Three investment drivers were mentioned: diaspora investment, young professionals and those who were involved in finance or corporate investors turning their attention to real estate. The latter is the most important category IMO. The agent didn't want to say this, but for many years the government gave very high interest rates on bonds. Financial companies, banks etc. basically stopped lending to the market and invested in these bonds. No risk, easy money. Even NHT was doing it. It was hard to get a loan to do anything, let alone buy real estate. It was so bad that when the government stopped doing that, Scotiabank Jamaica immediately put itself up for sale. Apparently the entire company seemed to be structured to buy government paper, looked like they no longer knew what to do. After the government came out of the market, all of a sudden, money became available for loans (including real estate) as financial institutions were forced to go back to what they were supposed to do to make money. Some even got involved in real estate development themselves. Suddenly institutions like pension funds looking for yield, NHT suddenly remembering its mandate allowed construction to take off. These young professionals are not suddenly rich; it's that they are now getting loans for the first time, and at half decent interest rates. It is a complicated issue. This construction boom looks like it has staying power though. There is HUGE pent up demand. Yes locals are being outbought by the diaspora, but there are still affordable options if people are willing to start small and try to build net worth over time.
You basically covered all aspects of what’s driving the current boom in real estate in Jamaica. I distinctly remembered this quote from former prime minister Bruce Golding when he said,”idle money will have to find work to do “ He meant gone were the days when banks and other financial institutions could just park their money into government bonds and watch the money roll in. Our manufacturing sector unfortunately was one of the biggest casualties of high interest rates. It was cheaper with almost absolutely no risk involved than lending money to start or expand businesses. Hopefully Jamaica will never see a return of 40%plus high interest rates again. It is really heartening to finally see what might very well be a turn for the better for the country. Dare I say a take off!
Very good point but what I think alot of people are missing is that all markets have a boom bust cycle. Usually after these periods of easy money there comes a difficult period when financial conditions change. The same boom environment was happening in the US, China and Canada where I live. Now all this easy money has caused very high inflation and other problem and now all these governments are increasing the interest rates to slow the inflation and now both the stock markets and housing markets are on the verge of crashing. The problem is those countries have alot of support and resources to deal with recessionary times. Jamaica doesn't have that. And I do not think this is going to end well for Jamaica after this run up.
I live in the US. I emigrated from Jamaica when I was 12, went to college, raised a family and I am still working. I would like to afford one of the many offerings I see from these real estate companies in Jamaica and pass the property on to my child and grandchildren, however, I am shocked to see the prices and would have a difficult time affording most of these places. SAD, SAD, SAD. Back in the 1980s and 1990s, the media made Jamaica out to be the most TERRIBLE, HORRIBLE PLACE and many of us in the diaspora gave up on our dreams, our hearts, and our heads that this would be a place we would like to return to. Now with world dynamics changing, we feel the pull to return to the place of our birth.
Do you realize that many blacks in the US do not own their own homes or have lost their homes because of shady practices, that change them higher interest, and other shady deals when blacks are purchasing a home? So when people think that the diasporans have BIG money sitting down in real estate here in the US. This is false. Why is Jamaica so expensive. There are many countries in the pacific region where the cost of living is very low and where their citizens can afford to purchase property and return after many years to live out their final years in their homelands. JAMAICA and JAMAICANS are too greedy and they don't see the forest for the trees, only MONEY, MONEY. A QUOTE: for all Jamaicans who think what is happening with all the gentrification in Jamaica is good: First they came for the socialists, and I did not speak out-because I was not a socialist. Then they came for the trade unionists, and I did not speak out- because I was not a trade unionist. Then they came for the Jews, and I did not speak out-because I was not a Jew. Then they came for me-and there was no one left to speak for me.
Cool. Still sometimes I wonder what this means for the "average" jamaican. Some of these prices favor those in the diaspora with higher purchasing power relative to locals. Another thing I wonder about is sustainability. A boom implies that things might slow down. Still its good that Jamaica is developing in this way
Its not sustainable but people don't think that far ahead. After every boom there is a bust and reversion to mean. People are not studying the financial conditions globally they are just taking everything at face value. The world is about to entire a major recession and many non financially savvy people are oblivious. All of this easy money is going to dry up
We welcome city development, but, let us do be prudent and cautious. Over the decades, many a nation state economic collapse has had roots in aggressive market leverage on real estate, in even more market sophisticated and savvy economies, than our own. Bullish, speculative market trends are akin to herd mentality. In a collective, we blindly move in the direction of those around us; our most educated MbA's are just as susceptible as the shady businessman looking an avenue to launder his cash. The question is, where is the market demand (people with ability to pay) locally? Surely we see no evidence of an influx swathe of expatriates nor returning residents currently. As an avenue of long term investment, real estate must have viable tennants with the ability to pay a rate which gives the investor a justifiable return. What would be the expected monthly rent (graduated for inflation) on an apartment that cost's 30 million over 20 years to justify the investment as a percentage of the initial capital? Would any savvy investor be able to break down the math for the doubting Thomas' please? I know many will simply dismiss this perspective as either ; "shortsighted ignorance" or "Jamaican badminded". I earnestly wish this will be the case because the migration of capital in this direction "may" have dire consequences, Ecclesiastes 1:9 What has been will be again, what has been done will be done again; there is nothing new under the sun
Pre-construction opportunities are impressive, wow. Mr. Phillips is bringing the best perspectives on how contagious progress and innovation are amongst Jamaicans 🇯🇲 💕
Heavy Chinese and other foreign investments. Vineyard Town was one of the premier neighborhoods where old money flourished. Adjacent to Vineyard Town, there is Friendship Park. These communities are where many of Jamaica's gentry lived. They have since died off and their children immigrated. It is wonderful that this community is being reinvented.
