A Jamaican stockbrokerage and investment adviser has labelled residential real estate prices overvalued, following an analysis of the market, and concludes that the market is due for a correction.
Residential properties on the market, says Stocks and Securities Limited, now sell for $14,000 to $15,000 per square foot, representing a 67 per cent to 75 per cent increase since 2005, when the comparative prices were $8,000 to $9,000 per square foot. "However, the average income of a working Jamaica is not supporting the price at which residential real estate is selling," said Lisandra Rickards, research analyst for Stocks and Securities. Statistical Institute data place Jamaicans' average income or GDP per capita at $90,700 in 2005; World Bank figures in 2006 estimate it at US$4,520, which then converted to about J$303,000.
REAL ESTATE in the future will not only be confined to the mainland.
Prime Minister David Thompson said additional land acreage could be created off the coasts of Barbados by reclaiming lands by constructing offshore islands and marinas for yachts.
Speaking during his Budget proposals yesterday, the Prime Minister said the availability of additional land on the West Coast for further tourism and high valued real estate development was severely limited and constrained.
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