PYRAMID Point housing development, nestled in the hills above Ocho Rios, St Ann, has emerged as a standout beacon of premium living, attracting members of Jamaica’s Diaspora, foreign buyers, along with local residents.

With a panoramic view of the Ocho Rios harbour and beyond, the sold-out gated community stands as an example of upscale developments helping to drive Jamaica’s fast-growing
Airbnb subsector.

In 2017 Jamaica welcomed approximately 59,500 local and international visitors via
Airbnb, the online marketplace that connects people who want to rent their property with people who are looking for accommodations, typically for short stays.

In the summer of that year, the growing international platform triggered serious interest from the leadership of Jamaica’s tourism sector, with Minister Edmund Bartlett leading a small team to visit the company’s executives at its headquarters.

Fast-forward seven years, in opening the 2024/25 Sectoral Debate on Tuesday, Bartlett noted that data from
Airbnb indicate that guest check-ins for 2023 was 28 per cent more than 2022, generating an estimated $31.8 billion in gross earnings from 1.3 million guest nights.

“Moreover, the short-term vacation rental subsector continues to gain market share, with approximately 36 per cent of visitors opting for this accommodation category. We anticipate that developments in the local construction sector will contribute additional stock to this subsector,” said Bartlett.

The tourism minister pointed out that approximately 36 per cent of visitors are opting for short-term vacation rentals, underscoring the substantial market share this accommodation category commands.

He highlighted the potential for further expansion in the short-term vacation rental subsector, with promising prospects for investment and development.

“These developments not only elevate the hospitality experience but also stimulate job creation and foster economic opportunities across the nation. It’s a plus and adds more variety to our tourism product. We are impressed by increasing developments which, in part, cater for this segment of the market,” said Bartlett.

On Wednesday, senior advisor and strategist in the Ministry of Tourism Delano Seiveright told the Jamaica Observer that as reflected at Pyramid Point, the ripple effects of
Airbnb’s meteoric rise extend beyond tourism revenue, catalysing growth in the local construction sector.

Seiveright pointed out that local and foreign buyers have sung the praises of Pyramid Point, citing its exceptional amenities, breathtaking views, and attentive developers.

“As one resident, Denise Palma, exclaimed, ‘The development has very good amenities, beautiful views, and an attentive developer,’ ” said Seiveright.

He told the Observer that Richmond Housing Development, which was started in 2006 by businessman Lee Issa on the flat outskirts of Ocho Rios, has also become a buzz for
Airbnb offerings and is now nearing 1,600 units.

“The suburban style residential development features single-family homes with lush landscaping and a raft of convenient amenities. That development is also sold-out,” added Seiveright.

The tourism strategist also pointed to several other Airbnb clusters in the Kingston Metropolitan region, Montego Bay, Negril, and elsewhere, which, he said, has been a plus for Jamaica’s tourism product.

“It’s now quite common to see tourists in various parts of city Kingston shopping in supermarkets, frequenting bars and restaurants, attractions, and so on. It has also been a game-changer for the city’s accommodations subsector, especially when we have big events which draw thousands into the city.

“Already, with carnival and other big events, we see Airbnb accommodations as vital to keeping the city humming; our hands would have been tied regarding our entertainment tourism growth strategies if visitors were unable to find a broad range of accommodations at varying price points,” said Seiveright.

He declared that across the island the real estate and tourism sectors are now completely intertwined with many more Pyramid Points and Richmond Estates to come.