in Jamaica, and I learned more about money and building wealth by reading Rich Dad Poor Dad, than I ever did in a classroom. But that's a different conversation. Great Video.
Thanks for this balanced discussion. I bought a home in a gated community in 🇯🇲in the early 2000’s and have not regretted it. At the time persons asked me why would I do that. I am of Jamaican heritage and am motivated to give back to my country of birth. I have seen improvements overall, I think Jamaica is sleeping on the wellness market. My biggest dislike with the scheme housing and housing overall is the lack of diversity of building structures, it’s the same building plan/ mold everywhere.
Great point.
There are some people who are bitter, as life has not provided them with the opportunity to buy in Jamaica
Some people are ignorant, they are unaware of global trends and watch negative news all day and then cannot understand why prices are rising so quickly in a country ‘filled with crime ‘
Most people lack discernment, the ability to judge a situation well and be able to see past the current woes that plague society and what life could be and will be like when violence in under control and even if it’s not this will continue
The affordability issue is a genuine concern that needs to be addressed by their elected government and relevant bodies tasked with doing so. Leaving nasty comments about people, realtors etc just won’t help
The biggest issue I see and hear, people demand to live in Kingston and other hot areas but their pockets only support bush locations! Compromise is key
Always good to read your comments.
Hi I don’t know if there were any discussions on the true cost of buying out there
We are currently buying from overseas and we were so shocked at the price of the bank’s closing cost and the shortfall . This needs to be explored in detail as it feel exploitative.
Thanks throp been trying to buy for awhile now. Just need to find the right home.
Well said, Throp!! Thank you so much for all the great information that you share with us. ❤️🙏🏽☀️🇯🇲
thanks so much!
Excellent content. Retirement in Jamaica would be a dream of mine.
Thanks so much
Start making plans for it NOW
Just a heads up for you. Many of our Nurses and Doctors migrate to foreign countries, the public system is straining because of this. Please do not blame the government for it cant stop people from migrating like how you have done. So prepare your self to dig deep in your pockets for private medical care or carry back your own nurses and doctors.
🥰🥰🥰… THROP THANKS AGAIN FOR YOUR GREAT PASSION FOR JAMAICA’S GROWTH… 🥰🥰🥰
So, I'm only 2 min in but wanted to comment. I think one of the reasons people are also shocked that the home prices in JA are so high is because the wages are so, so, so shit. At least, that's why I've been so shocked.
I would say the majority of people living in Jamaica are making less than $10 an hour right now. When I was there in 2017, I made $5 an hour, and that was considered "good money" compared to what other jobs were paying. I applied to a job that paid almost $3/hour and that was considered "competitive" at the time.
When the wages are such shit across the island, it's both shocking and extremely unfair that the house prices are so high. They're higher than in my province here in Canada. Like, wtf. And the mortgage rate is insane as well.
Additionally, it's even more upsetting because I feel like Jamaicans are being priced out of their own damn country. It was so upsetting to me when I met my husband, there were many "gems" of his own goddamn island he hadn't been able to see because they're behind a paywall. Naturally occuring phenomenon/areas that had been there for such a long time, now behind a paywall.
Although I'm glad there's more investment in Jamaica, I don't actually think it's benefiting the actual Jamaicans who live there. I mean, there may be more western stores and such, which can help to create more jobs and allow Jamaicans to have access to the same things other westernized countries have regular access to. But as long as the wages are low and many struggle to afford a place to live, it's not actually helping.
I actually just had a conversation on the phone with a friend of mine before this video went up. For context, I'm currently in Canada, and am in my mid 20s moved here after grade 13, my friend is still in Jamaica, in Montego Bay and we went to school together.
I've always long thought of jamaica as a place.ripe for investment and industry growth.
He and his gf were planning to make a move to Kingston, and he described to me that there was absolutely no median. Places that were available were either really nice, or really bad/ghetto etc.
There is an argument to be made regarding targeted median housing for the middle class. Not just with real estate sales, but with leases/rentals as well. I'm happy to see a boom but like you mentioned in your video I am genuinely concerned about leaving the middle income and lower earners behind. It's something I see in Toronto.
So hopefully given the fact that we are seeing the uptick and are aware it is growing, we really need to step in and ensure the correct regulations and work is being done to facilitate the affordability of the average jamaican.
9:49 They should look at older homes in great neighborhoods. They need fixing up but they are affordable.
They could make an old home their new home after renovation. An older home has been through hurricanes. These new homes haven't only time will tell how they will fair.
