Jamaica Real Estate
...an investment well worth considering.
Jamaica Real Estate is something many investors consider. The investment picture is a positive one as Jamaica is a parliamentary democracy with a developing economy.
Jamaica real estate has long been some of the most sought after property in the world and the lure of the Caribbean Sea and the lush Blue Mountains have seduced many to purchase homes on the island.
The popular north coast from Negril in the west to Port Antonio in the east is well developed with many residential communities centered around a private beach, pool complex and restaurants.
But the real deals are to be found on the island’s south coast and in the central mountains.
Land dealers have been occasionally unscrupulous in Jamaica over the years and unsuspecting buyers have been taken advantage of. As in all real estate transactions, buyer beware. The Jamaican Real Estate Board, in 1987, drafted a law to define and register legal dealers of Jamaica real estate. The board is also involved in land development issues and can connect potential buyers with both legal and construction professionals.
It is wise to have any property appraised by a professional before purchase and there are land surveying and appraisal companies in Kingston. Half a dozen law firms in Kingston specialize in real estate law and the commercial section of the British High Commission in Kingston helps oversee foreign investment and investors.
Real estate is available in all forms including lots and land, both seafront and interior, houses in residential developments, villas with acreage, condominiums and townhouses, and commercial properties.
Houses in small residential developments range in price from $250,00US and up. Seaside property is priced in the millions.
Jamaica real estate on the south coast of the island is a little more affordable because of the more isolated nature of the towns there. Golf club communities are popping up all over the island and some are virtually towns in themselves complete with tennis clubs, restaurants, shopping and security. Tryall Club and The Palmyra at Rose Hall are a couple of examples.
Caldwell Banker in the islands has an Historic Estate Listings specialist who, trained in historic preservation, offers properties of significance on Jamaica.
Great houses and other early structures in various states of disrepair are available. Buyers can likely find either a complete restoration project or a finished manor for sale.
Agents will assist buyers with mortgage loan funding and help navigate the tax laws or benefits to which buyers are subjected.
The Jamaican government allows up to ten years of tax relief, including on imported goods, for new or renovating hotels. The law applies to new tourist cottages for seven years.
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Jamaican Property areas.
Jamaica real estate is divided into fourteen parishes including, Clarendon, Hanover, Kingston Manchester, Portland, St. Andrew, St. Ann, St. Catherine, St. Elizabeth, St. James, St. Thomas, Trelawny and Westmoreland. The parishes make up the three counties of Sussex, Cornwall and Middlesex and the main cities of Jamaica are Kingston, Montego Bay, Ocho Rios, Port Antonio, Mandeville and Negril.
The north coast is fringed by a coral reef, making the white sand beaches and crystal clear water for which the island is famous. The dry south coast receives less than half the rain of the rest of Jamaica and is therefore a semi-arid climate with cacti and acacia trees.
The south coast parishes are known as the bread basket of Jamaica real estate and the volcanic soil is conducive to the growth of dozens of variety of fruits and vegetables making the area a market center.
The city of Mandeville sits in the hills above Treasure Beach and has been a hub for second homes for generations. Residential areas grace the hills around the Town Square and the city is a bustling center of business for the region.
Property in Jamaica
About half of Jamaica’s land is under cultivation and large farms control roughly half of the arable land, with many small family plots making up the difference. Prices per acre range widely depending on location, water onsite, proximity to services, proximity to cities and steepness of grade.
Sangsters Realty and Meldam Company are two registered real estate dealers who can assist potential buyers with land purchases.
Jamaica real estate, like most Caribbean property holds its value despite occasional political unrest because the island is stunningly beautiful and the tourism industry remains strong.
As the world’s waterfront and island property is becoming harder to find and afford, Jamaica real estate will continue to increase in value and desirability for many years to come.
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