May 10
11
NHT housing benefit changes overview
The following message and document were released regarding Jamaican real estate after the initial announcement given by Prime Minister Bruce Golding on April 20, 2010, the National Housing Trust will implement a series of policy changes to:
- Improve the prospects of home ownership among NHT’s contributors by improving access and affordability;
- Lessen the burden of mortgage payments on existing mortgagors;
- Stimulate growth in the residential construction sector.
The policy changes are in the areas of:
- - interest rate reductions for new and existing mortgagors
- - loan ceiling increases
- - special loan arrangements for contributors, particularly those in the lower income bands
- - special interest rates for Public Sector employees
- - special interest rates for new mortgagors aged over 55 years
- - reduced lending rates for private developers.
This new raft of policy changes is not expected to jeopardize the NHT’s financial viability. At the end of the first year of implementation of these policies (FY 2010/2011), the Trust projects a net surplus of $1.3 billion and an estimated $17.7 billion in cash/investments. By the end of 2012/2013, the projected net surplus will be about $0.6 billion with approximately $14.7 billion in cash/investments. To facilitate the increased expenditure, the NHT will reduce the annual interest paid on contributions from 3% to 2%.
In order to view this government document in it’s entirety, follow this link: http://www.nht.gov.jm/sites/default/files/NHT_Policy_Changes_-_April_2010.pdf
Posted in Land Residential by .
May 10
3
The parishes of Jamaica
Once you reach the Wikipedia page, you can click on each number to find out more about the parishes.
When considering purchasing or leasing Jamaican real estate, a good way to focus your search is to determine which parishes you are interested in. There are 14 parishes in Jamaica of which St Andrew and St Catherine are the most populated. Kingston, Jamaica’s capital and most populated city spans two parishes, St Andrew and Kingston. Most of the city’s population lives in St Andrew. The two parishes operate as one under the Kingston and St Andrew Corporation (KSAC) according to the Government of Jamaica’s website.
Some other notable cities and parishes are Montego Bay located in St James Parish, Mandeville of Manchester, May Pen of Clarendon, Spanish Town of St Catherine. Other notables would include Negril of Westmoreland Parish, Port Antonio of Portland and Ocho Rios of St Ann.
Follow the picture link on the right to Wikipedia to find out more, there is a wealth of information about each individual parish.
Posted in Quick Facts about Jamaica by .
May 10
3
Air travel to Jamaica
When considering purchasing Jamaican real estate or vacationing in Jamaica, a question that may quickly come to mind is how fast can I get there from the airport? If you are looking to travel to Jamaica from abroad, such as the US, Canada or Europe; you will most likely fly into either Montego Bay (MBJ) or Kingston Airport (KIN). Sangster International Airport is located in Montego Bay, Jamaica (MBJ) and Norman Manley International Airport is in Kingston, Jamaica (KIN). They are the island’s two international airports. There are a few other airports, but only for domestic flights.
The recently remodeled airport in Montego Bay has a much greater volume of tourists or leisure-travelers than Kingston, therefore there are more things that are familiar to foreign travelers. You can also find more travel specials related to MoBay (Montego Bay) than to Kingston. MoBay is also the closest airport to several major resorts, famous beaches and tourist attractions on the north coast. If you are looking to travel to Negril, this airport makes the most sense.
The Norman Manley International Airport (KIN) airport near Kingston also has recent updates as well. Although Kingston is not as ‘touristy’ as MoBay, there is lots of shopping and all the amenities that you would expect in a larger city. Kingston also has easy access to Ocho Rios and Port Antonio. Kingston has fast access to other towns as well due to the new freeway system that runs a large portion of the way to Mandeville.
Posted in Quick Facts about Jamaica Vacation Property by .
May 10
3
Air Jamaica no more
A 40 year era is over. It was was announced Friday that Air Jamaica will become part of regional carrier, Caribbean Airlines. According to the Jamaican Prime Minister, the Hon Bruce Golding, “We have to get our priorities right. We have to eliminate our fiscal deficit and reduce our borrowing, so that interest rates can come down and the economy can be given a chance to achieve real growth. We have to be able to devote more of our available resources to reducing crime, improving education, strengthening healthcare delivery and providing better infrastructure. We cannot do these things if we have to absorb such huge losses from state-owned enterprises like Air Jamaica. The Government has had to take the regrettable but inevitable decision that it could no longer provide the financial support required to keep Air Jamaica flying.”
