KINGSTON, Jamaica — Real estate experts are lauding an innovative move to go online with public auctions in Jamaica after the first such auction went live on Friday.

Kevin Nightingale, general manager of Total Credit Services (TCS), a member company of the Jamaica National Group, said the digital platform will encourage more people to tap into the market and open the gateway for Jamaicans in the Diaspora to participate.

“Over the past two years, we have seen a significant increase in the number of properties being sold at the auction. During our last financial year, we saw an increase of about 98 per cent in the number of properties we sold in our auction processes,” he said.

“For some reason, the market is really seeking to embrace the auction process and I believe that this platform will only seek to enhance that trend, which we believe that is where we are heading,” he added.

Nightingale made the observation while a panellist on a webinar about “Online Property Auctions: A New Way to Invest in Jamaica’s Real Estate”.

Noting that the platform provides convenience, Andrew James, president of the Realtors Association of Jamaica; and managing director of AS James & Associates Real Estate Dealer & Appraiser, said this is a good time to invest in real estate, as the interest rate is at its lowest.

“However, what we have found is that there is still not enough properties on the market for sale. Prices are not being reduced; and, therefore, properties are in demand. Now, we find a lot of persons overseas looking at investing more in Jamaica than before,” he said.

Sheldon Powe, founder and chief executive officer of Innovate 10X highlighted that a number of real estate developers have intentions of using the Auction Platform as a new way of generating sales, especially for pre-construction deals. This will increase the number and type of properties available on the platform and increase user participation.

The first auction can be accessed at www.jpenweb.com. To participate in the auction, individuals will need to register and registration is expected to last for six months.

The first auction, which commenced on Friday, will end tomorrow.

Some of the features of the platform include electronic submission of required documents for entry and a real time bidder screen, which will display the offer coming in on a property.