ACKNOWLEDGING that the building landscape in Jamaica is changing rapidly, and with it the demands of current and potential property owners, Roger Williams, interim group CEO of Spectrum Group, says the response from realty companies has to be “swift and proactive to keep pace with new trends and developments”.

“The future of the real estate industry is very much changing in tune with modern trends. Buyers are much more aware of the value of sustainable living spaces, tech-savvy homes, hybrid home/office models, and price. These are some of the trends driving property purchase today — and our experienced and knowledgeable team is well aware,” said Williams whose company acquired RE/MAX Elite Realty and REMAX Jamaica two years ago.

He noted that the resulting entity, RE/MAX, is not just ‘talking the talk’ but has been steering a “renaissance” in the industry post-COVID-19, in tune with the unprecedented growth in construction and property development at every level.

RE/MAX, widely acknowledged as a leading expert in the real estate industry, has itself seen impressive growth, moving from two offices in Kingston and Montego Bay when it was acquired by the Spectrum Group, to now six offices islandwide.

Additionally, the company’s team of realtor associates has more than doubled in just under two years, from 43 to 90, as it rolls out a deliberate programme not only as a service provider, but as mentor, educator, and thought leader.

According to the company, many of these new, experienced realtors were previously associated with several other local and international brokerage houses across Jamaica.

RE/MAX said it will showcase and share some of these insights at its inaugural RE/MAX Jamaica Expo and Conference scheduled for April 14-16, 2024 at Jamaica Pegasus hotel in New Kingston.

The company said the event has been billed as a “knowledge forum”, and will see “thousands of real estate professionals interacting with partners, investors and the public, and feature presentations by local and international experts in the field”.

In addition to the expo, RE/MAX Elite Realty and REMAX Jamaica say they are poised to launch a series of podcasts and a magazine, both designed to keep the public abreast of developments within RE/MAX and generally in the world of real estate, “so that they may make informed decisions when purchasing property”.

“Real estate is our business and we are intent on operating in an ethical and responsible fashion,” Williams said. “We want to ensure that Jamaica grows in an environmentally sustainable way and that property owners reap the maximum benefits of their hard- earned money. So, we are committed to educating and informing everyone along the chain and we are investing heavily in that regard.”

Despite the effects of the recent COVID-19 pandemic, Jamaica’s real estate market has remained one of the most stable sectors and continues to prove that a sure way to secure wealth and financial stability is by owning property.

With savings providing less than one per cent return per annum, and low yields being offered by other financial instruments, real estate provides a more secure and higher return on investment. Average rental yields in Jamaica typically start at six per cent and can easily surpass that, in addition to the continuous appreciation of housing values.

Late last month RE/MAX, in a news release, stated that the value of the real estate market is projected to reach US$93.95 billion in 2024.

“Residential real estate dominates the market, with a projected market volume of US$76.73 billion in 2024. The value is expected to show an annual growth rate of 4.00 per cent, resulting in a market volume of US$109.90 billion by 2028. In global comparison, most real estate value will be generated in China (US$135.70 trillion in 2024),” the company said.