4321 Property Jamaica (2024)

FAQs

Is buying property in Jamaica a good investment? ›

Holding real estate in Jamaica can yield almost 60% in revenue in any period over five years. This figure is evident based on the recent appreciation of Jamaican real estate. Purchasing property in Jamaica is, therefore, one of the most profitable long-term investment options.

While real estate professionals in Jamaica commonly estimate an average selling period of around a year, it's important to recognize that this timeframe is not fixed and can vary considerably depending on the aforementioned factors.

THUS ALTHOUGH COMPLETION MAY BE HOPED FOR IN 3 - 4 MONTHS, IT IS MORE USUAL THAT THE PROCESS TAKES 5 - 6 MONTHS.

There are no legal or other restrictions on the purchase of land in Jamaica by foreign concerns. The requirement is that the permission of the Exchange Control Department of the Bank of Jamaica be obtained, especially when such purchase involves the remittance of foreign exchange to Jamaica.

According to the Bank of Jamaica's Financial Stability Report, these were the hottest places to buy real estate in the past three years – Westmoreland, St James, Hanover, St Mary and Portland. Property values in these parishes have all gone up an average of 62% since 2019.

Your mortgage will cover the majority of the cost of your home, but first you need to demonstrate your commitment by putting your money where your mouth is. You will generally pay your down payment to your seller, and in Jamaica down payments are usually 10-20% of the total cost of the property.

Property tax becomes due on April 1 each year and may be paid in full, half yearly or quarter yearly instalment. Half yearly instalments are to be made on April1 and October 1 each year while quarterly instalments are to be made on April 1, July 1, October 1, and January 1.

The process of adding or removing a name from a property title in Jamaica typically requires legal procedures and incurs associated expenses. As of October 2, 2021, the prevailing legal fee for this undertaking stands at $150,000 (JMD).

Closing Costs: Typically falling between 3–5% of the property's purchase price, these costs cover various administrative expenses associated with the closing process.

How much is property tax in Jamaica? ›

In addition, The Ministry has published the Property Tax (Amendment of Schedules) Order 2017, which amends the property tax rate schedule as follows: up to JMD 400,000 - JMD 1,000 (fixed) over JMD 400,000 up to 800,000 - 0.8% over JMD 800,000 up to 1.5 million - 0.85%

Jamaica's Real Estate Market Is Buoyant

In a buoyant real estate market, prices are generally rising and there are signs of strength and growth.

Upon entering the country, you must apply for a residence permit at the Agency's Investigation and Surveillance Unit. The residence permit allows you to stay in Jamaica legally for five years.

Property Tax payments can be made in full, half-yearly or quarterly instalments, and Property Tax liabilities may be ascertained using the TAJ's online query feature via www.jamaicatax.gov.jm. Property owners must have their valuation number ready, to check the status of their Property Tax, going back seven (7) years.

Jamaica is now established as a leading competitive investment destination in the Latin America and Caribbean (LAC) region. In the Doing Business Report 2020, Jamaica ranked 71 out of 190 economies assessed for competitiveness.

1 USD = 156.589841 JMD Aug 01, 2024 06:35 UTC

This is very much needed given the extreme volatility in global currencies lately. Sending money abroad is as easy as ever.