THE ULTIMATE GUIDE TO INVESTING IN JAMAICA
Are you thinking about buying property in the Caribbean? Are you looking to invest in Jamaica real estate?
We have put together this guide for investors considering making an investment in real estate abroad and wondering whether Jamaica might be the best place to choose to buy property, whether that might be a villa, a condo or a parcel of land.
Here we take a look at the top reasons for buying property in Jamaica and for investing in this island of sun-drenched beaches, a unique and vibrant culture and friendly and welcoming people.
7 REASONS TO INVEST IN JAMAICA REAL ESTATE
From the allure of its breathtaking natural beauty and the energy and rhythm of its unique culture to the tremendous potential of its dynamic real estate market, there are all kinds of reasons for choosing to invest in Jamaica. Here are 7 reasons why the island of “One Love” might be the right destination for you.
1. VIBRANT REAL ESTATE MARKET
First and foremost, Jamaica has a very well-established and growing real estate market. The property market is one of the largest in the Caribbean region, offering a wide range of investment opportunities, from affordable condos to opulent villas in prestigious gated communities and luxury resorts. Jamaica attracts international buyers from North America and Europe hankering after their own little slice of “The Rock” for vacations in the sunshine, as well as members of the Jamaican diaspora overseas looking for a bolthole on the island. In comparison to many smaller Caribbean islands, Jamaica also has an active local market with a growing middle class making significant investments in real estate. In recent years, the market for condos and townhouses has been particularly dynamic, driven by a strong pipeline of new residential developments in and around the capital Kingston, as well as leading tourism destinations such as Montego Bay and Negril.
2. HIGH INCOME-GENERATING POTENTIAL
As one of the most popular tourism destinations in the Caribbean, Jamaica has seen consistent year on year growth in overseas visitors over the last decade. Last year (2019) the island welcomed a record 4.3 million international visitors. The very high level of both leisure and business travelers offers property owners tremendous income-generating potential. Almost a quarter of visitors choose to stay in private homes and apartments rather than hotels and resorts. So, if you only plan to use your property for vacations or live in it part time, it can be rented out to visiting tourists for the rest of the year, offering very high potential for delivering a significant Return on Investment.
3. HIGHLY ACCESSIBLE
Fortunately Jamaica is also very easy to get to. Over 55 airlines operate flights to Jamaica, many of which have increased the number and frequency of flights as well as seat capacity. There are direct international flights to the island from the USA, Canada, Europe, Central America and other parts of the Caribbean to Norman Manley International Airport in Kingston, Sangster International Airport in Montego Bay and Ian Fleming International Airport in Ocho Rios. All in all, Jamaica is one of the most accessible destinations in the Caribbean.
4. SIGNIFICANT INVESTMENT IN INFRASTRUCTURE
In recent years Jamaica has benefited from large-scale investments in infrastructure, tourism and real estate related projects which have further enhanced the island’s appeal to investors. Investment has been poured into new roads, highway improvements and upgrades, new bridges and smart infrastructure. With the number of new hotel rooms under construction highest in the region after Mexico, the Dominican Republic and Cuba, new hotels and resorts are springing up across Jamaica. The strong pipeline of new hotels is complimented by a growth in new residential developments which are delivering a steady supply of high quality new villas, townhouses and condos.
5. JAW-DROPPINGLY BEAUTIFUL LANDSCAPE
Much of the growth in the tourism and real estate sectors is due to the outstanding natural beauty of the island. Jamaica is a tropical paradise, with long white sand beaches and turquoise sea, thundering waterfalls, rushing rivers and a dramatic backdrop of misty mountains. Filled with natural wonders, Jamaica’s landscape is a feast for the senses.
6. LIVE THE DREAM LIFESTYLE
Boasting a stunning landscape, a warm, sunny climate and friendly, welcoming people, Jamaica offers a fantastic lifestyle in a unique setting. Despite its small size, Jamaica has had an outsized influence on world music, sport, food and the arts, making the island an exciting destination like no other. It also offers excellent facilities for all kinds of activities for all the family, from golf on world-class courses, tennis and horse riding to all kinds of water sports such as kayaking, river rafting and surfing.
7. POLITICAL & ECONOMIC STABILITY
Last but certainly not least, Jamaica enjoys a stable political and economic environment which welcomes investment from overseas. The country has a vibrant parliamentary democracy with an independent judiciary and a legal system based on English law. The island also has one of the region’s largest and most diverse economies with one of the world’s best-performing stock markets.
SUMMARY: A RAPIDLY GROWING INVESTMENT DESTINATION
So, in summary, whether you are drawn to the white sand beaches and turquoise waters of Montego Bay or the buzz of Kingston, there are high potential investment opportunities across Jamaica.