I am overseas, bought in Jamaica 20 years ago and have been very happy with my investment to the point i am looking to make my 3rd purchase now and will continue to do so, especially since it's also now harder to purchase where i am at now.
Amazing! Congratulations!
Jamaica is a beautiful island I've lived here for 16yrs the only thing that I think worry s a lot of people is the crim factors, as it is now getting out of control and nothing is being done about it.
And I speak from first hand Experience.
Throp it is not the prices of the real estate that we local Jamaicans are having the problem with it is our salaries can not purchase these homes. So if we cant lower the prices of these properties Then we should raise the salaries of the local workers. The option of us going to foreign to work to come back to buy a home must NEVER be an option.
This is so true especially New York. Flatbush is not the Flatbush I knew back in college. Lol! It’s changed so much and it’s very expensive for an apartment. My nephew is living in Brooklyn and pays a couple thousand for rent.
We would love to har about the rest of Jamaica, like Kingston, and not just the West
I’m currently renting a house for my mom in Jamaica and at the time we should have just bought the house instead of leasing. The price went up drastic from what it was originally listed for 1 year ago. We’re now on the path to purchase it.
Everything you said in this video is spot on. People need to be more open minded when it comes to real estate in Jamaica. If we don’t do it others will. And that’s we’re the regret will come in.
Take the chance . . 1 life to live ❤ may your home dreams come true 🎉
@@gfluff3525thank you !
All excellent points,good job!
I'm concern with the quality of these new homes. Jamaica hasn't had a hurricane in a while to see if these new constructions will wither the storm.
I agree. Errol Stevens said he bought his house in Priory St Ann in the 200s and now the rest of the development is going for 400s. Even with the crime Jamaica is still desirable.
This could turn out to be an emperor coat. Two things that drive buying property abroad and that is a strong property market in the US and UK, none of them are good at present. I am not an expert just something I have learned over the years. To be an agent in Jamaica you have to get a license which is a bit tricky.
Great topic. I did not see the short you referenced. Where can i find it?
Thanks Winthrop. Jamaica is an excellent investment. I continue to invest in Jamaica and it’s proven over and over to be a great investment. Buyers should invest as prices are rising
What goes up must come down .....It call real estate buble....
What's happening in Brooklyn is gentrification. Do we want that in Jamaica?
Fortunately or unfortunately this is what’s going to happen. My two main points with all this is one, if you’re in a position to get in get in as soon as possible. Two, let’s learn from Brooklyn and put major plans in place to ensure the average Jamaica is not left behind in this
Whether people want it to happen or not is irrelevant, it’s happening for multiple reasons. Be a part of it or stand by and watch it pass you by 👍🏼
my cousins and I were considering coming to live a few months back, now that this is happening, not saying we aren't interested but I am more so concerned with the locals than anything else. We all know how gentrification works. The people of Jamaica have been good to me since I was a kid visiting the island. I just pray more locals will be able to purchase as opposed to yt's
Globally real estate developers aviod low income houses like a leaper becuase of higher profits percentage per unit sold. The inly solution is government driven development for low income housing.
Those who can see past their nose.......will forward.........
Solid arguments 👍🏾
Jamaica houses are built with cinder-blocks not wood and dry-wall. So how is it America Jamaica houses fit a European style architecture...
I am looking to buy in Jamaica 🇯🇲 please help! I don’t care if it’s a small condo or a small house. I received my TRN last year.
I would recommend that you find 2 or 3 Jamaican realtors. If you widen the net of persons searching for you, you are more likely to find something quicker. Try to have them focus on telling you about properties before they come to the open market. Once properties gets to the open market, the bidding wars start. Non MLS properties are the way to go. Properties being sold by banks and by the estates of deceased owners are also excellent options. Sometimes those sets of sellers are not so concerned about making an obsene profit on the sale.
@@mnqolivia thank you so much!😊❤️
Let me add , you need to know beforehand where you wish that realtor to focus their search, it's either you want to live in Kingston or the North coast or the Negril area or some other South coastal area. Your best bet for best investment gain is to buy a condo in Kingston or Mobay, or in the Ocho Rios area. Gated communities are always great investments as well. Before closing the deal hop a plane and come see the property with your own two eyes, that's best. It's gonna be yours so it should feel right to you.
@@diannetgoldingfrankson2105 I like Ochi that’s where I would like to buy or Mobay.
22:11
Most of the homes being built in Jamaica are bought by Jamaicans based overseas and most of the time the homes are empty. That is not sustainable over the long run nor is it good for the island.
