Land for Sale in Jamaica
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Consider a lot within a Jamaican housing development, complete with familiar amenities, such as a freshwater swimming pool, tennis courts, a community center.
Or perhaps you’d like a larger spread, such as a dozen arable acres with utilities, and sometimes out buildings.
Maybe you’d like a little seclusion, such as your own “fantasy” island, just off shore with its own private beach.
Whichever you choose, enlist the help of a good local real estate agent and lawyer and explore the tropical possibilities before you buy your land for sale in Jamaica.
Jamaica Real Estate: What’s Available?
Land for sale in Jamaica ranges in price from around $15,000 (2006 prices!)for a simple half-acre building lot away from the waterfront to several million for a large, working coffee farm in the Blue Mountains, with lots of choices in between.
Occasionally, even offshore islands, many with white sand beaches, become available.
Lot amenities vary from water and sewer facilities and the features of a sub-division, such as a community clubhouse, pool, and sidewalks to completely undeveloped land without roads or utilities.
Recent Jamaican real estate offerings have included a quarter acre residential lot in a gated community in St Mary’s Orcabessa area with all utilities and a distant sea view for $70,000.
More expensive is a recent listing for a 1.64 acre lot set on a 250-foot stretch of white sand beach in Jamaica’s Whitehouse neighborhood, priced at $600,000. On the upper Jamaica real estate's end is a 13-acre farm in Jamaica’s St. Mary’s Parish with a natural mineral spring, two roads, and a distant sea view, listed for $5 million.
Buying Property in Jamaica
If you are looking for land for sale in Jamaica, start by enlisting the aid of a Jamaica real estate agent. Many large United State brokers, such as Century 21 and Caldwell Banker, are represented in Jamaica. In addition, scores of local brokers vie for overseas clients.
Jamaican real estate law is based on British law and varies slightly from U.S. law. A good real estate lawyer can help buyers sort through the requirements. For example, under Jamaican real estate law, a deposit of at least 15 percent of the purchase price is required upon signing the sales agreement. Under the law, no agreement between the buyer and seller exists until that deposit is paid and the agreement signed.
As with U.S. real estate transfers, certain costs apply, including a government stamp duty (approximately 5.5 percent of the purchase price), attorney fees (approximately 3 percent of the purchase price), and mortgage fees (if applicable). Real Estate broker fees to the buyer average around 5 percent of the sales price. Many of these fees are negotiable and may be shared between the buyer and the seller.
Cash sales are generally completed in around 21 to 30 days. Mortgage sales realistically take around five to six months to complete. Keep in mind, business transactions tend to take longer to complete in Jamaica than in the United States.
Jamaican Mortgage Funds
A variety of Jamaican financial institutions, such as the Jamaican National Building Fund and the First Caribbean International Bank, make funds available to non-residents investing in Jamaica. Developments, too, will often help investors obtain financing and sometimes even finance lots themselves.
Mortgage interest rates are generally somewhat higher for overseas borrowers than for residents, ranging from around 13 percent. Mortgages for overseas investors generally take between three and four weeks to process.
Buying land in Jamaica can be a good investment and an excellent way to get away from hectic city life and escape to the islands.
Consider Jamaica for your retirement, second home, or second career. Jamaica is lush, beautiful, and often surprisingly affordable.
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