Why Own Real Estate in Jamaica?
Investment Real Estate Location Profile
Jamaica, an island of beautiful white sand beaches, crystal clear waters and lush mountains has long captured the imagination of Americans and others, however the nation’s past reputation for petty crime and entrenched poverty have often left tourists wary of traveling there. In today’s article we will examine Jamaica’s past, present and future.
HISTORY & GEOGRAPHY
(146) miles in length and (50) miles wide, Jamaica is situated south of Cuba and west of Hispaniola in the Caribbean Sea. The climate in Jamaica is tropical, with hot and humid weather, although higher inland regions have a more temperate climate. The island of Jamaica is home to the Blue Mountains inland, and is surrounded by a narrow coastal plain. Most major towns and cities are located on the coast. Chief towns and cities include the capital Kingston, Portmore, Spanish Town, Mandeville, Ocho Rios, Port Antonio, and Montego Bay.Discovered by Christopher Columbus in 1494, Jamaica is the third largest island in the Caribbean, and the most populous English-speaking Island in that region. From its discovery till 1655 Jamaica was a Spanish territory until it was seized by the British. Independence came slowly to the Jamaican people, finally achieving sovereign status in 1962.
ECONOMICS
More diversified than most Caribbean economies, Jamaica has significant resources. The country is involved in agriculture, mining, financial services and tourism. Unfortunately Jamaica experienced a bout of hyperinflation in the 1980’s. Inflation peaked at 80% in 1991, but recent economic reforms have led to a dramatic reduction in inflation. Additionally, significant investments in infrastructure bode well for Jamaica’s economic future. Sir Kenneth Miller, President and Founder of the UN National Committee for Habitat recently commented, “The modernization and re-development of MBJ Sangster International Airport and the North-coast Highway project, connecting the resort towns of Negril, Montego Bay and Ocho Rios, both projects with major private sector participation, have spurred unprecedented levels of foreign direct investment. Indicators suggest that Jamaica may move ahead of many other Caribbean nations in coming years.” Ranked remarkable number 17th by the World Investment Report, Jamaica has attracted in excess of US$3bn in private, foreign investment in the last three years alone, and change is taking place in almost every industry corner, including real estate, tourism, banking, telecom, energy and transportation. In addition to some ultra-luxury real estate projects, notable projects under development along the northern GOLD COAST include the 25,000 seat Trelawny Multi-purpose Stadium under construction, a new Convention Centre in Rose Hall and the new Shoppes at Rose Hall offering high end duty free shopping and entertainment.
CRIME
Plagued by a history of poverty, Jamaica is finally becoming very successful in some locations at reducing crime as they were in reducing inflation. In the exclusive areas, tourists and real estate owners are very safe. With the billions of dollars in consistent infrastructure investment and more on the horizon, most areas, especially along the Gold Coast of Montego Bay, have become a prime location for privacy, beauty and privilege.
THE FUTURE
Jamaica has significantly improved their economic foundation, which is leading to a higher standard of living and much increased global attention and sustained increases in annual tourism. Because it is important to feel safe when vacationing or investing overseas, the best option for tourists and investors is the northern coast (Gold Coast) of Montego Bay, especially in the most elite Rose Hall district. The Gold Coast of Montego Bay is well known for its stunning beauty, captivating beaches, and now its high-end luxury real estate and shopping. With commitment from the Jamaican government in recently spending prodigiously in the region to improve their airport, roadways, and police protection, tourists and real estate owners are afforded all the comforts of other resort locations with the unique character and the beauty that is only Jamaica, The Gold Coast has become a very sustainable location to own luxury real estate. Jamaica compares favorably with all the Caribbean islands, due to its unique culture, accessibility (only a couple hours direct flight from most US hubs) creative and friendly people, ideal weather, wonderful beaches and spectacular mountains and an abundant water supply. Jamaica provides an opportunity for investment real estate buyers to have it all and get ahead of a long term positive economic and infrastructure boom.
