One of the safest and most rewarding investments you can make is in real estate. Since homes are an appreciating asset, purchasing one is a less risky financial move than, say, investing in stocks, which may experience significant ups and downs in value. Investments in long-term assets, such as real estate, are now particularly strong in Jamaica. There are many compelling opportunities in the Jamaican real estate market right now, but here are seven of the best:
To begin, Forbes ranked Jamaica as the best place in the Caribbean for business and investment. Investment has poured into nearly every facet of the Jamaican economy, with beneficial results across the board. There is now a solid economy that is growing in Jamaica.
The rock is so desirable that everyone wants their own piece. The luxury real estate industry in Jamaica is dominated by overseas buyers. With little, if any barriers to entry, many ex-pats are taking advantage of Jamaica’s affordable housing market by buying a property on the island. The result is a thriving ex-pat community that has diversified its financial holdings in Jamaica beyond the real estate market.
Property investing and income generation may be quite fruitful. The Bank of Jamaica’s national consumer price index shows that rent increased by 0.5% per month in 2016. Short-term rentals, like those offered by Airbnb, are becoming increasingly popular and can provide additional income or appreciation to your home in addition to longer-term rentals. It’s worth noting that Jamaica topped all other Caribbean territories on TripAdvisor’s 2017 “World’s Best Destination” list, and that Kingston was named one of the “52 Places to Go in 2017” by The New York Times, both of which are indicative of the marketability of vacation rental properties in the area.
Jamaican real estate investments may provide over 60% annual returns during a five-year holding period. The recent rise in Jamaican property values makes this sum very clear. In light of this, investing in Jamaican real estate may yield excellent returns over the long run.
Now is a good moment to buy real estate in Jamaica, as prices are rising quickly. There’s a good chance that today’s asking price is the lowest it will ever be.
Demand for homes surged in 2016 as a result of a number of factors, including a drop in mortgage interest rates and higher lending ceilings at some institutions. Homeownership is thus no longer an unattainable goal. Time to buy a home has come for many more Jamaicans, especially young professionals.
Jamaican property is more reasonably priced than that of other Caribbean nations. In Barbados, oceanfront properties may be purchased for as little as $6,700 per square mile, while in Jamaica they can cost as much as $1,300 per square foot. Contact us today to buy or sell property in Jamaica.