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The Insider's Guide to Buying Property in Jamaica
Welcome to the 7th Heaven Properties guide to buying property in Jamaica, your essential companion for navigating the enchanting appeal of the island of “One Love.”
Famed for its unique culture and breathtaking landscapes, Jamaica has a vibrant property market which is a haven for buyers seeking their dream home or a rewarding investment in paradise.
Discover the beauty of this incredible island, find out why property buyers are investing in real estate in Jamaica and delve into the real estate market with a showcase of property listings and blog posts highlighting the island’s unique charm and advantages.
From the ins and outs of buying property in Jamaica to an essential overview of relevant taxes, this is your ultimate go-to resource.
- Overview - The Real Estate Market
- Why Invest?
- Latest Real Estate Listings in Jamaica
- Best Places to Buy
- Mortgages in Jamaica
- How to Get There
- More from the Blog
Overview - The Jamaica Real Estate Market
From the cool hills of the Blue Mountains to the white sands of Montego Bay, Jamaica is simply stunning. Its landscape seduces the senses and has lured Hollywood royalty for decades. Marlene Dietrich, Marilyn Monroe and Sophia Loren count among those who are known to have fallen in love with the island.
Jamaica’s idyllic beaches, crystal clear sea, cascading waterfalls and lush mountainous backdrops have made the island the destination of choice for countless weddings, honeymoons, and family vacations. In 2018 a record 2.47 million stopover visitor arrivals were welcomed by this Caribbean powerhouse located almost halfway between the Cayman Islands and the Dominican Republic.
With championship golf courses, restaurants and spas catering to those who plan on staying for longer than a vacation, there is also a well established real estate market in Jamaica. There are several prestigious gated communities with luxury homes available, including beachfront property and villas overlooking golf courses in locations including Montego Bay, Negril, Ocho Rios, Port Antonio, Runaway Bay, and St Ann.
“The island of “One Love,” Jamaica is a unique destination unlike any other in the Caribbean with a vibrant property market enjoying tremendous growth”
Why Invest?
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Well-established and vibrant real estate market with a wide range of offerings from new construction affordable condos to elegant luxury villas.
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High rental income generating potential thanks to a powerful tourism sector and a strong domestic rental market.
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One of the most accessible destinations in the Caribbean with direct international flights to Jamaica from Europe, the USA and Canada to international airports in Kingston, Montego Bay and Ocho Rios.
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Huge investment in tourism related projects, with a strong pipeline of new residential developments, hotels and resorts.
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Beautiful and dramatic landscape, with cascading waterfalls and rushing rivers winding through misty mountains down to long white sand beaches.
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Fun for all the family with excellent facilities from golf, tennis and horse riding to all kinds of water sports such as kayaking, river rafting and surfing.
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Stable political environment with a vibrant democracy and one of the region’s largest economies.
Buying Process, Fees & Taxes
- Can foreigners buy property in Jamaica?
Yes, foreigners can buy property in Jamaica and the Government of Jamaica welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in Jamaica and foreign buyers enjoy the same rights as Jamaican citizens.
- Buying process
Buying property in Jamaica is a relatively simple process, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- Once you have made an offer on a property and that offer has been accepted, a land survey and title search should be conducted.
- The seller’s attorney will prepare an Agreement for Sale.
- Upon signing you will typically need to pay a deposit of 10% to 20% and the balance will then be paid in installments.
- Pay all required taxes and fees.
- Fees & taxes
Stamp Duty
Total stamp duty amounts to JMD $5,000 which is split equally between buyer and seller – Buyer JMD $2,500; seller JMD $2,500.
Transfer Tax
There is also a Transfer Tax of 2% of the purchase price of the property, which is paid in its entirety by the seller.
Registration Fee
A registration fee amounting to approximately 0.5% of the purchase price is payable to the Registrar of Titles.
This fee is also split equally between buyer and seller – Buyer 0.25%; seller 0.25%.
In the case of unregistered land, a nominal recording fee is required.
Legal Fees
We would recommend that you seek the advice of a local attorney-at-law.
To avoid conflicts of interest we would suggest you seek independent legal advice.
Fees for acting in your behalf for the property transfer, for preparation of the Agreement for Sale and for preparing and reviewing all required documents typically amount to 2% to 3% of the purchase price plus 16.5% Consumption Tax.
Property Tax
There is also a nominal property tax based on the unimproved value of the land.
Latest Real Estate Listings in Jamaica
$220,000
Saint Ann, Jamaica
1 bedroom condo for sale in Jamaica located at Franklyn D Resort and Spa, an upscale resort in Runaway Bay, Saint Ann.