Yes. They always come and take the best. In Miami a beachfront area where whites used to live is sinking into the ocean, because of this they now want to move to the land that is further inland. The land is presently being occupied by renters and homeowners from Haiti, Jamaica, Caribbean. They are working to get the people off the land.
These same companies in Jamaica has worker going strike cause of low pay a day.. guy said he get payed 2,000 Jamaican dollars = 16 dollars usa... crazy...
What a phenomenal video Throp! I love the opening edits - very slick. This information was priceless and gives me so many ideas and brings up many questions for the next live show you do. I can't wait to talk about how things like this will affect Negril - Thank you for all this great work again my man, bless up.
Hope they Tax your pockets dry so someone whos been here working can afford a proper house without competing against u suckas who run off and come back
I don’t know who to trust regarding acquiring land & properties in 🇯🇲, especially because I have heard of an attorney who stole 31 million 🇯🇲$$$ from an immigrant who asked her to oversaw & sold his property.
What is the overall plan to keep the place from turning into a frying pan with all that concrete and steel construction. In the tropics a northern climate approach to architecture nah go work. You need a lot of trees to keep the surface temperature down. You can also use all that heat to fuel other things such hot water heaters, heat exchangers, and battery chargers. What is the overall plan?
@@chrisper94 do you have any idea what fuel and electricity rates are like in Jamaica? if they not going 100% solar energy bill thru the roof. environmentally these concrete jungles will spell disaster down the road. ever been to Manhattan in August?
Yes throp. You. Or right Jamaica is growing. My place. I was there. For the Christmas and. That. My mother is building. A house 🏠 in st Thomas now ni Albany NY want to com home
These look very nice but I hope Jamaica considers about the pitfalls of gentrification that other countries/cities have endured. I also hope they put regulations around how many units can be used as rentals by corporate/private investors and begin to think about revitalization of current housing options, mixed use and mixed income establishment.
Without all those in mind, they that could happen. Im happy Mr Holness is insisting that development must have something for everyone, not just for peeps who can afford in the millions..
Let’s not forget that we need more affordable housing/ rentals as the majority of citizens are not able to afford pricy property. Regarding land availability in JAMAICA, remember God stopped building land space long time ago.
You're on the dot. The issue is, we have those who left the island, experienced capitalism at its highest and returned home to do the same. Resulting in the same issue we have in the West...no properties for local residents to rent or purchase because the market is pondering to those who are in high income positions or living abroad and have the currency. We need to learn from the West and do better on our small island. Build for home and abroad - balance the opportunities so we don't create a divide so insurmountable that we end up with further oppressive experiences. Which as we know ends up in anarchy. Jamaica has the opportunity to build a system that sets an example. Not rich getting richer and those who work as their employees getting poorer. When I realised that the basic income in Jamaica is $8000 it was so upsetting. How on earth does anyone save to buy land or even rent any of these properties?! Capitalism...
@@Miracle-ms9hu So well said! Your comment touched on something that although it had crossed my mind, I didn't want to harbor the thought. I believe that one day in the near future many buying now will be scrambling to sell. Because of that belief, I would never buy a house in Jamaica.
Jamaica is the perfect place to buy apartments still the same one bedroom unit over seas for example miami the hoa /“maintenance “ fees would be about a thousand plus while in Jamaica it’s like 200 plus nobody in Jamaica gonna pressure you for not paying taxes
I start my real estate career in June of this year and have been saving up to build my 1st property in California. It's interesting to see the real estate market in neighboring countries. I definitely would like to invest in international markets within 5 years time.
What's driving the real estate investment market in Jamaica? People from the diaspora and other overseas investors. Most residents can't afford any of these developments especially not most young people. The average salary in Jamaica is around 100k JMD per month, what we need are more affordable developments.
Not true. Jamaica has one of the most successful home ownership scheme in the world. Ever heard of the NHT? It has made homeowners out of thousands of hard working citizens. In the states, we have nothing like it; only the banks and the money sharks. God bless Jamaica.
@@chrisper94 Are your crazy? You know we cant afford to live in decent communities here with our average salaries? Have you attempted to buy a house and watch a foreigner outbid you? You need to get active in the market and watch how disgusting these people are
@@snailspeed4828 , you missed my point. What I am saying is that no matter how hard it is for some residents in Jamaica to get into homes, they still have it better with NHT. We don't have any type of NHT system here. Maybe Jamaicans need to start with a home in a not-so-great neighborhood, then graduate to a better one later. The concept is to own a home no matter what; the rest will come.
@@chrisper94 What's not true? The median salary is $100k or slightly less which means 50+% of workers can't even afford to rent in Kingston muchless buy a house anywhere on the island. As for the States having nothing like that you're ignorant to the reality, you can get an fha loan and only need 3% of the house cost for a deposit and borrow the other 97% and it's designed for low income families but everyone can benefit from it.
@@4evahodlingdoge226 , when was the last time you visited Jamaica, I am sure the dinosaur's were still roaming the earth. Because you have no clue what the average salary of a Jamaican is, nor do you have any clue about the many benefits of the NHT. But you insist on chatting rather than listening and learning, it's like you have something to prove. How great where you are is, don't let me laugh, what's the point of watching a video meant to inform if you are going to chose instead to still live in your own delusional state and make ignorant comments on a topic you are not equipped to talk about.
