Realtor Gary Matalon and property valuer Ryan Taylor say buyers have more negotiating power in some parts of Kingston, but conditions vary sharply by property type and location.
Jamaica’s real estate market is showing signs of a shift in bargaining power, particularly in uptown Kingston and St Andrew, where increased apartment supply is giving buyers more options. But the change should not be mistaken for a nationwide property downturn, the experts said on Taking Stock with Kalilah Reynolds.
More listings, longer selling times
Gary Matalon, Chief Operating Officer of different Group, said his company’s market data show a median selling period of approximately four months, with some listings staying on the market for as long as eight months before being withdrawn or expiring. Approximately one in five listed properties has had its asking price reduced, while as many as half are not selling, he said.
He stressed that this does not signal a crash. Well-located, realistically priced properties can still sell within days. Matalon said prices have approximately doubled since 2019, significantly outpacing inflation.
Apartments face the greatest pressure
Ryan Taylor, Managing Director of TASC Property Appraisals Company Limited and a Chartered Valuation Surveyor, said the shift is most evident among one- and two-bedroom apartments in Kingston 6 and Kingston 8. Benchmark prices for one-bedroom units have hovered around J$35 million since 2024, while two-bedroom units have generally sold for around J$50 million, depending on size, amenities and location.
Taylor estimated roughly 200 active one- and two-bedroom listings in the market segment he examined. However, he cautioned against treating those numbers as representative of the entire island. Townhouses and detached houses remain comparatively scarce and can sell quickly when correctly priced. Demand also remains strong for affordable homes costing J$25 million or less.
Location matters
Matalon clarified that his buyer’s-market assessment focused on Kingston 6 and Kingston 8. Taylor said townhouse values have continued to rise, estimating annual increases of roughly six to eight percent from 2023 to 2026. The north coast is also behaving differently, with tourism and short-term rental demand influencing prices.
Interest rates and affordability
Higher borrowing costs could cause some buyers to delay purchases, Matalon said, particularly amid global uncertainty affecting diaspora investors. Taylor argued that Jamaica’s strong culture of homeownership may sustain demand despite higher financing costs, although the full impact remains uncertain.
What buyers should do now
Matalon encouraged buyers to research the market and negotiate, while warning that greater leverage does not mean properties will be available at fire-sale prices. Taylor urged prospective buyers to seek professional valuation advice, study supply in the specific property category and ensure any purchase aligns with their financial goals.
Both remain optimistic about Jamaican real estate in the long term. Their message: today’s market rewards careful research and realistic pricing more than ever.
Watch the discussion: Taking Stock Episode 338 — Is Kingston’s Real Estate Market Finally Turning?
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