Manchester welcomes boom in real estate development
Published:Friday | June 21, 2024 | 11:22 AMKeisha Hill/Senior Gleaner Writer
THERE IS an imminent real estate boom in Manchester catalysed by the recent May Pen to Mandeville leg opening of the East-West highway.
According to Simone Spence-Johnson, president of the Manchester Chamber of Commerce and real estate agent with Keller Williams Realty, the Jamaican real estate market has undergone some major changes over the past few years, and there are likely to be even more developments on the horizon.
“With the rise of remote work and flexible travel options, more and more people are looking to invest in vacation homes. In particular, the Jamaican real estate market is seeing an increase in demand for properties that can be used as vacation rentals. This trend is likely to continue, as more people look to take advantage of the laid-back Caribbean lifestyle that Jamaica has to offer,” Spence-Johnson said.
Over the past few years, the focus of the Jamaican real estate investment market has primarily been focused on a mix of tourist villas, beachfront properties or major housing developments within the Corporate Area. However, there is a growing shift towards a more diverse range of properties, including mountain retreats, eco-friendly homes, and broadening of areas for urban developments.
“Parishes like Manchester, St Thomas, Portland and St Ann are seeing major upticks in development and interest from developers, investors and buyers. With the extension of the East-West highway, allowing easier and quicker access to more affordable communities, this trend is likely to continue as more people seek out unique and accessible alternative real estate options,” Spence-Johnson said.
She shared her insights during the Central Jamaica Business Expo at the Golf View Hotel on Saturday, June 8. The two-day enlightening expo was orchestrated by the Manchester Chamber of Commerce, Golf View Hotel and SNAPP Limited.
The efficacy of real estate investment in Jamaica has stood the test of time, Spence-Johnson said, highlighting the consistent appreciation of property values in the region.
“There has been a steady stream of persons moving into the parish. We believe that the opening of the new leg of the highway has contributed significantly to this surge. People are looking for residential and commercial developments in Manchester; and as a result, there has also been an increase in residential solutions for individuals in the parish,” Spence-Johnson said.
The Chamber of Commerce president said there are a few developments in progress around the parish that include both residential and commercial properties. Residents, she said, are also converting their property to Air BnBs and other rentable spaces.
AFFORDABLE HOUSING
“Some of the solutions cater to the average market, but not all. When the great deals pop up, they do not stay on the market. We believe there is great room for affordable housing solutions from both private and public developers and organisations,” Spence-Johnson said.
The US$188-million May Pen to Williamsfield leg of Highway 2000 has reduced travel time between Kingston, Mandeville and other points west; with travel time between May Pen and Williamsfield below 15 minutes.
“The Air BnB market has significantly affected the rental market in the parish. It is extremely hard to find a rental property in the parish, whether house or apartment. We need to get more options in this area. If we were to put a percentage to persons wanting to buy versus rent it would be about 80 per cent buying to 20 per cent renting. There are more players in the game looking to buy than rent. Maybe that is why the rental market is scarce in the parish,” Spence-Johnson said.