Great video! 2questions- Are there condo fees/ HOA fees when buying in these developments? Is there a Development like this being built in the Negril area? Thx
Do not spread false rumors about selling your house in NY for that false #. Then coming to Jamaica with over 40 millions to spend. From my experience nothing like that. Right now I am struggling to finish my place, because some of the construction companies think you have it like that and charging you a arm legs ect.
Amazing interview and video. Editing skills on point! Even though I’m in love with Portland, Kingston has truly peaked my interest, especially after this video, for Airbnb quality of life purpose. Is this “boom” sustainable? Good 👍 work Throp. Love your platform. UP!
Wareika hill McGregor gully Rae town and now Mountain view made that area depressing..but its a EXCELLENT location from the Airport and downtown/uptown Kingston and the Golden Triangle
This is one of the reasons this community will make a comeback. It was a primier neighborhood; but it will get better with renewal. And remember, stadium and points north are very accessible.
@@davidscott3726 Didn't want to say it in the 60s the sister of the Aunt i came to live from Country Own two houses beside each other on Grafton rd. Me and High school friends went to the open air theatre on Deanery rd...and all sleep on the VERANDAH no burglary bars...
@@Throp there's someone impersonating you in the comments tryna get ur viewers to WhatsApp or telegram them, FYI!! Warn ur viewers & stay Blessed, Bredda!❤✌🏾
To add credibility to this, if it matters to you, go and interview the average and working class people who are said to be buying into these new developments in Jamaica. I'm genuinely curious.
@@Throp there was no real estate crash in the 1990's, it was a banking crash caused by many new Merchant Banks not following the correct principals of banking, they charged very high interest rates of 45-70 percent, pretty much milking business dry of their liquidity, and causing an overall crash, very similar to what caused the Big Mortgage Recession in the US and the world in the 2000's. While other established banks were investing in non-traditional investments directly starting up agri-business ventures, which failed, toppling the banks along the way, however after this event and the dust settled, Jamaica changed several banking regulations and tightened up the loopholes, our banks now are doing what they should do, loan entities the funds to build and give realistic timelines for repayment at affordable interest rates. Jamaica has never had a Real Estate Crash, period. Never let these Jamaica hating Jamaicans tell you something and you believe them.
Canada here...sweet, good info...positive...yah mon, fi those who gone a foreign, we never forgot Jamaica and always big it up...originally different rulers divvy up the Yard...but this shows Jamaicans moulding the place fi themselves...big up n one love
The debt exchange and the lowering or abolishment of stamp duty and transfer taxes on the sale & purchase of real estate is what is causing the boom. Money was robbed from the National Housing Trust to service worthless Jamaica's debt so as to facilitate financial assistance and coordination from the IMF 5-10 yrs ago. They stabilized the economy and lowered debt (in theory) as well as a way to carry out the large scale highway projects which would be difficult in a weak import dependant economy if not virtually impossible. Then they lowered the transfer taxes as a way to spread those import construction benefits to the wider (monopolized) construction industry on advice of the IMF which did not happen. What is happening is ruinous uncoordinated developments decimating the original zone usage destination of the areas (there is a loop in they law that they exploit) where they set up. There is really no boom just a parade of short term greed as the benefits as originally intended don't spread to the whole economy. There are no commercial or agricultural developments, mainly overpriced residents driving up rent and housing cost for poor and middle income city people. This is going to explode like New York, Barcelona or London where overseas investors drive up and artificially inflate the price of city real estate where they don't intend to live. There has been tax incentives for over a decade geared towards developers who target downtown Kgn and the old Spanish town capital but they are not taken advantage of until they have been abolished by Gov. Also Gov mandate made it possible for finance companies to create real estate trusts & similar types of finbiz to facilitate pension funds investing in real estate which they cannot necessarily do upfront themselves but must work through a third part. Further, how much Pensions can invest was increased. This fucking county is corrupt. I'm surprised he couldn't tell you what's really the cause.
GOOD MORNING MR TROPE. Is it safe TO COME BACK TO NEGRIL. OUR FAMILY'S HOUSE IS EMPTY IN WHITEHALL ESTATES. I NEED TO LEAVE UP NORTH. TO COLD IS IT SAFE ?
I will never buy any of these apartments. You notice no workers in the background?because all the developers in Jamaica is using the Chinese based construction companies. They are way cheaper because they use mostly their citizens. I will buy land and build my own.
Rubbish, if it was all Chinese workers and construction companies these projects would be done in a few months not years. They literally built a hospital in a day in China during covid, you're clueless.
@@4evahodlingdoge226 yes with free labor. They shouldn't be allowed to bring free labor from China all the way to Jamaica while Jamaicans are sitting on the corner. The Devil finds work for idle hands.
Fair enough. I think based on the way things are going, limited land space, this will become more along the lines of normal for being in high demand locations
@@Throp were doomed, man. It doesnt even make sense to say its not true anymore. Who cares. As long as youre okay everyone else must be. After all, this real estate guy said it is so, so it must be
You go down mountain view ave and bang a left on windward rd. About 30 minutes or so, there's your beach. You can even drive into St. Thomas for beaches.
I see Traffic! Traffic!,Traffic and more traffic in Kingston. What's in place to alleviate all the traffic that comes with these new developments in such a tiny space.
