Jamaica has become a hub for new development as buyers are increasingly seeking a slice of Caribbean paradise. Here, The Agency Jamaica’s Managing Partners Taff and Rebecca Stevenson offer their expert insights into the thriving market, the influx of high-end brands and the unique appeal of Jamaican properties.
Who is buying property in Jamaica right now?
There are three main categories of buyers who are purchasing properties in Jamaica right now. The first are returning residents who have lived abroad in the U.S., UK, and Canada for most of their lives and are coming to the end of their careers. These buyers want to retire in Jamaica to reconnect with their families and cultural heritage and they also want to take advantage of the island lifestyle that Jamaica is renowned for.
The second are holidaymakers who come to Jamaica and fall in love with island life. These buyers want to own a piece of island paradise they can escape to when the weather in their country gets a bit too cold for their liking, especially our friends in Canada and the UK. These buyers typically purchase investment properties on Jamaica’s North Coast that they use for a few months of the year. They put them into short-term rental pools as an investment vehicle when they are not using their properties.
The third category of buyers are Jamaicans who are both investors and first-time buyers. Jamaican investors are putting the majority of their money in the North Coast which is where the majority of Jamaica’s best beaches and major tourist attractions can be found. Jamaica welcomed a record 4.1 million visitors in 2023, and 2024 the island hopes to see this number increase significantly.
Investors in Jamaica want to capitalize on the island’s increased popularity and they are pouring huge sums of money into new and existing developments on the North Coast. There has been a construction boom in Kington over the last 3 to 5 years which exploded during the pandemic. Investors and first-time buyers were able to take advantage of low interest rates to buy into these new developments, the majority being apartments.
What areas of the island are attracting buyers most right now?
Two main areas of the island are attracting the majority of buyers. The most popular are the North Coast, in particular Montego Bay, Trelawny, and Ocho Rios. The area that is up and coming in a big way is the South Coast of Jamaica, big things are expected for this side of the island, especially St. Thomas.
The buying process in Jamaica is very accommodating to foreign buyers and investors.
What is attracting them to these areas?
The North Coast is the most popular tourist destination in Jamaica; therefore, buyers and investors will always be attracted to this area. The North Coast has benefited from better accessibility by road and also by air—the new international airport in Ocho Rios being an absolute game changer.
The South Coast has for many years been an area forgotten and overlooked because of limited road access. This has changed drastically, thanks to the new road infrastructure being put in place, increasing the accessibility to the area. This has led to developers investing in the area and bringing exciting new developments to the market.
On average, foreigners can put as low as 10% down on residential real estate and finance up to 90% of the purchase. This is significantly lower than other Caribbean countries that will usually finance 50% of the purchase price of the property.
What is the process like for foreigners interested in buying property in Jamaica?
The buying process in Jamaica is very accommodating to foreign buyers and investors. Banking institutions are flexible in their approach to foreign buyers and lending options are available to anyone that wishes to buy real estate in Jamaica.
On average, foreigners can put as low as 10% down on residential real estate and finance up to 90% of the purchase. This is significantly lower than other Caribbean countries that will usually finance 50% of the purchase price of the property.
Tell us about some of the newer luxury developments in Jamaica—what has arrived, and what is on the horizon?
One of the most exciting developments on the North Coast has been Palm Beach on Runaway Bay, which is due to be completed by 2025. Palm Beach on Runaway Bay has a total of just 22 villas, 11 on the beachfront, with incredible amenities that include world-class beach access, a clubhouse, tennis courts, a squash court, a yoga deck, a lagoon, and a jogging trail. The project sold out shortly after it came to market but there are some resale opportunities available for buyers interested in the development.
Another development that is making waves in Jamaica is The Pinnacle in Montego Bay. The Pinnacle overlooks the Montego Bay marine reserve and is home to four elegant apartment towers, villas, sports and leisure facilities, shopping, restaurants and a private residents club. This project is set to be completed in 2028.
The most sought-after amenities that most buyers want are 24-hour security within a gated community, beach access, watersports activities…racquet sports facilities, clubhouses with swimming pools, gym and yoga facilities.
What are some of the perks, features and amenities that these luxury properties offer buyers?
The majority of buyers want as many amenities as possible on the property. Once they arrive, they don’t want to venture too far from the comfort of their homes.
The most sought-after amenities that most buyers want are 24-hour security within a gated community, beach access, watersports activities including paddleboarding, kayaking, and snorkeling, racquet sports facilities like tennis and pickleball, clubhouses with swimming pool, bar and restaurant, jogging trails, gym and yoga facilities. These amenities come in handy when the owners put their properties into a short-term rental pool because they increase the ADR for their homes.
Jamaica has an unmatched cultural heritage that a lot of buyers are drawn to. It also has an alluring laid-back island lifestyle that most people crave. If you want vibes…Jamaica is the island for you.
What do you hear from your clients as to why they want to either relocate or purchase property in Jamaica?
Most of our clients want to buy into Jamaica because when they think of the Caribbean, the first country that comes to mind is Jamaica—apologies to our colleagues in Turks & Caicos, Bahamas, and Cayman if that statement hurts a little bit.
Jamaica has an unmatched cultural heritage that a lot of buyers are drawn to, from our famous cuisine and rums to our music and sporting excellence (thank you Bob Marley & Usain Bolt!). As well as the rich culture that Jamaica provides to buyers, it also has an alluring laid-back island lifestyle that most people crave. If you want vibes…Jamaica is the island for you.
Jamaica also has an interesting topography when compared to other islands in the Caribbean which means that we have a little something for everyone—a coffee farm on top of the Blue Mountains, beachfront villas next to award-winning tourist attractions, great house estates on large parcels of land, 1,000+-acre pieces of land primed for development, tropical escapes with waterfalls and natural springs. Jamaica has it all!
Most buyers like the fact that Jamaica is an easily accessible island, especially from our feeder markets in the U.S., UK, and Canada. The majority of our North American buyers are only a short flight away from ice-cold Red Stripe beers, jerk chicken, and our world-famous beaches.
One major advantage that our clients love about Jamaica is the very low property tax they pay when compared to where they currently live—in most cases you won’t pay more than $1,000 per annum. Lastly, Jamaica has very competitive prices for real estate when compared to other Caribbean islands. You get a lot of value for your money when you buy real estate in Jamaica.
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