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5 Reasons to Invest in Jamaica Real Estate Market

By Ask Darnell | Business, Real Estate

Real estate is undoubtedly one of the most profitable investment decisions one can ever make. Compared to other commonly volatile investments such as stocks, buying a property always turns out to be a safer investment.

 

Are you well aware of the benefits of investing in properties but confused about whether investing in the Jamaica real estate market would be a wise decision or not?

 

Then let’s check out the reasons why now is the right time to invest in real estate Jamaica and say goodbye to all your doubts.

 

Growing Economy And The Jamaica Real Estate 

 

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Instagram Image: @photosofjamaica

 

The economy of Jamaica is stable. With no social unrest, the Jamaican dollar is stable and even the GDP is improving as a result of remittances and tourist arrivals. Compared to many other destinations, the poverty rate is lower in Jamaica. The increase in bauxite exportation has also contributed to the country’s economic growth.

 

And thanks to the booming tourism here, the Jamaican real estate market is getting stronger. Real estate in Jamaica offers plenty of investment opportunities as well as lucrative earning options.

 

With the property demands constantly growing, monthly rent rising by 0.6% in 2016, and the Airbnb type services being high in demand, now is the time to invest in real estate here and turn the property into a source of capital growth or cash flow.

 

The New York Times listing Jamaica’s Kingston in their “52 Places to go in 2017” and CNN naming Jamaica among the “Top 10 best places to visit in 2020” say a lot about why investing in Jamaica real estate can never go wrong.

 

Preferable Interest Rates And Loan Limits 

 

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Instagram Image: @mastercore_jamaica

 

Another reason to invest in Jamaican real estate can be the low mortgage interest rates and an increase in loan limits in some banks. These loan and mortgage-related relaxations may not seem to benefit the real estate market directly, but indirectly it will help the real estate market to grow as the housing demands are beefing up.

 

With the Bank of Jamaica constantly lowering mortgage interest rates, the rates are at their lowest compared to the last five or more years. As a result, more and more young professionals are considering turning their dream of homeownership into a reality.

 

No Restrictions For International Investors

 

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Instagram Image: @mayte.vzq

 

Are you aware that the Jamaican local laws neither distinguish between local and foreign investors nor impose any limitations or restrictions on foreign ownership!

 

And that is probably the reason why foreign investors are dominating the real estate market here. Buying a property being rather easy here on this island, more people from outside the country are taking the advantage of it, making investing in Jamaican real estate all the more promising.

 

In-control Crime Rate

 

The crime rate of an area has a crucial role to play in determining the growth of property demands there as well as the growth of the real estate market. In Jamaica, the crime rate is under control. Yes, it’s true that during the last general election, the crime rate did flare up a bit. But, now everything is back to normal.

 

According to recent reports, compared to last year, this year there has been an almost 11% reduction in crime rate in Jamaica, which is great news for real estate investors looking forward to making the most out of this island country with stunning scenic beauty.

 

Proximity To The USA

 

 

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Instagram Image: @premierdestinationservices

 

Do you live in the USA and think the distance from the USA to Jamaica can hamper your real estate investment decisions in the latter? Well, then know that this Caribbean island country is rather closer to travel to now and then for your real estate investment requirements.

 

Even driving to Miami from Orlando takes more time than flying to Jamaica from the United States.

 

The cost of flying to Jamaica is even not as much as you imagine it to be. Not only the airlift to Jamaica is frequent, but the majority of the reputed carriers fly to this island country.

 

Wrapping Up

 

Hopefully, you don’t have any more doubts regarding investing in the real estate market in Jamaica. But do you know how you can find the best property deals to invest in Jamaica?

 

Well, to assist you with that, here we are, 1st Source, with our years of in-depth knowledge and experience about the real estate market of this Caribbean country.

 

Contact us today to know more about where to invest in Jamaica and how to make the most out of your property investments here.

 

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Written by

Ask Darnell