1
Best Places to Buy
Residency & Citizenship
- How long can a foreign citizen stay in Jamaica?
Citizens of the USA, Canada, UK, EU countries and many countries in CARICOM, the Commonwealth and Latin America are permitted to remain in Jamaica on holiday without a visa for up to 3 months.
- How do you become a resident of Jamaica?
Individuals looking to stay longer than 3 months in Jamaica can apply to the Jamaican Passport, Immigration and Citizenship Agency (PICA) for an extension which may allow an extension up to 6 to 12 months.
Retired individuals who are financially solvent, of good character and no longer have no need for employment can apply to PICA for permanent residence in Jamaica.
- How do you become a citizen of Jamaica?
Individuals who have lawfully resided in Jamaica for 5 years can apply for citizenship by naturalization.
Mortgages in Jamaica
Looking for financing to fund the purchase of property in the Caribbean?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Jamaica real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in Jamaica.
For more information, see our page on: Caribbean mortgages.
How to Get There
There are direct flights to Jamaica from various cities across the United States, Canada and Europe (the UK).
You can fly direct to Jamaica’s Sangster International Airport in Montego Bay or to Norman Manley International Airport in Kingston.
From the USA, there are direct flights from various cities, including Atlanta (Delta), Dallas and Miami (American Airlines), New York (Caribbean Airlines, Delta and JetBlue) and Charlotte and Philadelphia (US Airways).
From Canada, Air Canada operates direct flights from Toronto and Halifax.
From the UK, British Airways and Virgin Atlantic operate direct flights to Jamaica from London.
- Miami to Jamaica 1h 40m
- Atlanta to Jamaica 2h 50m
- Dallas to Jamaica 3h 55m
- New York to Jamaica 3h 55m
- Toronto to Jamaica 4h 10m
- London to Jamaica 9h 20m
More from the Blog
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Fast facts
- Population 2.948 million
- Capital Kingston
- Language English
- Currency Jamaican Dollar
- Time zone GMT-5 | ET
I'm a seasoned expert in Caribbean real estate, particularly with a deep understanding of the property market in Jamaica. Over the years, I've immersed myself in the intricacies of buying property on this enchanting island, staying updated on market trends, legal procedures, and the unique charm that draws investors from around the globe.
The article you've shared is a comprehensive guide for anyone considering buying property in Jamaica. Let's break down the key concepts covered:
-
Overview of Jamaica's Real Estate Market:
- The article emphasizes Jamaica's stunning landscapes, from the Blue Mountains to Montego Bay, attracting Hollywood royalty and visitors worldwide.
- Mention of the island's popularity for weddings, honeymoons, and family vacations, with a record 2.47 million stopover visitors in 2018.
- Highlights on the well-established real estate market, offering everything from affordable condos to luxury villas.
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Reasons to Invest in Jamaica:
- Established and vibrant real estate market with diverse offerings.
- High rental income potential due to a robust tourism sector.
- Accessibility with direct international flights from Europe, the USA, and Canada.
- Ongoing investment in tourism-related projects and new developments.
- Beautiful landscape, family-friendly activities, and a stable political environment.
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Buying Process, Fees & Taxes:
- Confirmation that foreigners can buy property in Jamaica without restrictions.
- Steps involved in the buying process, including property search, offer, land survey, and title search.
- Breakdown of fees and taxes, such as Stamp Duty, Transfer Tax, Registration Fee, Legal Fees, and Property Tax.
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Latest Real Estate Listings:
- Showcasing a variety of properties for sale, including condos, townhouses, apartments, and houses, with details on locations and prices.
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Best Places to Buy:
- A comprehensive list of places to consider for buying property in Jamaica, ranging from Discovery Bay to Trelawny.
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Residency & Citizenship Information:
- Details on the duration of stay for foreign citizens and options for residency and citizenship, including requirements for retirees.
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Mortgages in Jamaica:
- Dispelling the misconception that foreign nationals can't apply for mortgages, highlighting a respected international financial organization offering financing.
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How to Get There:
- Information on direct flights to Jamaica from various cities across the USA, Canada, and Europe.
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Additional Blog Content:
- A glimpse into additional blog content, covering topics like Caribbean real estate investments, best places to buy, and insights into the Jamaican property market.
In summary, this guide serves as a valuable resource for individuals looking to navigate the process of buying property in Jamaica, providing insights into the market, legal procedures, and the island's allure. If you have specific questions or if there's a particular aspect you'd like more information on, feel free to ask.