Rather see small plots of land on which people can build whatever they can afford !!. Concrete everywhere is not what you want fo real i keep tellin people, its so ugly.
Concrete is not ugly when it keeps your life savings from blowing down over your head in a hurricane or burning instantly in a fire. It just needs landscaping around it to balance it out. If concrete is so unattractive to you, the Caribbean in general is likely not a compatible place for you to live.
@@Throp thats the old definition of a recession. I was reading about it this morning. The second 1/4 is likely to end up negative as well but with such a low unemployment rate and the housing market not showing major cracks the recession will not likely start until first or second 1/4 2023.
Completely wasted video… could have shown more new homes, more about fees, purchasing categories for the little man and the rich, show more homes being built and location of new homes, costs, payment programs for those who don’t have millions and millions of dollars , crime ridden areas to NOT buy homes, what are the up and coming areas in Jamaica where new homes are being built? he could have shown these areas in this video instead of standing and talking redundantly🙄
They must remember to keep costs affordable for first time buyers in Jamaica.
they are not the prices are ridiculous for us Jamaicans we can hardly hardly find 1000us a month
Three investment drivers were mentioned: diaspora investment, young professionals and those who were involved in finance or corporate investors turning their attention to real estate. The latter is the most important category IMO. The agent didn't want to say this, but for many years the government gave very high interest rates on bonds. Financial companies, banks etc. basically stopped lending to the market and invested in these bonds. No risk, easy money. Even NHT was doing it. It was hard to get a loan to do anything, let alone buy real estate. It was so bad that when the government stopped doing that, Scotiabank Jamaica immediately put itself up for sale. Apparently the entire company seemed to be structured to buy government paper, looked like they no longer knew what to do. After the government came out of the market, all of a sudden, money became available for loans (including real estate) as financial institutions were forced to go back to what they were supposed to do to make money. Some even got involved in real estate development themselves. Suddenly institutions like pension funds looking for yield, NHT suddenly remembering its mandate allowed construction to take off. These young professionals are not suddenly rich; it's that they are now getting loans for the first time, and at half decent interest rates. It is a complicated issue. This construction boom looks like it has staying power though. There is HUGE pent up demand. Yes locals are being outbought by the diaspora, but there are still affordable options if people are willing to start small and try to build net worth over time.
You basically covered all aspects of what’s driving the current boom in real estate in Jamaica. I distinctly remembered this quote from former prime minister Bruce Golding when he said,”idle money will have to find work to do “ He meant gone were the days when banks and other financial institutions could just park their money into government bonds and watch the money roll in. Our manufacturing sector unfortunately was one of the biggest casualties of high interest rates. It was cheaper with almost absolutely no risk involved than lending money to start or expand businesses. Hopefully Jamaica will never see a return of 40%plus high interest rates again. It is really heartening to finally see what might very well be a turn for the better for the country. Dare I say a take off!
Thank you for this information. Articulated well.
Very good point but what I think alot of people are missing is that all markets have a boom bust cycle. Usually after these periods of easy money there comes a difficult period when financial conditions change. The same boom environment was happening in the US, China and Canada where I live. Now all this easy money has caused very high inflation and other problem and now all these governments are increasing the interest rates to slow the inflation and now both the stock markets and housing markets are on the verge of crashing. The problem is those countries have alot of support and resources to deal with recessionary times. Jamaica doesn't have that. And I do not think this is going to end well for Jamaica after this run up.
I live in the US. I emigrated from Jamaica when I was 12, went to college, raised a family and I am still working. I would like to afford one of the many offerings I see from these real estate companies in Jamaica and pass the property on to my child and grandchildren, however, I am shocked to see the prices and would have a difficult time affording most of these places. SAD, SAD, SAD. Back in the 1980s and 1990s, the media made Jamaica out to be the most TERRIBLE, HORRIBLE PLACE and many of us in the diaspora gave up on our dreams, our hearts, and our heads that this would be a place we would like to return to. Now with world dynamics changing, we feel the pull to return to the place of our birth.
Do you realize that many blacks in the US do not own their own homes or have lost their homes because of shady practices, that change them higher interest, and other shady deals when blacks are purchasing a home? So when people think that the diasporans have BIG money sitting down in real estate here in the US. This is false. Why is Jamaica so expensive. There are many countries in the pacific region where the cost of living is very low and where their citizens can afford to purchase property and return after many years to live out their final years in their homelands.
JAMAICA and JAMAICANS are too greedy and they don't see the forest for the trees, only MONEY, MONEY.
A QUOTE: for all Jamaicans who think what is happening with all the gentrification in Jamaica is good:
First they came for the socialists, and I did not speak out-because I was not a socialist.
Then they came for the trade unionists, and I did not speak out- because I was not a trade unionist.
Then they came for the Jews, and I did not speak out-because I was not a Jew.
Then they came for me-and there was no one left to speak for me.
Cool. Still sometimes I wonder what this means for the "average" jamaican. Some of these prices favor those in the diaspora with higher purchasing power relative to locals. Another thing I wonder about is sustainability. A boom implies that things might slow down. Still its good that Jamaica is developing in this way
Its not sustainable but people don't think that far ahead. After every boom there is a bust and reversion to mean. People are not studying the financial conditions globally they are just taking everything at face value. The world is about to entire a major recession and many non financially savvy people are oblivious. All of this easy money is going to dry up
There won’t be a bust unless the banks go bust. Jamaica is still considered developing like china
Well that's not necessarily true 90% of these units have be brought by working class Jamaican
We welcome city development, but, let us do be prudent and cautious. Over the decades, many a nation state economic collapse has had roots in aggressive market leverage on real estate, in even more market sophisticated and savvy economies, than our own. Bullish, speculative market trends are akin to herd mentality. In a collective, we blindly move in the direction of those around us; our most educated MbA's are just as susceptible as the shady businessman looking an avenue to launder his cash.
