Written By: Jacquelyn Annete García Vadnais
There are many countries in the Caribbean that have attracted foreign real estate investors over the years. That said, it is difficult to find real estate in the Caribbean due to the competitive markets and desire for investors to acquire properties in scenic locations for an affordable price. One market that is popular for foreign direct investors is Jamaica. In particular, Kingston, Jamaica is a city that has proven to be an attractive real estate investment in recent years, and is also a good value for many foreign investors. If you are considering investing in Kingston, Jamaica, then it is wise to review the benefits to investment outlined below:
History of Jamaica
Even though Jamaica has a well-documented history during the Colonial era, there is little record of the island’s early history. What is known about the island’s early history is that there are traces of the Arawak habitation, who were a civilization that were heavily based on agriculture and the production of high-quality textiles and pottery. When the Spaniards arrived to the carribean, they named the island Santiago; however, the name did not last and the island kept its traditional Arawak name of Xaymaca. Since the island did not have the gold reserves of other parts of the New World, it became a convenient trading post where ships could gain more supplies before returning to Europe. By 1665, there were almost no original Arawaks left on the island since they were either sold as slaves or died out from disease. In 1645, Jamaica was captured from the Spaniards by the British, and shortly thereafter, became the chief market of the slave trade in the West Indies. Through slavery, the industries of cocoa, indigo, coffee, and sugar were developed on the island, which further contributed to the island’s wealth. After martial law was declared in 1865, there was great instability in Jamaica that led to Jamaica being placed under Crown colony rule in 1866. At the same time, the banana industry was established, and the economy began to grow again. Eventually, Jamaica joined the Federation of the West Indies in 1958, and began to exert greater self-rule, and autonomy, including full internal self-government, and a legislative council. These steps culminated in the full sovereignty of Jamaica in 1962. Modern day Kingston is known for its natural beauty, ensconced between the Blue Mountains, and the world’s seventh largest natural harbor. Scattered throughout the city are many places of worship, including two mosques, many churches, and a synagogue. The city’s downtown contains historic buildings, courts, museums, and street markets, while the uptown district is known for its luxurious hotels, restaurants, and Emancipation Park.
Top Reasons to Invest in Real Estate in Kingston, Jamaica
High Level of English
Jamaica has a very high level of English due to its former ties to Great Britain. This is a great strength to investing in Jamaica since it is far easier to conduct commerce than other locales. Due to the high level of English, it makes Jamaica not only appealing for investment, but it also makes Jamaica more appealing for tourists coming from countries around the world.
Few Restrictions on Foreign Real Estate Owners
Jamaica has very lax restrictions on foreign real estate owners. Jamaica is an ideal market for foreign real estate investors to consider that does not have many restrictions or additional fees associated with foreign citizens purchasing and acquiring property there. This is a great strength for investing in Kingston, Jamaica as well since it is easy for foreigners to be able to own property without many bureaucratic hurdles while simultaneously still being a market that has a great deal of tourism each year.
Favorable Economy That Is Growing
Jamaica has many stable industries that include bananas, coffee, cacao, and sugar, among others. These industries have been in place since the Colonial era; however, they are staples in the local economy. In addition to Jamaica’s traditional agricultural focus, the economy continues to grow from not only real estate but other forms of foreign direct investment. The stable economy combined with the ideal location for tourism in the Caribbean that essentially serves as a gateway from Latin America to the United States puts Jamaica in a very favorable position to continue to prosper.
Excellent Tourism Rental Potential
With the rise of Airbnb, it is quite favorable for foreign real estate investors to acquire a property in Jamaica and then position that property to be suitable for the many tourists that visit Jamaica each year. This is particularly true for beachfront properties that will continue to retain value over the years as Jamaica’s housing prices continue to increase. In addition, given that the banks have made home ownership more affordable for Jamaican citizens, it has become possible to purchase real estate and then sell it to local citizens that are now able to qualify for home mortgages.
Final Remarks
Jamaica continues to be an excellent locale to choose for foreign real estate investors because it has the benefit of being located in the heart of the Caribbean, while also being more affordable than other islands nearby. Kingston, Jamaica has a large tourism industry and stable economy, which makes it an excellent place to acquire a property and either have it for personal enjoyment or a vacation rental. Since Jamaica has strong tourism from the cruise industry as well as regular tourism, there are absolutely opportunities to make a sizable profit renting your property as a vacation rental while enjoying limited hurdles to acquiring real estate in Jamaica. The high level of English proficiency also increases the ease of doing business in Jamaica. With Jamaica’s stable economy and plethora of successful industries, it will be fascinating to see how Jamaica flourishes in the years to come.
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Jacquelyn Annete Garcia Vadnais is an Investment Consultant and field expert blogger for Barracuda Consulting.
Jacquelyn has a JD/ MBA from Suffolk University, an LL.M in International Law from the University of Miami, and a B.A. from the George Washington University in International Affairs with a Concentration in International Politics. Jacquelyn speaks English, Spanish, French, and Portuguese and has lived in ten countries. Jacquelyn has done work for firms such as Boston Consulting Group and has worked with firms based in over ten countries in the fields of Real Estate, International Law, Expat Living, International Business, Forex Trading, and Travel. She has also volunteered her time and expertise at the Victims Rights Law Center based in Boston, MA.
Please leave your comments below. If you would like to subscribe to our newsletter, click here: https://tinyletter.com/barracuda-consulting. To purchase a full real estate report, or to access a complete suite of investment advisory services please contact us: https://www.barracuda-consulting.net/contact.
