Jamaica is a beautiful island. It is the third largest island in the Caribbean with a warm and sunny tropical climate. It has had more than 40 years of independence since 1962, and the head of state is Queen Elizabeth II, who officially uses the title Queen of Jamaica when she visits the country.
Jamaica’s heritage and culture are surprisingly diverse. Jamaican heritage includes African, Indian, British, Chinese, German, and Irish. There is an increase in immigration from Latin America and China.
Jamaica is a popular holiday destination, especially for British tourists. It has a laid-back culture and a host of tourist attractions around the island. You can visit Montego Bay, with its sea water and white sand, go up Dunns River, a six hundred foot waterfall in Ocho Rios. You can also snorkel along the 7 miles of beach on Negril’s west coast, which is home to many prestigious resorts. Inland, Kingston and Spanish Town are vibrant and interesting cities, bustling and full of life and character. Jamaican cuisine is second to none, and you can feast on mouth-watering dishes such as Jamaican curry goat, chicken and pork, yam, rice and peas, ackee and salt fish and Jamaican pasties.
Home to global reggae stars including Bob Marley and Jimmy Cliff, tourists flock to visit Bob Marley’s former home and studio on Hope Road, now a museum and pilgrimage site for Bob Marley fans and reggae lovers alike.
In addition to attracting tourists, the island also attracts buyers looking for property in Jamaica, although it is not as popular as other Caribbean islands such as Barbados or St. Kitts. This is largely due to the negative perception and publicity in the media that has had a knock-on effect on tourists and property buyers in Jamaica. Crime reports have also deterred people who would potentially buy property in Jamaica, even though Jamaica is a friendly island to live on.
Many Jamaican retirees who were born in Jamaica live, work and raise their families abroad and then return to Jamaica to retire. With the proceeds from the sale of their home abroad, they are often able to purchase larger, higher-quality properties in Jamaica with a large parcel of land, as well as secure an income for their retirement. Some families have land that has been historically purchased by the family and build their own property in Jamaica to retire.
There is a notable lack of high-end and prestigious property supply in Jamaica that does not attract people with money or potential investors to the island. The lack of supply trickles down to the tourism and hotel markets, which would also attract wealthy tourists to spend money. Therefore, luxury property in Jamaica should be a focus, as if the supply of luxury property in Jamaica is not there, it can be argued that the demand will not be stimulated by foreign buyers.
There is a whole range of properties for sale in Jamaica, from two-bedroom apartments and houses to large three-story executive estates. Jamaica properties can be located beachside, inland, on the slopes and hilltops, in major cities, and in more rural and remote areas. Jamaican detached property often has large parcels of land attached to it and most have swimming pools. There is also a range of new condominium and townhome developments with resort-style designs and leisure facilities available for residents to enjoy. Gated properties in Jamaica are also popular, and security is a concern for residents and investors. Peace of mind is offered with security features such as steel base windows, roofs and door grills.
An additional benefit to the Jamaican real estate market is that during this fiscal year the Government will further reduce stamp duty and transfer tax primarily to stimulate the market and help drive the purchase of many properties for sale in Jamaica. The stamp duty will be reduced from 4.5% to 3% and the transfer tax from 5% to 4% from January 2010, thus giving investors an incentive to invest in Jamaican property and obtain good offers.
In Jamaica, property prices have been largely stable for the past two years, so the Jamaican property market is a buyer’s market, which is great news for investors who have liquidity and good financial situation. They can make market conditions work for them and negotiate some bargain prices on properties for sale. Unfortunately, there are also many buyers who purchased properties in Jamaica, such as prestigious rental townhomes in the higher end of the market at the peak, and are now unable to rent and meet their financial commitments on the property. Therefore, these sellers will need to sell their properties urgently and will easily negotiate the price for a quick sale.
The Jamaican property market has also not been helped by the global economic downturn, which has negatively affected the attraction of foreign investors, although the Jamaican property market is attractive to foreign investors as the value of the Jamaican dollar has declined.
However, there may be light at the end of the tunnel, as going into next year, the recession in Jamaica may end sooner than expected. When this begins to happen and the economy gets back on track, combined with the generous tax incentives provided by the Government, the Jamaican property market will inevitably begin to revitalize and house prices and demand will increase and escalate to previous positive levels. , which is good. news for investors and people who want to live and retire in Jamaica.
