Home Property in Jamaica
How to buy a house in Jamaica?
Here you will find the detailed information about real estate purchasing in Jamaica:
- the right way to choose the property and to effect the deal;
- property taxes and duties that should be paid;
- everything about home loans in Jamaica;
- home property management and renting;
- rental, commercial properties and related investment properties.
Real estate for sale
Most recent offers from house owners in Jamaica and from real estate agencies. Advertisements with the fixed price and auctions are listed here.
You can leave a comment and give advice to other visitors planning to buy a home in Jamaica.
Jamaica is one of the Caribbean countries that become increasingly attractive for investors. Buying a house or a flat in this paradise is relatively easy. It cannot be otherwise indeed, as the motto of this sunny state is “Jamaica, no problem!”
The Caribbean islands have always been fancied and long associated with treasures and pirates. Pirates gave way to colonizers, who left here their culture and architecture: colonial mansions, houses of plantation owners and bungalows, scattered all over the island. This Caribbean paradise with its bananas, palm trees, astonishingly beautiful sea and summer all year round has eventually sparked strong interest of tourists and investors alike. The latter are lured by many offshore zones, which can be found on just about every island.
Real estate market in the Caribbean countries is booming. These islands were even dubbed “millionaire haven”, because local luxury villas are extremely popular. However, there is also a wide array of property choices, from a modest bungalow to a luxurious mansion or a modern loft.
The purchase process couldn’t be any easier. Although the government imposes some requirements on foreigners, the general attitude towards land or real estate purchase is quite broadminded. In order to be eligible for property purchase, it is necessary to get a license from Jamaica’s central bank. Having obtained this document, buyer should hire a lawyer or a real estate agent. Such services cost 2 % of the transaction amount. On top of that, property insurance, which varies from 0.5 % to 0.9 %, is also required.
Local housing prices are rather diversified. They range from 1 to 3 thousand dollars per square meter, depending on many factors: housing type, remoteness from the coastline, transport and other infrastructures, etc.
Commercial property is as popular as residential. Thus, turnover in this sector amounted to 6 billion dollars last year. Moreover, there are many opportunities for the development of storage facilities construction, especially in the regions that neighbor major trade routes.
Such opportunities stem from the reduction of mortgage rates on one hand, and inflow of wealthy clients on the other. A significant drop in the exchange rate of the local currency has also played its part.
But, of course, it’s not only the price that attracts investors to local real estate, but also the environment – fiery sunsets, snow-white beaches, and azure waters make Jamaica a carefree place for leisure and life.