Call for Jamaicans abroad to purchase first or second homes locally

WESTERN BUREAU: 

Jamaicans in the Diaspora are being encouraged to invest in Jamaica’s expanding private real estate market, with Prime Minister Dr Andrew Holness arguing that their homeownership can help stimulate economic growth while creating opportunities for more affordable housing for locals through the National Housing Trust (NHT).

Holness, who was addressing delegates at the opening of the 11th Biennial Jamaica Diaspora Conference in Montego Bay, St James on Tuesday, said members of the Diaspora should view property ownership in Jamaica as both a personal investment and a contribution to national development.

"The housing market in Jamaica is expanding, and it is expanding rapidly, particularly in the private sector," said Holness in making his pitch to attendees at the conference, which is being held under the theme, ‘Empowering Jamaicans in the Diaspora: Towards Re-Building a Climate-Resilient Jamaica’.

In arguing that increased participation by overseas Jamaicans would inject capital into the economy while strengthening confidence in the country's long-term prospects, Holness said getting a home in Jamaica would be the ideal investment. 

"I encourage all Jamaicans overseas to participate here in the real estate market in Jamaica. Get your second home here, or even your first home. Get it here in Jamaica. That will help to drive the economy," he said.

Holness, who also holds the housing portfolio, acknowledged that some members of the Diaspora have been hesitant to invest in local housing because of past experiences in which money sent home for construction projects was mismanaged.

"I've read the horror stories of members of the Diaspora sending back money to Jamaica to build the fancy mansion, and then to their terrible surprise upon landing, hoping to have the enjoyment of the beautiful facility when they turn up, either there is no house or a shack," he said, in reference to persons who have been fleeced of their money by unscrupulous persons.

However, Holness said the growth and increasing maturity of the private housing market now offer safer and more reliable investment options for Jamaicans living abroad.

He also suggested that greater diaspora participation in the private housing sector could have broader social benefits by allowing government housing programmes to focus more heavily on lower-income families.

"In a strange way, that will also help the NHT to refocus its effort on providing low-income and affordable housing to those Jamaicans who can't afford the prices in the private housing market," he said.

According to Holness, the Diaspora has an important role to play in Jamaica's development agenda, not only through remittances and philanthropy but also through direct investment in the productive sectors of the economy.

"I think the Diaspora can play an incredible role in supporting the private real estate market," he said, while noting the efforts being made to improve public safety, alongside new infrastructure projects and continued economic stability.

"I encourage all of you here to buy a piece of Jamaica in the private real estate markets," he urged.

albert.ferguson@gleanerjm.com