LAUDERHILL – There is increased interest in the Jamaican real estate market, Florida residents learned, at the JN Real Estate Fair, held at the Inverrary Country Club, in Lauderhill on April 22. The event, which received an overwhelming response from Jamaicans living in the state, was attended by more than 400 persons.
Wanica Purkiss, Executive, Mortgage and Operations, at Jamaica National Building Society (JNBS), shared with the attendees that interest rates are the lowest they have been in 30 years; the building construction sector is exploring reduced construction costs; and within the past three years, the Government of Jamaica has reduced Transfer Tax and Stamp Duty to the lowest they have ever been.
“Jamaica National has extended its special offer of a 9.4 % mortgage rate, beyond the original April 30 date,” Mrs. Purkiss announced and added that JNBS would also contribute US$500 dollars towards closing costs, and provide up to 90% financing on residential loans.
The fair featured more than thirteen real estate developers and realtor affiliates, who are part of the JN Preferred Lender Programme. The developers and realtors showcased properties on sale, or currently under construction in Jamaica.
Errol Hanna, Developer of Sea Cliff Village in Portland, said he was pleasantly surprised by the turnout and the interest shown by attendees in properties available in Jamaica, adding that, “a number of persons collected brochures and made enquiries about the property.”
An attorney detailed the various aspects of the sales contract, and outlined the responsibilities of the purchaser, their attorney and the mortgage financing company, in the purchase process, while a quantity surveyor shared valuable information on the cost and approach to constructing a home in Jamaica.
Information was also provided by representatives of the National Land Agency (NLA) on its iMap Jamaica and land titling services.
Janice McIntosh, Chief Representative Officer, at the JNBS Florida Office, said the positive response to the event, from Jamaicans in attendance, was due to, “the fact that many persons wanted to learn more about the availability, cost, location and types of housing and property investment opportunities that exist in Jamaica.”
A section of the audience at the JN Real Estate Fair held in Lauderhill, Florida on Sunday, April 22, 2012 at the Inverrary Country Club. More than 400 persons turned out for the fair which was held under theme “Paradise is Calling” and showcased properties of Jamaican developers as well as provided pertinent information on the local real estate market.
She said that assembling a variety of experts to provide pertinent information proved beneficial as a first step in the quest of the Florida residents to make a potential property purchase in Jamaica. Many were also interested in assessing the contrasts in the mortgage process in Jamaica and the United States of America.
“Persons are aware that the mortgage process is different and may take longer in Jamaica than in the United States and enquired about the factors that may contribute to this,” she stated.
Wanica Purkiss (left) Executive, Mortgage and Operations, JNBS and Frances Ross (center) Account Executive Developer/Realtor Programme
Trevor Champagnie, Resident of Lauderdale Lakes, Florida, expressed appreciation for the presentations made by the developers on properties that were available in Jamaica, and said, “The fair was a great source of information, because many of us would like to go back home; and this information will guide us in making important housing decisions.”
Mrs. McIntosh added that the JNBS Florida Office would continue to facilitate the needs of Jamaicans in the state by hosting similar events throughout the year, and generate access to more experts in the Jamaican real estate sector.
Rory Marsh (right), of Meldam Realtors in discussion with a guest at the JN Real Estate Fair
