Real estate is likely one of the best investments you'll ever make. As an asset, they appreciate over time and so, in comparison to other investment options such as stocks which are commonly volatile, buying a home is a safer financial venture. Today, for example, properties in Jamaica are particularly robust for long-term investments. Among others, here are seven reasons to invest in Jamaican real estate right now:
1. Jamaica is conducive to growth and was named the number one Caribbean country to do business and to invest by Forbes. Almost every sector in Jamaica has seen an inflow of investment, which has positively impacted the island. Today, Jamaica enjoys a stable economy that is steadily improving over time.
2. Everyone wants a piece of the rock. Foreign investors dominate the high-end real estate market in Jamaica. Since Jamaica has little or no restrictions for international homeowners, it’s easy to purchase a home on the island, and many foreigners are taking advantage of it. As such, Jamaica has a very active expat community who has expanded their investment dollars beyond just local real estate.
3. Real estate offers lucrative income earning and investment opportunities. For example, monthly housing rent rose by 0.5% in 2016 based on the nationwide consumer price index released by the Bank of Jamaica. Apart from long-term rentals, with growing demands for Airbnb type services, your property can become a source of cash flow or capital growth. Incidentally, Jamaica ranked above all Caribbean territories on TripAdvisor Traveler's Choice 2017 "World's Best Destination" list and NY Times named Kingston as one of their “52 Places to Go in 2017” which speaks directly to the potential of vacation home subletting opportunities for homeowners.
4. 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.
5. Since real estate appreciates rapidly in Jamaica, the best time to purchase is now. The selling price today is possibly the lowest it will ever be.
6. The recent reduction of mortgage interest rates and increased loan limits in some banks beefed up housing demands in 2016. As a result, homeownership is no longer a distant reality. For many more Jamaicans especially young professionals, it is the opportune time to become homeowners.
7. Jamaica’s real estate is more affordable than other Caribbean islands. For example, prices range from US$1,300 per square foot to US$1,500 per square foot for a beachfront home in Jamaica, while in Barbados, beachfront properties range from US$6,700 per sq. m.
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