THIS. Many of the apartment buildings and gated communities are sold out and over half of the units sit empty. Of the persons who are there, many are short-term renters. This is NOT helping Jamaica.
I need to get a piece of that pie 🥧 asap. 😂😂
How did you end up living in Jamaica then , from the US ?
How can i get a resort like Travellers to buy and the cost i am ready to Leave America .
Do you have 10 million US to spare, and another 10 million to upgrade it and trick it out to attract the today travellers and their needs.
Yes we do
Indeed
Thrope, there are tyres for pot holes now just like there are snow tyres.
I say with the right tyres pot holes are here to stay.
I grew up with a dirt road now its paved. Jamaica is improving. The roads are getting better.
So people no build them own houses anymore..lol..hmmm
🇯🇲💪🙌💚🙏
Regular Jamaicans soon won't be able to afford to live in ja.
You just do not understand. REGULAR JAMICAN WILL NEVER REACH the point where they could afford 25 to 35 million dollar property...........You've got to be making at lease 7 million a year to afford 35 million dollar property and the average Jamaican only makes 900,000 thousand a year .....Born in 84 ur young dude .....
Why out price the local and expatriate market 🏴🏴🇯🇲
Stop making houses in Jamaica like America the houses in America really isn’t substantive they only look good on the outside 🧐
Who is doing this, we use concrete and steel, that has not changed.
Sorry but no. This is tone deaf. The real estate market is not 'great' for Jamaicans. Foreigners (including Jamaicans who live overseas, pay taxes overseas and do nothing to actually help improve Jamaica's economy) and Jamaica's 1% alone benefit. Locals don't benefit when they are priced out of their own communities and the country doesn't benefit when prime real estate is bought by people who don't live there and who are primarily interested in flipping for a profit. More of the middle class WILL leave. Same as in Brooklyn. Except they are not moving to another part of the country - they are leaving Jamaica altogether.
🤦🏾♂️ I don’t know where to begin with this. When you post something like this you gotta make it make sense. Jamaica’s #1 source of revenue is remittances. Jamaican’s from abroad sending money back to Jamaica. You can almost argue Jamaican’s who live over seas ARE Jamaica’s economy. Now, is there opportunity for Jamaica to better position itself so that the average Jamaican feels and rides this phenomenal economic wave that we currently find ourselves on? Absolutely. I personally don’t have a solution to this however I always bring it up using Brooklyn as a primary example we can learn from; the epicenter of gentrification. I can’t speak to the rate of emigration of middle class Jamaicans analytically. I will educate myself on this. However, anecdotally it seems like Jamaicans abroad are trying to move back home more than ever. Foreign ain’t exactly rainbows and butterfly’s
@@Throp Jamaicans who live overseas ARE Jamaica's economy? How Sway? Make it make sense when remittances only account for roughly 15% - 20% of Jamaica's GDP year to year. Gentrification is highly problematic and if that is your desired outcome for Jamaica, then it explains a lot about the messaging in a lot of your videos. I am extremely well aware that life overseas isn't a bed of roses, hence why so many of y'all are returning. However, for middle class folks who cannot afford to purchase a comfortable home here to live in and raise their families (not make money off), "foreign" becomes the answer. As it was for your target audience who can now afford to buy into these 'luxury' developments when locals cannot.
Remittances are the number one source of revenue for Jamaica as a single line item followed by tourism. There is nothing to argue here.
lol gentrification is not my goal here by any stretch of the imagination. If you think that you have not been paying attention to my content or perhaps are only focusing on aspects that suits your narrative. Again, I am merely presenting what is happening and taking place. I've canvased my community numerous times in search of a viable solutions to mitigate against gentrification. Trying to learn from other mature real estate markets around the world. Not just the US @@swmthomas5066
@@Throp I don't have a narrative. I'm merely responding to statements made in your videos as a Jamaican who is also aware of what is taking place and who is directly affected. Perhaps it would be good to evaluate your content from all angles rather than asserting that someone who disagrees is doing so to suit their narrative.
I don't know who your community comprises of but surely one solution is to cap the number of properties that can be purchased by foreigners and/or to cap the number of rentals allowed per development. This is done elsewhere to ensure access to housing by locals who actually sustain the economy.
No comment re: remittances as a source of revenue as, for Jamaica, that's not saying much.
Never buy a villa/house in a Caribbean island unless you can walk away and leave it and take a loss. It will be interesting to see what will happen with the infrastructure problems, especially water supply. All eyes are on the Chinese roads but the rural roads are terrible.