There are many countries in the Caribbean that have attracted foreign real estate investors over the years. That said, it is difficult to find real estate in the Caribbean due to the competitive markets and desire for investors to acquire properties in scenic locations for an affordable price. One market that is popular for foreign direct investors is Jamaica. In particular, Kingston, Jamaica is a city that has proven to be an attractive real estate investment in recent years, and is also a good value for many foreign investors. If you are considering investing in Kingston, Jamaica, then it is wise to review the benefits to investment outlined below:
History of Jamaica
Even though Jamaica has a well-documented history during the Colonial era, there is little record of the island’s early history. What is known about the island’s early history is that there are traces of the Arawak habitation, who were a civilization that were heavily based on agriculture and the production of high-quality textiles and pottery. When the Spaniards arrived to the carribean, they named the island Santiago; however, the name did not last and the island kept its traditional Arawak name of Xaymaca. Since the island did not have the gold reserves of other parts of the New World, it became a convenient trading post where ships could gain more supplies before returning to Europe. By 1665, there were almost no original Arawaks left on the island since they were either sold as slaves or died out from disease. In 1645, Jamaica was captured from the Spaniards by the British, and shortly thereafter, became the chief market of the slave trade in the West Indies. Through slavery, the industries of cocoa, indigo, coffee, and sugar were developed on the island, which further contributed to the island’s wealth. After martial law was declared in 1865, there was great instability in Jamaica that led to Jamaica being placed under Crown colony rule in 1866. At the same time, the banana industry was established, and the economy began to grow again. Eventually, Jamaica joined the Federation of the West Indies in 1958, and began to exert greater self-rule, and autonomy, including full internal self-government, and a legislative council. These steps culminated in the full sovereignty of Jamaica in 1962. Modern day Kingston is known for its natural beauty, ensconced between the Blue Mountains, and the world’s seventh largest natural harbor. Scattered throughout the city are many places of worship, including two mosques, many churches, and a synagogue. The city’s downtown contains historic buildings, courts, museums, and street markets, while the uptown district is known for its luxurious hotels, restaurants, and Emancipation Park.
Top Reasons to Invest in Real Estate in Kingston, Jamaica
High Level of English
Jamaica has a very high level of English due to its former ties to Great Britain. This is a great strength to investing in Jamaica since it is far easier to conduct commerce than other locales. Due to the high level of English, it makes Jamaica not only appealing for investment, but it also makes Jamaica more appealing for tourists coming from countries around the world.
Few Restrictions on Foreign Real Estate Owners
Jamaica has very lax restrictions on foreign real estate owners. Jamaica is an ideal market for foreign real estate investors to consider that does not have many restrictions or additional fees associated with foreign citizens purchasing and acquiring property there. This is a great strength for investing in Kingston, Jamaica as well since it is easy for foreigners to be able to own property without many bureaucratic hurdles while simultaneously still being a market that has a great deal of tourism each year.
Favorable Economy That Is Growing
Jamaica has many stable industries that include bananas, coffee, cacao, and sugar, among others. These industries have been in place since the Colonial era; however, they are staples in the local economy. In addition to Jamaica’s traditional agricultural focus, the economy continues to grow from not only real estate but other forms of foreign direct investment. The stable economy combined with the ideal location for tourism in the Caribbean that essentially serves as a gateway from Latin America to the United States puts Jamaica in a very favorable position to continue to prosper.
Excellent Tourism Rental Potential
With the rise of Airbnb, it is quite favorable for foreign real estate investors to acquire a property in Jamaica and then position that property to be suitable for the many tourists that visit Jamaica each year. This is particularly true for beachfront properties that will continue to retain value over the years as Jamaica’s housing prices continue to increase. In addition, given that the banks have made home ownership more affordable for Jamaican citizens, it has become possible to purchase real estate and then sell it to local citizens that are now able to qualify for home mortgages.
Final Remarks
Jamaica continues to be an excellent locale to choose for foreign real estate investors because it has the benefit of being located in the heart of the Caribbean, while also being more affordable than other islands nearby. Kingston, Jamaica has a large tourism industry and stable economy, which makes it an excellent place to acquire a property and either have it for personal enjoyment or a vacation rental. Since Jamaica has strong tourism from the cruise industry as well as regular tourism, there are absolutely opportunities to make a sizable profit renting your property as a vacation rental while enjoying limited hurdles to acquiring real estate in Jamaica. The high level of English proficiency also increases the ease of doing business in Jamaica. With Jamaica’s stable economy and plethora of successful industries, it will be fascinating to see how Jamaica flourishes in the years to come.
--
Jacquelyn Annete Garcia Vadnais is an Investment Consultant and field expert blogger for Barracuda Consulting.
Jacquelyn has a JD/ MBA from Suffolk University, an LL.M in International Law from the University of Miami, and a B.A. from the George Washington University in International Affairs with a Concentration in International Politics. Jacquelyn speaks English, Spanish, French, and Portuguese and has lived in ten countries. Jacquelyn has done work for firms such as Boston Consulting Group and has worked with firms based in over ten countries in the fields of Real Estate, International Law, Expat Living, International Business, Forex Trading, and Travel. She has also volunteered her time and expertise at the Victims Rights Law Center based in Boston, MA.
Please leave your comments below. If you would like to subscribe to our newsletter, click here: https://tinyletter.com/barracuda-consulting. To purchase a full real estate report, or to access a complete suite of investment advisory services please contact us: https://www.barracuda-consulting.net/contact.
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