The question is, where is the market demand (people with ability to pay) locally? Surely we see no evidence of an influx swathe of expatriates nor returning residents currently. As an avenue of long term investment, real estate must have viable tennants with the ability to pay a rate which gives the investor a justifiable return.
What would be the expected monthly rent (graduated for inflation) on an apartment that cost's 30 million over 20 years to justify the investment as a percentage of the initial capital?
Would any savvy investor be able to break down the math for the doubting Thomas' please?
I know many will simply dismiss this perspective as either ; "shortsighted ignorance" or "Jamaican badminded". I earnestly wish this will be the case because the migration of capital in this direction "may" have dire consequences,
Ecclesiastes 1:9 What has been will be again, what has been done will be done again; there is nothing new under the sun
There is a young professional middle class void that is starting to be addressed. Its something that was a need so I don’t think it will crash.
Kingston is experiencing rapid real-estate growth like never before seen.
it really is
As a realtor myself, and lived in Vineyard Town for decades. Noel's presentation was awesome! Very fluid and informative.
Great job guys!
Thank you Whisky😊
Pre-construction opportunities are impressive, wow. Mr. Phillips is bringing the best perspectives on how contagious progress and innovation are amongst Jamaicans 🇯🇲 💕
I learned so much doing this one
Refuge city
Im glad the information helped you my friend
Well if any of you guys are interested in coming in on pre construction investment opportunities let me know
This was the one of the main away from the video for me
Heavy Chinese and other foreign investments. Vineyard Town was one of the premier neighborhoods where old money flourished. Adjacent to Vineyard Town, there is Friendship Park. These communities are where many of Jamaica's gentry lived. They have since died off and their children immigrated. It is wonderful that this community is being reinvented.
Yes. They always come and take the best. In Miami a beachfront area where whites used to live is sinking into the ocean, because of this they now want to move to the land that is further inland. The land is presently being occupied by renters and homeowners from Haiti, Jamaica, Caribbean. They are working to get the people off the land.
Some are still right here in Jamaica, but just moved to more affluent areas and didn't necessarily migrate.
A birthright for diasporans! Thank you, Throp.
These same companies in Jamaica has worker going strike cause of low pay a day.. guy said he get payed 2,000 Jamaican dollars = 16 dollars usa... crazy...
The view of the mountain in the background is awesome.
What a phenomenal video Throp! I love the opening edits - very slick. This information was priceless and gives me so many ideas and brings up many questions for the next live show you do. I can't wait to talk about how things like this will affect Negril - Thank you for all this great work again my man, bless up.
YES I AM THINKING ABOUT THE SAME THING HOW SAFE IS IT IN NEGRIL OK.
Love what you are doing Throp. I am heading to Jamaica on the 18th to look at some properties.
thank you! So awesome. Which part of the island?
@@Throp We are going to Montego Bay.
Hope they Tax your pockets dry so someone whos been here working can afford a proper house without competing against u suckas who run off and come back
I don’t know who to trust regarding acquiring land & properties in 🇯🇲, especially because I have heard of an attorney who stole 31 million 🇯🇲$$$ from an immigrant who asked her to oversaw & sold his property.
Selling my property in Jamaica. Link me if interested to hear more details
What is the overall plan to keep the place from turning into a frying pan with all that concrete and steel construction. In the tropics a northern climate approach to architecture nah go work. You need a lot of trees to keep the surface temperature down. You can also use all that heat to fuel other things such hot water heaters, heat exchangers, and battery chargers. What is the overall plan?
Ever heard of air conditioning?🙄
@@chrisper94 do you have any idea what fuel and electricity rates are like in Jamaica? if they not going 100% solar energy bill thru the roof. environmentally these concrete jungles will spell disaster down the road. ever been to Manhattan in August?
So, what would be a suggestion to tackle this problem?
Build your own home and put the plan you want into place. That way you are sure they gone you own is done to your standards.
Yes throp. You. Or right Jamaica is growing. My place. I was there. For the Christmas and. That. My mother is building. A house 🏠 in st Thomas now ni Albany NY want to com home
Love the quality of the video, it was well done and truly informative. Mr. Phillips is a true expert in the field.
These look very nice but I hope Jamaica considers about the pitfalls of gentrification that other countries/cities have endured. I also hope they put regulations around how many units can be used as rentals by corporate/private investors and begin to think about revitalization of current housing options, mixed use and mixed income establishment.
Without all those in mind, they that could happen. Im happy Mr Holness is insisting that development must have something for everyone, not just for peeps who can afford in the millions..
Gentrification? This neighborhood was where many of Jamaica's gentry lived back in the days.
@@chrisper94 Exactly
Great content! And you already have the timestamps in the description! Love it
Thank you SO much!
@throp, I stubbled on your content and I must say this video was very detailed and informative. Great work!
Awesome! Thank you SO much!
Amazing video! Loved it and am very impressed with the developement/investment opprtunities available in Kingston!
