For the past two decades the Jamaican Real Estate market has been relatively quiet in relation to the rest of the Caribbean and Latin America, and real estate in Jamaica has been considerably undervalued. But things are beginning to change, and foreign investors are realizing that Jamaica property is undervalued, and in particular a significant increase in the shared ownership of Jamaican vacation real estate is a major driving factor.
According to the Planning Institute of Jamaica, in the first decade of this century Jamaica has managed to attract close to US$ 3 billion of investment in spite of the downturn in the world economy. Almost every sector in Jamaica has seen an inflow of investment. This inflow of investment is having an impact on the entire economy, including the real estate sector. So, now is the time to invest, before prices of property in Jamaica start to soar and catch up with the rest of the Caribbean and Latin America.
We have seen massive investment and expansion in the tourism industry, with new hotels, resorts, villas, timeshare properties, golf courses, a new cruise ship terminal in Falmouth, the new Ian Flemming International Airport, and also in the island's roads and utilities.
A word of caution to any overseas investor deciding to invest in Jamaican Real Estate.
Get local advice - find a reputable Jamaican attorney who specializes in property, and who is independent of any other party involved in the deal. And find a well established local Real Estate Agent, who is a member of the Realtors Association of Jamaica, such as Rory Marsh of Meldam Realtors in Ocho Rios. He will be happy to answer your questions.
And here is some further information on ownership of vacation properties in Jamaica.
Please direct all requests for information concerning titles in Jamaica to either the Collector of Taxes in the parish where the land is located, or a search can be made using the National Land Agency online service. In either case it will be best if you have the Volume and Folio numbers. Requests for information concerning tiles should not be directed to this website, as we have no access to any such information other than the links given above.
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