In today’s economic climate, where the price of nearly everything seems to be on the rise—from food to fuel to financing—it’s only natural to wonder what all this means for homeowners and the property market. Some people are growing anxious, asking: Will we see more Jamaicans unable to keep up with their mortgage payments? Will there be a wave of foreclosures like we saw in the United States during the 2008 housing crash?
The short answer is no. Even though we are seeing a slight increase in foreclosure filings globally, and some of that is trickling into the local conversation, there is no reason to believe Jamaica is heading into a housing crisis.
Let’s explore why.
