At the moment, real estate is quite cheap, and you will not regret making your next big purchase, and you will find it to be a great investment. An amazing location that you will love for your upcoming trips or holidays can be Jamaica! It is great for the summer season, you will be overwhelmed with its climate, as well as a variety of things that are available for you to do and explore. Men, women, adults, teens, as well as kids, will enjoy their holiday in Jamaica! This is why this location is such a universal full strike and an amazing go-to! Keep on reading and figure out why this may be the best investment option at the moment, and why you should buy a property in 2024.
7 reasons why buying a property in Jamaica is a great investment
1. Closing costs are down
It is important to know that any house advertised will have its additional fees. The cost of the purchase is always the purchase price, and you should also add the closing costs. However and luckily for you, in 2019, the Jamaican government did reduce the taxes for real estate. The stamp duty was a large portion of closing costs, while nowadays and due to all the reduction it is way easier to make that final deal, plus it is affordable! Just remember that you are obligated to pay .25 percent of the value of the property as its registration fee. That’s it!
2. A must-have according to Forbes
Did you know that Jamaica is a fast-growing country, with loads of different and new things to offer each year?! In fact, did you know that it was named number one Caribbean country which is perfect for business, and great to invest in by Forbes?! Luckily, there are tons of other reasons why you might love Jamaica. You can also learn even more about properties and how to purchase them at Caribbean-escape.com. They have an amazing guide that explains each step in-depth + they will help you understand and realize why their taxes are unbeatable at the moment! Also, you can browse through loads of different properties on their site.
3. NHT is providing more housing solutions
The National Housing Trust will build 22,000 houses by the end of this year. They will also partner up with some private developers to bring the best housing and national projects to life. The government will give 100 percent financing on their units. Thanks to this call and this move, some families will be able to obtain a cheaper rate from their commercial banks. This, however, mostly applies to people who are locals.
4. Jamaica is a top tourist destination
Who wouldn’t want to live or at least own a property in Jamaica?! According to Trip Advisor, it is ranked as one of the top 25 tourist destinations in the world, at it holds its place firmly on its lucky number 13! Only in 2019, their tourism had a massive jump and increase when compared to 2018. In fact, stays booked through Airbnb grew 62 percent! This just shows that Jamaica is a top tourist destination, as well as an amazing spot to visit or be at all the time. If you’re looking for a primary residence, or if you wish to visit the spot occasionally and from time to time, this is perfect for you, as well as most beach lovers!
5. Long-lasting income
Every tourist will want to book a night or two at your property, and most people love the shore! Also, who could resist its relaxing, soothing, as well as heart-warming (literally) 26 degrees celsius? In fact, did you know that holding real estate in Jamaica will yield almost 60% in revenue in the upcoming period over five years? This just makes it an amazing, affordable, as well as smart real estate option. It is a long-term investment, but it is a win-win situation either way, as long as you are patient enough!
6. Great investment for foreigners as well
It is easy to get a visa for Jamaica, which means that you can and should browse through loads of different properties, no matter where you’re located in the world. Nowadays almost everyone can own a piece of real estate in Jamaica. Some foreign investors dominate the high-end real estate market in Jamaica. You can purchase a home, a flat, or a piece of real estate and share it with your partner in a matter of hours! Slowly but surely, it is expanding and is becoming quite easy as well as approachable by tourists worldwide.
7. Better than any other Caribbean island piece
Last, but not least, you can get Jamaican real estate at a super affordable price, especially once combined with the rest of the Caribbean islands. You will run into prices from US$1,300 per square foot to US$1,500 per square foot for most homes in Jamaica, and all of these homes will have a beachfront! However, if you were browsing through Barbados and its properties, you would find them starting at US$6,700 per square mile. This just shows you how much more affordable Caribbean islands can be, as well as why they might be your perfect go-to!
Ready for your next property?
Are you ready to jump into the real estate world? Maybe you are afraid of making this huge step in your private or business life? Well, it doesn’t matter if you’re buying the property for yourself, or if you are browsing through some options that you plan on renting out or placing on AirBNB and Booking.com! We have covered it all, and we believe that it is a smart move either way! Making your next big purchase is a smart move since you will get your money back in 5-6 years. Also, this is an amazing opportunity since prices are down at the moment, so why not make your next big purchase?!