Jamaican market upbeat

According to local real estate agents, Jamaica has improving real estate values in Montego Bay that are the new billionaire strip. Additionally, Jamaica's tourism industry gains from religious visitors.

Discovery Bay in Jamaica is now considered billionaire strip for the improving property values here. Some of the highest property values, up to US $600,000 per acre are found in Montego Bay. This is according to Century 21 Heave Ho Properties.

The value of properties on the North Coast has risen considerably in the last two years. Increases of 30 to 45 per cent have been seen in price appreciation here.

Part of the draw in property values increasing are international investors looking to buy a piece of the tourism industry. The country, and north coast region especially, have a large number of hotels, yet people are more interested in villas here.

The largest draw from the international market is beach property. Some parishes are more valuable to investors including Portland which is one of the areas likely to continue to see improvement.

Negril is another area with more available property for sale. Demand here is high due to current developments.

Buyers looking for villas are most commonly investors looking to rent out the properties or second home buyers looking for a place to retire in.

Is there enough tourism to support such investments though? Currently most investors believe there is. Yet, the government continues to work towards new avenues to promote additional visitors. One way to accomplish this, they believe, is through the addition of a larger capacity convention centre in 2009 that will be used to encourage religious tourism to the area.

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