Curtis Martin, Managing Director of JN Bank, says despite the chaos and disruptions that the COVID-19 pandemic has brought globally, real estate investments have remained stable for many Jamaicans throughout 2020.
Mr Martin said with this reality, purchasing real estate is one of the most profitable ways through which members of the Jamaican Diaspora can invest in the development of their homeland.
He noted that members of the Diaspora continue to benefit from investments in real estate in Jamaica, pointing out that they were responsible for some US$512 million in mortgages in 2017, according to the Caribbean Policy Research Institute.
Mr Martin provided the information in a recent message endorsing the launch of the Jamaica Diaspora Magazine. The magazine, which was officially launched on December 18, is the creation of Azanell Properties International (API) and is geared towards Jamaicans living overseas.
The JN Bank managing director stated that supported by its climate and natural, lush landscapes, Jamaica represents some of the Caribbean’s most prime real estate.
“Coupled with an intoxicating culture and penchant for capturing and capsuling great memories, the island makes investing in property an easy decision for many who want to,” he added.
Petal James, Chief of Branches at JN Bank, added that while some levelling off of real estate prices has been predicted, they are not expected to decline,” she said.
She further pointed out that the market is pregnant with several opportunities that should begin to emerge in mid to late 2021, as new developments get underway and as the travel industry picks up steam.
“This, twinned with Airbnb’s IPO-listing, the share economy is set to rise again, and Jamaicans could see a re-emergence of short-term rentals soon,” she noted.
In congratulating Azanell Properties on the launch of their new publication, Miss James said the magazine will add great value to the Jamaican community overseas, as it provides another medium through which they can connect and reconnect with their island home.
“I’m certain that it will also provide opportunities for synergies and collaborations that will be of mutual benefit to all of us and will lead to further economic and social development for Jamaica. More so, this magazine promises to provide pertinent information about real estate investment and the many opportunities that abound,” she stated.
Doreen Buchannan, chairman of Azanell Properties, said the vision of the magazine is to amalgamate Jamaicans globally. “The mission is to provide a platform for the unification, integration and wealth creation of Jamaicans globally,” she said.
She noted that the magazine will provide well-needed information about investment opportunities in Jamaica, as well as to showcase the beauty of Jamaica to the world. “Look out for our online fair where all Jamaicans globally will be able to showcase their goods and services and create a supply network among our own,” Mrs Buchannan informed.
Oliver Mair, Consul General of Jamaica for Southern USA, who spoke at the official launch on behalf of the Prime Minister of Jamaica, the Most Hon Andrew Holness, said the creation of the magazine is another example of the dedication and commitment of Jamaicans in the Diaspora to the development and building of the nation.
“The API team has, through relentless efforts, produced a package that will satisfy an important niche market among Jamaicans all over the world,” he said. “With its focus on real estate, this magazine will provide valuable information for Jamaicans abroad, who are making that key decision to return home for retirement, business or owning land as investment income.”
Mr Mair said the Jamaican government remained committed to improving all aspects of life in Jamaica to ensure a better quality of life.