JAMAICA'S new luxury home community, The Palmyra Resort & Spa, has proven once and for all that real estate renaissance on Jamaica's Gold Coast is in full swing.

Palmyra Lures Expats Back to Native Soil

JAMAICA'S new luxury home community, The Palmyra Resort & Spa, which has catapulted the island into the Caribbean real state market, has proven once and for all that real estate renaissance on Jamaica's Gold Coast is in full swing. The luxury beachfront community reached US$100 million in luxury real estate sales as buyers from around the world flew into Montego Bay to attend the Palmyra Sales Event at the neighboring Ritz-Carlton on May 5-6.

The private Sales Event was open solely to reservation holders from the U.S., UK, Canada and Jamaica. "I researched real estate opportunities in the Cayman Islands and Bahamas and found the value to be significantly better in Jamaica," says Robert Lawrence, a new Palmyra resident from Westchester, Pennsylvania. "The renaissance on the Gold Coast and confluence of island improvements has made the timing for buying ideal."

Says Carolyn Rose, another Palmyra buyer; "As a resident of New York City, was looking for an island destination I could escape to. After visiting Jamaica in October and seeing all the positive change throughout the island, I knew this was the place for me."

States President of The Palmyra Resort & Spa, Dennis Constanzo; People are realizing that Jamaica is one of the last hidden gems of beachfront property, representing a unique ground floor investment opportunity. Real estate prices are considerably lower than on the other Caribbean islands, and with the introduction of The Palmyra, interest in property from foreign vacation homeowners has surged." According to Constanzo, shrewd foreign real estate investors are not the only ones rushing to purchase property; Jamaicans living abroad have recognized the tremendous opportunity to own a piece of their homeland and are jumping at the prospect of re-establishing firm ties with their native soil.

Says Grennet and Sandra Service, new Palmyra residents from Orlando, Florida; "Jamaica is our homeland, and we always wanted a more permanent presence here. We're excited o have found the most luxurious location on the North Shore and have greatly enjoyed meeting our new neighbors'." Simone Stewart, a NASDAQ attorney living in Washington D.C., is another expat Jamaican who fell in love with the project after hearing about it from a friend. "Jamaica is long overdue for a five-star property like The Palmyra," Stewart says. "The community offers a smart investment with all of the conveniences of a luxury resort - in my own home. I'm thrilled to re-establish my roots so close to my family in Negril."

Says London resident Carolyn Thompson; "I was born in Jamaica and lived there until the age of 22, when I moved to the UK. I knew I'd always find my way back to the island, and this community was the ideal excuse. The Palmyra's location is perfect and the amenities fit my lifestyle—I can't wait for the ESPA to open!"

A main catalyst for the island's real estate renaissance, the gated residential community is widely viewed as the most exciting development to come along in decades. Stretching along one-half mile of pristine Caribbean oceanfront, the pioneering project has introduced a luxury offer never before seen on the island, with luxury villas and residences in a tropical village setting.

Beautifully positioned on 16 acres of pristine ocean front land adjacent to the famed Ritz-Carlton Golf & Spa Resort in Montego Bay, The Palmyra Resort & Spa offers the allure of Rose Hall's internationally renowned golf courses, sandy white beaches and a private club lifestyle that is unrivalled in the Caribbean. World-class amenities include preferred access to three internationally-acclaimed golf courses and a 42.000 square foot luxury destination spa, designed by award-winning, internationally-recognized spa designer Susan Harmsworth, founder and CEO of ESPA. Within the industry, Harmsworth is considered somewhat of a global spa-guru and her master pieces to personal health and wellness include spas in New York, London, Miami, Barbados, Tokyo, Ireland, Milan, the Maldives, Barcelona, Monte Carlo and the Swiss Alps. The ESPA team have also designed Tuscany's first destination spa at The Palmyra's luxurious ‘sister property'; Castello del Nero Boutique Hotel & Spa.

Other amenities at The Palmyra include Personal Concierges, on hand to help fulfill all residents' needs whether it is arranging activities, a Private Chef, transportation, restaurant reservations, tee times or babysitters. "The Palmyra will offer the best of all worlds," says Palmyra President Constanzo. "Residents can relax by one of three pools that overlook the sea or enjoy an array of beachside amenities that include cabanas, adventure gear for snorkeling, kayaking and more. Dining options within the community include ‘Annie's Reach' signature restaurant or relaxed dining throughout the day at the Clubhouse."

Says Constanzo; "We've long known that Jamaica is the next Caribbean destination primed for a real estate boom, and we're honoured that so many families are choosing The Palmyra as their home away from home."

According to Constanzo the introduction of competitive mortgage financing has been instrumental to the growth in real estate activity. "We have experienced a massive interest in First Caribbean Bank's International Mortgage Package, available to foreign investors for the first time. Most clients have pointed out that this financial product has been long overdue in Jamaica. With loan terms of up to 20 years, FCB currently offers the first 5 years on an interest only basis."

Constanzo, who has managed the construction of luxury developments such as The Ritz-Carlton Huntington Hotel, Pasadena and La Belle Creole in St. Martin, French West Indies, says that aside from the island's warm and friendly people and its abundant natural resources, Jamaica's new infrastructure will move it ahead of its Caribbean neighbors.

"There is a good reason the London Times calls Jamaica ‘The Comeback Kid' of the Caribbean," Constanzo says. "Jamaica's upside is going to be spectacular in the next 10 years. Property values will continue to increase, particularly with the 2007 World Cricket Cup, and the vast improvements to the island's infrastructure will create significant development. It is exciting to simply be part of that."

Buyers can own a fully furnished luxury condominiums or villas at The Palmyra's private sanctuary for prices from the $400s to the US$5m. The new Palmyra residents will be able to begin using their residences in late 2007 when construction of Phase I is scheduled to be completed.

To purchase a condominium or villa at the Palmyra, call +1 876 953 9787 or visit www.thepalmyra.com.