Booming tourism and Jamaica’s housing market

According to TripAdvisor, Jamaica ranks among the world’s 25 best tourist destinations for 2019. In 2018 visitor records hit a high at 4.2million and 2019 visitor arrivals are expected to top that.
Vacation homes in Montego Bay, Negril and Ohio Rios are attracting foreign homeowners and are priced from US$750,000 to US$5m.
At the top end of the market, foreign investors are dominating the market by volume, whilst young first time Jamaican buyers are fuelling demand for the middle income bracket. At the same time, banks have reduced interest rates which is fuelling local demand.
Jamaica currently has no restriction on foreign ownership of real estate and with a stable, strengthening economy with low mortgage rates this makes Jamaica an ideal place for property investment.

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