Thanks for the amazing quality and editing in these videos. Highly informative. I got excited watching this and real estate is not even my thing.
awesome. thanks for the feedback
@@Throp look like u have an impostor Throp
Let’s not forget that we need more affordable housing/ rentals as the majority of citizens are not able to afford pricy property. Regarding land availability in JAMAICA, remember God stopped building land space long time ago.
You're on the dot. The issue is, we have those who left the island, experienced capitalism at its highest and returned home to do the same. Resulting in the same issue we have in the West...no properties for local residents to rent or purchase because the market is pondering to those who are in high income positions or living abroad and have the currency. We need to learn from the West and do better on our small island. Build for home and abroad - balance the opportunities so we don't create a divide so insurmountable that we end up with further oppressive experiences. Which as we know ends up in anarchy. Jamaica has the opportunity to build a system that sets an example. Not rich getting richer and those who work as their employees getting poorer.
When I realised that the basic income in Jamaica is $8000 it was so upsetting. How on earth does anyone save to buy land or even rent any of these properties?!
Capitalism...
That's why dem a build five story buildings.🙄
@@Miracle-ms9hu
So well said!
Your comment touched on something that although it had crossed my mind, I didn't want to harbor the thought. I believe that one day in the near future many buying now will be scrambling to sell. Because of that belief, I would never buy a house in Jamaica.
Jamaica is the perfect place to buy apartments still the same one bedroom unit over seas for example miami the hoa /“maintenance “ fees would be about a thousand plus while in Jamaica it’s like 200 plus nobody in Jamaica gonna pressure you for not paying taxes
I remember spending lot of time in vineyard town my aunt and husband cousins from there good memories
Vinyard Town lots are large, with their many colonial style , wrap around porch…. Great vid, great insight, and information
You remember it well. These homes were very coveted and the yards were beautiful.👍🏾
🥰🥰🥰… THANKS THROP FOR ALL THIS GREAT INFO ON KINGSTON… 🥰🥰🥰
I enjoyed every single minute of it, great informative production *Throp* 🤔
Very good job on the video gentlemen I'm hoping one day in the future to come out with realstate you can't wait to see buy now 😀
Thank you for another great video. Great interview!
I start my real estate career in June of this year and have been saving up to build my 1st property in California. It's interesting to see the real estate market in neighboring countries. I definitely would like to invest in international markets within 5 years time.
That's great
What's driving the real estate investment market in Jamaica? People from the diaspora and other overseas investors. Most residents can't afford any of these developments especially not most young people. The average salary in Jamaica is around 100k JMD per month, what we need are more affordable developments.
Not true. Jamaica has one of the most successful home ownership scheme in the world. Ever heard of the NHT? It has made homeowners out of thousands of hard working citizens. In the states, we have nothing like it; only the banks and the money sharks. God bless Jamaica.
@@chrisper94 Are your crazy? You know we cant afford to live in decent communities here with our average salaries? Have you attempted to buy a house and watch a foreigner outbid you? You need to get active in the market and watch how disgusting these people are
@@snailspeed4828 , you missed my point. What I am saying is that no matter how hard it is for some residents in Jamaica to get into homes, they still have it better with NHT. We don't have any type of NHT system here. Maybe Jamaicans need to start with a home in a not-so-great neighborhood, then graduate to a better one later. The concept is to own a home no matter what; the rest will come.
@@chrisper94 What's not true? The median salary is $100k or slightly less which means 50+% of workers can't even afford to rent in Kingston muchless buy a house anywhere on the island.
As for the States having nothing like that you're ignorant to the reality, you can get an fha loan and only need 3% of the house cost for a deposit and borrow the other 97% and it's designed for low income families but everyone can benefit from it.
@@4evahodlingdoge226 , when was the last time you visited Jamaica, I am sure the dinosaur's were still roaming the earth. Because you have no clue what the average salary of a Jamaican is, nor do you have any clue about the many benefits of the NHT. But you insist on chatting rather than listening and learning, it's like you have something to prove. How great where you are is, don't let me laugh, what's the point of watching a video meant to inform if you are going to chose instead to still live in your own delusional state and make ignorant comments on a topic you are not equipped to talk about.
Great Vlog...the creation and production is very professional 👍🏽👊🏿
Thanks Tony
Bigup yrself Mr Phillip 💯🤟🏿, Throp hoping icant ere Di gentleman topic 🙏🏿, happy Sunday 💯 God bless 🙌🏿
happy Sunday to you my friend
Thank you my friend
@@Throp I appreciate the video but I thought it would be more in depth .
@@davidscott3726 thanks man. Was there something specific you were looking for or expecting?
@@Throp I mean the video in all ,didn't convey a real estate boom..
Great video! 2questions- Are there condo fees/ HOA fees when buying in these developments?
Is there a Development like this being built in the Negril area? Thx
Yes there will always be hoa fees when buying apartments/condos.
There are HOA fees that is estimated now then finalized by owners when the building is handed over
Yes , good questions, comrade.
Investing in Vineyard Town with the volatile surrounding areas is a massive risk. I would love to know what's the final prices.
Well the opposite is actually Happening... as areas like these develop and more working class move in crime is pushed out
Good concern. But I think it's not any worse than the average lower to middle class neighborhood in Jamaica.
@@IAmNoelTheRealtor Facts!
Do not spread false rumors about selling your house in NY for that false #. Then coming to Jamaica with over 40 millions to spend. From my experience nothing like that. Right now I am struggling to finish my place, because some of the construction companies think you have it like that and charging you a arm legs ect.
