Even with Hurricane Melissa leaving a trail of destruction across Jamaica’s western coast, investors’ long-standing love affair with oceanfront living may prove harder to shake than some expected.

According to Gabrielle Grant Gilpin-Hudson, president of the Realtors’ Association of Jamaica (RAJ), the storm has not erased demand for coastal real estate, but it has changed how people think about risk.

“Buyers will be more discerning about flood-surge exposure, construction methods, materials and infrastructure such as drainage and underground utilities,” she told the Jamaica Observer in a recent interview.

Before the storm, coastal addresses were among the most desirable on the island — commanding prices that reflected both limited supply and lifestyle appeal. That demand, Gilpin-Hudson said, remains intact. What has shifted is the balance between aspiration and caution.

“In the general market we’ve seen an immediate decline in listings within affected areas, particularly some oceanfront and near-coastal properties,” she explained. “At the same time, there’s increased interest in short-term and extended-stay rentals in less-affected zones. It’s more displacement than diminished long-term demand.”

For now, valuators say it is too early to call where prices will settle. Market value, Gilpin-Hudson cautioned, depends on the interplay of demand, supply and investor confidence.

“We anticipate that property values will be affected on a per-property basis rather than across the board,” she said.

“Homes that suffered visible structural damage or lie in flood-prone areas may face downward adjustments, while well-constructed, adequately insured coastal properties with disaster-mitigation features such as reinforced roofs, hurricane resistant glass, hurricane shutters and back up power and water, could retain or even increase in value,” Gilpin-Hudson, who is also a partner at law firm Grant, Henry & Rhooms, continued.

Those adjustments are expected to appear first among active listings, with brokers updating prices over the coming weeks and months. Broader market-wide changes, she added, will take longer and depend on how quickly insurance settlements, financing approvals and repair work move through the system.

“How we tackle the rebuilding exercise — and how we tell the story of this rebuilding and our resilience — will be crucial in influencing international and domestic perception of Jamaica’s real-estate market. It’s of utmost importance that we take steps in both the private and public sectors to maintain investor confidence,” she said.

While RAJ expects the sector to stabilise, Jamaica’s mortgage giants are not yet ready to speak.

Both Victoria Mutual Building Society and Jamaica National (JN) Group declined to comment in detail, saying it was too early to assess Melissa’s full impact on lending and valuations. Their restraint highlights the uncertainty still hanging over the financial side of the market as institutions weigh potential exposure before making any adjustments to loan criteria or risk assessments.

“We are still in the process of assessing the impact of Hurricane Melissa on our business. Therefore, we are unable to answer your questions at this time,” JN Bank told the Sunday Finance.

Among factors likely to anchor prices, RAJ points to the continued availability of insurance, credible rebuilding plans, limited coastal supply and the enduring lifestyle demand of buyers willing to pay a premium for a sea view. Government or community investment in mitigation — from improved drainage to underground utilities and backup power — could further reinforce stability.

Gilpin-Hudson also sees opportunity emerging from destruction. St Elizabeth, one of the parishes hardest hit, could benefit from carefully planned redevelopment.

“Major damage can create both immediate challenges and longer-term opportunities. If rebuilding brings improved infrastructure, resilient standards and targeted incentives, it can lift the parish’s long-term attractiveness and value,” she said.

Still, she acknowledges a near-term shift in sentiment.

“In the short term there will likely be heightened risk awareness and a hesitance to purchase properties perceived as vulnerable to hurricane damage. Over time that concern may temper, especially if construction standards improve and there are public-awareness initiatives around these improvements,” she said.

Gilpin-Hudson’s call for careful rebuilding is echoed by the Construction Industry Council (CIC), which this week urged Jamaicans to ensure all reconstruction is carried out “safely, sustainably, and in accordance with national building codes.”

CIC Chairman Martin Addington noted that the recovery period offers an opportunity to strengthen the country’s resilience rather than merely replace what was lost.

“Rebuilding is not just about replacing what was lost, but ensuring that our homes, schools, and workplaces are stronger and more resilient to future events,” he said in a press statement.

The council, which brings together Jamaica’s professional associations in the built environment, said certified engineers, architects, contractors, and planners must guide the process, cautioning against shortcuts that could compromise safety. It also urged homeowners and developers to verify that all practitioners are properly licensed and that work complies with the Building Act and national hazard-mitigation standards.

Gabrielle Grant Gilpin-Hudson, president of the Realtors’ Association of Jamaica, says the coastal property market remains desirable but buyers are now paying closer attention to construction quality and flood-risk resilience.