"Jamaica provides an opportunity for property buyers to have it all."

With its unique culture, friendly people, ideal weather, wonderful beaches and spectacular mountains Jamaica provides an opportunity for property buyers to have it all. Following the introduction of major developments and several smaller projects, the island's real estate market is booming. From beach cottages in Negril to luxury condominiums and villas on the ‘Gold Coast' that offer standards comparable to the best in the world, a wide range of properties are available to suit any taste and pocket.

Says Andrew Issa, Managing Director of Coldwell Banker Jamaica; - "In my opinion, Jamaica offers the number one real estate value in the Caribbean today. Due to a relatively dormant real estate industry, the island's real estate has been undervalued, but times are rapidly changing."

Real estate prices are expected to increase following the island's many infrastructural improvements that include brand new airports, highways, power and telecom infrastructure, among others. Additionally, the island's plentiful water supply is a major advantage.

The island-wide improvements have not escaped the attention of foreigners, who are realizing that Jamaica has a lot going for it and are snatching up property at a heightened pace. Importantly, financing and mortgage brokering are now available to foreigners at competitive rates, putting the purchase of a second home within reach for many, and the number of overseas vacation home buyers has skyrocketed.

At the forefront of the high-end resort market is The Palmyra Resort & Spa in Rose Hall, Montego Bay. This luxury development is marketed to the international jet-set crowd with prices that start in the US$450,000s. Says Issa; - "Compared to the rest of the Caribbean, The Palmyra is a steal. A suite in the Ritz Carlton development in the Cayman Islands sells for US$7.45 million."

Specializing in real estate of US$300,000 and upwards, the international real estate brokerage has experienced an overwhelming response to The Palmyra. "As we help buyers make informed comparisons by showcasing a wide range of available properties, potential investors gain strong confidence in The Palmyra." says Sales Executive Dawn Ruddock.

Many have discovered the wonders of soaking up the relaxed vibes of the gorgeous island and bought their own tropical ‘pied-à-terre' on the sunny island. Ruddock explains that the ‘Jamaican factor', which lures people back to the island's shores time and time again, is part of the reason people purchase a little piece of tropical paradise.

"Two years ago," states Issa; "Coldwell Banker Jamaica Realty hosted its Caribbean franchise conference in Montego Bay. The attendees, who included the President of Coldwell Banker, were all overwhelmed with the beauty of the island and saw the great potential Jamaica had to offer compared with Bermuda, Bahamas, Cayman Islands, US Virgin Islands and the Dominican Republic." Continues Issa; - "A few months later, the General Manager of the Island Affiliates franchises returned to Jamaica that same December to celebrate his thirtieth wedding anniversary. Here was my boss, who has traveled the Caribbean for many years, choosing Jamaica to celebrate such a milestone event in his life."

No question, the cultural aspect is an important reason people decide "I want my little piece of the rock." But price plays another crucial role, favoring Jamaica in the competitive Caribbean market place. States Issa; "From a regional price perspective, Jamaican real estate is the best buy currently out there. At the moment, you will get more property for your money in Jamaica that any other Caribbean island, but I'm not sure how much longer this will last."

At prices up to 30% lower than the rest of the Caribbean islands, the local real estate market is heating up. States Issa;- "At Coldwell Banker, the number of international buyers has increased steadily and today, foreign property buyers account for more than fifty percent of our sales The demand for vacation properties continues to grow and with a wide selection of property listings, we are extremely optimistic about the future."

For more information contact Coldwell Banker Jamaica at tel. 946-0007 or www.cbjamaica.com.