Through, I love the video and what it's about. No one else is showing us these things that are happening, keep it going.
There are few TH-camrs that doing it. I watched few of them.
Up and Up undisputed champions 🤟🏿💰🔥💯🇬🇧🏴🇨🇦🇪🇺🇺🇸🇯🇲
Gentrification can reach Kingston just like it did in NY. Maybe not as extreme - but it can happen. Little by little it is happening.nn
You are right about this
Amazing interview and video. Editing skills on point! Even though I’m in love with Portland, Kingston has truly peaked my interest, especially after this video, for Airbnb quality of life purpose. Is this “boom” sustainable? Good 👍 work Throp. Love your platform. UP!
This is beautiful I hope those apartment has standby generators
lowered intrest rates for both financing and mortgages. Samrt move by the Governemnt several years ago
🥰🥰🥰… THANKS THROP FOR THIS GREAT INFO ON KINGSTON… 🥰🥰🥰
CYAA live inna place Suh congested…still di apt projects dem look nice.
Interesting to hear him say that these aren't intended to be luxury units, just a bit of an upgrade.
Kind of shows you where the market is heading
Great video. Thanks Throp. Peace.
Are These considered to be gated community?
This one is a gated community.
Excellent and informative chat throp ,found music overpowering ,when you are delivering such good content
You should interview rootpalm room and wholesale in Rose Street he's developing that area in Negril, Westmoreland.
thanks for this. I will look into it
Awesome video Throp!
Wareika hill McGregor gully Rae town and now Mountain view made that area depressing..but its a EXCELLENT location from the Airport and downtown/uptown Kingston and the Golden Triangle
True, I remember back in the days, parts of Vinyard town was nice areas to live.
@@MrNanah38 Back in the days ,a pure white people used to live in VT.
This is one of the reasons this community will make a comeback. It was a primier neighborhood; but it will get better with renewal. And remember, stadium and points north are very accessible.
@@davidscott3726 Didn't want to say it in the 60s the sister of the Aunt i came to live from Country Own two houses beside each other on Grafton rd. Me and High school friends went to the open air theatre on Deanery rd...and all sleep on the VERANDAH no burglary bars...
Interesting even tho I don't know where Vineyard Town is!!!!
Excellent video Thorp.
thank you so much
Happy Sunday to u all!😉✌🏾❤
Happy Sunday!
@@Throp there's someone impersonating you in the comments tryna get ur viewers to WhatsApp or telegram them, FYI!! Warn ur viewers & stay Blessed, Bredda!❤✌🏾
The background music is distracting, a lower level would be good. Thanks
Thanks for the feedback
Agreed. Great information but the music was a tad distracting.
Very interesting
Awesome presentation
😇😇😇… BIG UPS & BLESSINGS TO YOU ALWAYS… 😇😇😇
Truly love this video
To add credibility to this, if it matters to you, go and interview the average and working class people who are said to be buying into these new developments in Jamaica. I'm genuinely curious.
Great idea.
Thank you!
Great video
thanks so much
Who remembers the real estate crash in Jamaica was that early 1990s. If you buy on margin factor a bust into it.
Will look into this. Thanks for the heads up
@@Throp there was no real estate crash in the 1990's, it was a banking crash caused by many new Merchant Banks not following the correct principals of banking, they charged very high interest rates of 45-70 percent, pretty much milking business dry of their liquidity, and causing an overall crash, very similar to what caused the Big Mortgage Recession in the US and the world in the 2000's. While other established banks were investing in non-traditional investments directly starting up agri-business ventures, which failed, toppling the banks along the way, however after this event and the dust settled, Jamaica changed several banking regulations and tightened up the loopholes, our banks now are doing what they should do, loan entities the funds to build and give realistic timelines for repayment at affordable interest rates. Jamaica has never had a Real Estate Crash, period. Never let these Jamaica hating Jamaicans tell you something and you believe them.
@@diannetgoldingfrankson2105 👍🏾That part 👉🏾 "Never let these Jamaica hating Jamaicans tell you anything and you believe them." 🙏🏾🙏🏾✌🏾✌🏾❤️
👏🏾👏🏾 never change ✨
🙏🏾
Canada here...sweet, good info...positive...yah mon, fi those who gone a foreign, we never forgot Jamaica and always big it up...originally different rulers divvy up the Yard...but this shows Jamaicans moulding the place fi themselves...big up n one love
The debt exchange and the lowering or abolishment of stamp duty and transfer taxes on the sale & purchase of real estate is what is causing the boom. Money was robbed from the National Housing Trust to service worthless Jamaica's debt so as to facilitate financial assistance and coordination from the IMF 5-10 yrs ago.
They stabilized the economy and lowered debt (in theory) as well as a way to carry out the large scale highway projects which would be difficult in a weak import dependant economy if not virtually impossible.
Then they lowered the transfer taxes as a way to spread those import construction benefits to the wider (monopolized) construction industry on advice of the IMF which did not happen.
What is happening is ruinous uncoordinated developments decimating the original zone usage destination of the areas (there is a loop in they law that they exploit) where they set up.
There is really no boom just a parade of short term greed as the benefits as originally intended don't spread to the whole economy. There are no commercial or agricultural developments, mainly overpriced residents driving up rent and housing cost for poor and middle income city people.
This is going to explode like New York, Barcelona or London where overseas investors drive up and artificially inflate the price of city real estate where they don't intend to live.
