May 25, 2007

Pre-Construction Jamaica Real Estate

Over the next few months Jamaica Real Estate Blog will be looking on the different income streams of the trade of real estate in Jamaica. Today we look on the technique of pre-construction Jamaican real estate trading. In Jamaica today construction is a big business. This means that most developers purchase land and then go through the bureaucratic red tape to construct buildings. The most lucrative being middle income housing. The process follows several simple steps:

Data Gathering: - The genesis of all Jamaican property construction, data must be gathered to determine location and cost to developer, also zoning to determine the type of construction to be pursued. There must also be a demand for that type of property as well within that location.

Purchasing The Property: - This is the second step and the most fundamental in developing Jamaica real estate, the location of the Jamaican property will determine, Estimated Market Value and ultimately how much the developer can sell either the property or units for.

Design of Buildings: This is also as important as property location; the reason is that the architectural design of the Jamaican building must take into consideration the electrical engineering, the civil engineering, the boundaries as laid out by the Jamaican property title, if the property title precludes the construction of particular buildings.

Government Approval: - This is sought after all the previous steps are followed. The NEPA (National Environmental Planning Agency), The Registrar of Land Titles and the respective Parish Councils are needed for this process to be complete. The NEPA ensures that the Jamaican environment is not going to be encroached upon by construction. This means that a site visit and scrutiny of the plans are key to the NEPA. The Registrar is responsible for amending the existing land title to suit the new property construction. Normally the old Jamaican property title is destroyed and new title or titles are issued. The Parish Council must make recommendations based on zoning laws of residential or commercial properties being erected. If a property is designated as a residential area only, then it will be impossible for a developer to purchase Jamaican property and build commercial properties.After these hurdles are overcome then the next step is to begin building. We will begin interviewing several Jamaican construction developers over the next few weeks.

1 comment:

madhyamtechnology said...

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