The Realtors Association of Jamaica (RAJ) and its 1600-strong membership are being urged to seize the growing investment and development opportunities that exist in Jamaica’s Special Economic Zones (SEZs) and those that abound internationally. 

Minister of Industry, Investment, & Commerce Senator Aubyn Hill and Chief Executive Officer (CEO) of the Jamaica Special Economic Zone Authority (JSEZA) Kelli-Dawn Hamilton pointed to some of these investment opportunities as they addressed the RAJ’s recent annual general meeting (AGM) at the Summit in New Kingston.  

The AGM, which brought together real estate professionals from across the island, was used to discuss opportunities, and challenges within the real estate sector.

The insights from Minister Hill and Hamilton on the intersection of real estate and economic development highlighted the sector’s critical role in Jamaica’s growth and prosperity. In his presentation, Senator Hill reflected on the resilience and strength of the country’s  economy, highlighting that the industry has the potential for sustained growth, as demonstrated by the sector’s remarkable achievements pre- and post-COVID. 

International opportunities opening up

He advised realtors not to shy away from seeking international partnerships and investment for increased growth. According to the Minister, “Just before the pandemic, we had 20 consecutive quarters of growth, which is the longest extended period of growth in the history of our country since Independence and that is what a real estate industry needs.”

He posited, “to build our economy, make sure that you get investors both local and foreign. You want the country in which you operate to have economic growth, and we have had 12 consecutive quarters of growth since the pandemic.”

For her part, Hamilton provided a comprehensive overview of the opportunities within Jamaica’s SEZs. 

The SEZ regime in Jamaica allows for a range of fiscal incentives, such as tax holidays and duty concessions, which significantly reduce operating costs. SEZs also create sustainable linkages between businesses within the zones and the wider economy, ensuring that the benefits of investment extend beyond the immediate boundaries of the SEZs.

The JSEZA CEO encouraged realtors to leverage these zones for their development and for economic diversification.

“We have the mandate to grow Jamaica’s economy, and I cannot do it without you. The special economic zone [framework] offers a cost-effective way of doing business. We offer incentives that make it more efficient for companies to operate,” she noted. 

Crucial discussions at the AGM

The AGM also featured dynamic discussions from the RAJ’s Affiliate Members covering a range of pertinent topics, including innovative financing solutions and the impact of digital transformation on the real estate industry. These discussions were led by financial industry experts, Christopher Samuels, Scotia Bank’s regional director; Morris Livingston, COK Sodality Cooperative Credit Union sales manager; and Christopher Brown, EveryData Jamaica Limited chief executive officer. 

The experts shared their knowledge and experiences, providing attendees with actionable insights to navigate the evolving market landscape.