A growing number of local companies are going after business in the residential real estate sector, recognising both its investment appeal and the critical need for housing — particularly within the underserved mid- to low-income segments.

The latest player in the space is Omni Industries, a company that has been manufacturing PVC pipe fittings, garden hoses, industrial packaging, and plastic houseware products for more than 50 years. Headquartered in Spanish Town, the company recently applied for an environmental permit for a housing project of 26-50 units at Green Village, Twickenham Park, St Catherine.

It marks a significant departure from Omni’s traditional manufacturing base and reflects a broader industry trend as firms across industries leverage their operational capacities to meet Jamaica’s mounting housing needs.

Other companies — particularly those already linked to construction such as Exotic Stone Creations, M&M Jamaica, and Highqual Industries, are following suit. These firms are expanding their operations to include residential development, a transition that aligns closely with their existing competencies. For instance Exotic Stone Creations, known for its stonework and cabinetry, has filed for a multi-family housing project at Wakefield Crescent in St Andrew, while M&M Jamaica has its sights on a major residential development on Barry Street in Kingston. According to NEPA documentation, the Wakefield Crescent project is designated as a “proposed multi-family residential project”, reflecting Exotic Stone’s alignment with the increasing demand for multi-unit housing in urbanised areas.

Jamaica’s residential real estate market, currently valued at approximately US$93.95 billion, has shown resilience and steady growth, particularly in urban centres where property values have risen due to rental demand from both locals and international investors. In areas like Kingston and Montego Bay, these dynamics create a robust market for multi-family and high-density housing projects, particularly for working- and middle-class Jamaicans.

The residential sector’s expansion rate is projected at 4.00 per cent annually through 2028. Infrastructure improvements, such as the Southern Coastal Highway Improvement Project and Montego Bay Perimeter Road, are opening up previously remote areas to development, further enhancing the sector’s investment appeal. The market is projected to surpass US$100 billion by 2030.

The wave of new market entrants also includes Tropical Battery which, via its real estate arm Diverze Properties, is diversifying into residential real estate. Diverze has prior experience in property acquisition, having secured land in Kingston to facilitate Tropical Battery’s expansion. However, its residential subdivision plans for Barbican indicate a more ambitious departure. According to NEPA filings, Diverze has proposed, “12 residential lots, open spaces, and an access road”, signalling a shift into housing as part of its diversification strategy.

The pricing and timelines for these projects remain undisclosed, however home prices in Jamaica vary widely depending on location, size, and amenities. Recent data show the average house price increased by 12 per cent, rising from $14.4 million in 2019 to $16.2 million in 2020.

For low-income housing, the Jamaican Government has introduced initiatives to improve affordability. In 2021 Prime Minister Andrew Holness announced plans to deliver 30,000 housing solutions over five years, with prices ranging between $6 to $8 million.