The demand for both residential and commercial real estate in Jamaica remains high despite hiccups caused by the ongoing COVID-19 pandemic.

Vice President of the Realtors Association of Jamaica, Roger Allen said while most expected the sector to crash from the initial scare of the crisis, prices instead have largely held steady.

He noted that developers were eager to get their approved real estate projects off the ground from as early as June and July. Additionally, Allen said other developers have been looking for land opportunities to do more development.

On the buyer’s side, persons are looking for deals that never existed prior to COVID-19. These deals are rare, but are expected to come on the market with the rise in bad loans at banks and mortgage lenders. “There is money in circulation” and buyers are realizing that deals are potentially available, he said. This contrasts with the 2009 local recession spurred by the US Financial Crisis which slashed personal income.

Allen noted that searches continue for residential and investment properties, especially in the Corporate Area and the North Coast. He said although the North Coast has been hit hard, a number of premium developments have “gotten off the ground” in areas like Ironshore and Coral Gardens in St. James. In fact, a number of commercial entities are still “craving” office space with renters seeking to convert to owners, once properties enter the market.

Additionally, Jamaicans living in the diaspora have renewed their interest in acquiring property in the island, possibly as a contingency plan.

Meanwhile the fall-out from tourism has forced the short-term rental space to adjust quickly in order to pay bills.

A member of the Jamaica Home Sharers Association, Shara Nepaul, said investors have been “getting creative”, switching over to semi long to long term rentals (6 months to a year) to “wait out” the pandemic but still capitalize on those looking for property.

Nepaul rents her Ocho Rios-based property on AirBnb. She said members have been crafting their services with the anticipation that normalcy will return by mid 2021.

She said those choosing to continue offering short term packages have negotiated price changes and new packages, including adjustments to minimum nights, to meet demand. She said members are also promoting their dwellings to attract more locals who are now more active in the market than tourists.