There has been tax incentives for over a decade geared towards developers who target downtown Kgn and the old Spanish town capital but they are not taken advantage of until they have been abolished by Gov.
Also Gov mandate made it possible for finance companies to create real estate trusts & similar types of finbiz to facilitate pension funds investing in real estate which they cannot necessarily do upfront themselves but must work through a third part. Further, how much Pensions can invest was increased.
This fucking county is corrupt. I'm surprised he couldn't tell you what's really the cause.
It’s really beautiful and I would like to know how I can become a part of that email with the information I need to have thank you bye
Where is part 2
👍👍👍great content ✊✊✊
Can you do a video of where to stay in Jamaica for holidays hotels,apartments plus this to do
Just go to Negril...
GOOD MORNING MR TROPE. Is it safe TO COME BACK TO NEGRIL. OUR FAMILY'S HOUSE IS EMPTY IN WHITEHALL ESTATES. I NEED TO LEAVE UP NORTH. TO COLD IS IT SAFE ?
Yes … it’s safe . My home away from NYC is there . Book the flight a go enjoy . It’s a safe or safe than some US cities
Just be cautious, violence is spreading faster than margarine butter...
@@northside3701 THE. TH-cam NEWS BLOGGER SAYING. WHAT A SHAMELESS VIBES THANK'S
dope intro !!
“Kingston Boom 💥!!!”
Good Information ✔️
Is that Cow Williams company?
I will never buy any of these apartments. You notice no workers in the background?because all the developers in Jamaica is using the Chinese based construction companies. They are way cheaper because they use mostly their citizens. I will buy land and build my own.
Rubbish, if it was all Chinese workers and construction companies these projects would be done in a few months not years. They literally built a hospital in a day in China during covid, you're clueless.
@@4evahodlingdoge226 yes with free labor. They shouldn't be allowed to bring free labor from China all the way to Jamaica while Jamaicans are sitting on the corner. The Devil finds work for idle hands.
Knowledge dude.
LOVELY❤❤❤
New Subscriber here
The sqft is just not hitting for me. The last video and this one both don't have units 1000 sqft or better. Too much money, not enough space.
Fair enough. I think based on the way things are going, limited land space, this will become more along the lines of normal for being in high demand locations
@@Throp
I pray there's some land left for me when the time comes. Jamaica is definitely life goals for me. Just need a little more space though! 😊
So buy some land somewhere that is not Kingston and build what you want.
Who can one contact?
So you find that amazing, returning residents can afford the houses while Jamaicans here can't? That's awesome?
He did say one of the biggest driving factors of the market are young local Jamaicans buying houses
@@Throp were doomed, man. It doesnt even make sense to say its not true anymore. Who cares. As long as youre okay everyone else must be. After all, this real estate guy said it is so, so it must be
❤️❤️❤️❤️
Thanks Suzette!
Waiting!
Thanks for hopping on :)
“Nobody will notice till the jet is in the sky”
3:57 who are these young professionals 🤔
1.5 parking per 2 bed unit
Love the video take away the music playing in the background throw mi off
@@emarjm11 I don’t know to that here .
Young professional dem 🤔scamma dem deya mi bredda
Loll come on
Where’s the beach? Boiiii!
You go down mountain view ave and bang a left on windward rd. About 30 minutes or so, there's your beach. You can even drive into St. Thomas for beaches.
19:47 omg so cringe and disconnected, where is he moving the country forward to? And moving forward for who?
Jamaican dollar will soon overtake the us dollar
Jam DEX a get the US dollar VEX
Crime is still a huge problem
I see Traffic! Traffic!,Traffic and more traffic in Kingston. What's in place to alleviate all the traffic that comes with these new developments in such a tiny space.
Nice insights but you can do without the background music
Rather see small plots of land on which people can build whatever they can afford !!. Concrete everywhere is not what you want fo real i keep tellin people, its so ugly.
Fair point. I don't know of a better alternative that will house a rapidly growing urban population
Concrete is not ugly when it keeps your life savings from blowing down over your head in a hurricane or burning instantly in a fire. It just needs landscaping around it to balance it out. If concrete is so unattractive to you, the Caribbean in general is likely not a compatible place for you to live.
With more and most apartments being built the price will have to go down. America is on the brink of recession so I'll wait
One more 1/4 of negative GDP growth and America is there. I hope this won’t be the case but it is already being felt by many
@@Throp recession is almost a certainty and it will hit Jamaica hard
@@rqztaz I hope not but it might be an inevitability
@@Throp thats the old definition of a recession. I was reading about it this morning. The second 1/4 is likely to end up negative as well but with such a low unemployment rate and the housing market not showing major cracks the recession will not likely start until first or second 1/4 2023.
THIS IS GOOD NEWS 📰‼️‼️MORE NEWS 📰 NEED TO BE REPORTED ABOUT STUFF LIKE THIS THAN ALL THESE KILLINGS & CRIME ‼️🤔🤔
🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰🥰
Did someone say gentrification.
Completely wasted video… could have shown more new homes, more about fees, purchasing categories for the little man and the rich, show more homes being built and location of new homes, costs, payment programs for those who don’t have millions and millions of dollars , crime ridden areas to NOT buy homes, what are the up and coming areas in Jamaica where new homes are being built? he could have shown these areas in this video instead of standing and talking redundantly🙄
Thanks for the comment. I have more videos coming out in this series related to many of the topics you mentioned
IT IS NOT WHAT BUT WHO.