The Prime Minister, the Hon Bruce Golding
Golding continues, “We have been fortunate in that we have been able to transfer the majority ownership to a regional carrier, Caribbean Airlines, which will operate the routes that are of the greatest importance to Jamaican travelers, the Diaspora and tourist visitors making connections to Jamaica. The government of Jamaica will have minority ownership in all of Caribbean Airlines, not just the Jamaican operations, but will not be required to absorb any losses or provide any capital.”
So although the name will be no more, fortunately travelers to and from the island will still have great access to their favorite Jamaican destinations through Caribbean Airlines as well as the many other carriers who service the two major airports of Jamaica, so this change shouldn’t have a negative impact on the tourism and real estate industry.
Posted in News Vacation Property by .
by Joan Marsh of Meldam Realtors
Price Range
Consider the price of properties that meet your requirements. Prices can range from a studio apartment for say, US $110,000 up to properties well in excess of US $1 million, depending on the extent of economy or luxury preferred.
Costs involved
In addition to the purchase price, there are additional costs involved in investing in real estate in Jamaica. If you are purchasing with your own cash then costs are lower than if you are acquiring a mortgage from a financial institution. (see Meldam’s website www.meldamrealty.com under the section “Helpful Hints”).
It would be in your interest to contact a licensed Realtor, a member of the Realtors Association of Jamaica, who would have access through the Realtors’ MLS to listed properties throughout the island. Most of these Realtors have their own websites as well as use of the RAJ’s website.
When you provide the Realtor with your requirements based upon consideration of the foregoing, they can usually save you time by short-listing the properties most likely to satisfy your preferences. You should also acquire the services of a local conveyance attorney to act on your behalf in the transaction …..the Realtor may advise you on a choice of several legal firms.
Investing in real estate is a great adventure, and with the assistance of a professional it can be fun and enjoyable, notwithstanding the many challenges that can occur during the process of transferring ownership of real estate in this our fair island.
…………………………………
Contributed by:
MELDAM REALTORS
E-mail: meldamrealtors@cwjamaica.com
Website: www.meldamrealty.com
Tel: 876-974-2593 or 974-2239 or 974-4209
Posted in Commercial Farm Land Residential by .
by Joan Marsh of Meldam Realtors
Have you visited Jamaica, our island home? So, you had a wonderful experience and you’re contemplating making an investment in this, our beautiful island. Excellent idea!
I’ll be happy to share with you some thoughts which you could bear in mind during your deliberations.
Purpose of Investment
▪Are you planning to use the property as your home, as your little piece of paradise?
▪Are you thinking of investing in strictly a rental unit, that you may only use occasionally?
▪Are you considering a property in which you would live for say, half the year and rent it to vacationers when you are not utilizing it?
▪Are you thinking of a home you would purchase and then rent on a long term basis until you are ready to occupy it in maybe a few years time?
▪ Are you thinking of commercial or farm-land?
Answers to these questions would impact on whether you would purchase an apartment, a townhouse, a stand-alone home etc.
Your Priorities
Consideration should then be given to your priorities, e.g. your priority may be… “a bungalow in the hills with a view of the sea” so consider some of the following; -
- A two-storey unit or all on one level
- A view of the sparkling Caribbean Sea
- A home in the hills, no sea-view necessary
- Beach-front property
- Sea-front (not necessarily with a beach which is a rare commodity)
- A gated community
- Size of land area preferred
- Size of building – number of bedrooms etc.
Contributed by:
MELDAM REALTORS
E-mail: meldamrealtors@cwjamaica.com
Website: www.meldamrealty.com
Tel: 876-974-2593 or 974-2239 or 974-4209
Posted in Farm Land Residential Vacation Property by .
Sep 09
3
The Price of Paradise
Your dream of owning a piece of Jamaican Real Estate could be a reality. Many agree that now is a great time to be in the market. Whether it is residential homes or land, commercial property, vacation rentals, or even farm land, there is much to choose from. The island of Jamaica offers a diverse lifestyle! No more dreaming of crystal clear water and sun soaked days, it’s time to own a piece of luxury!
Imagine living on an island of seven miles of pure white sand beaches, located in Negril! Imagine the cascading waterfalls in Ocho Rios, imagine it all! Celebrities such as Ralph Lauren, Lennox Lewis, Keith Richards and Jane Seymour all own homes in Jamaica.
Times have changed, homes in the Caribbean are getting increasingly higher, savvy investors have taken note of the fact that Jamaican real estate remains undervalued. According to recent evidence of appreciation of real estate purchased in Jamaica, there has been a yield of 60% in over the past five years! To purchase in Jamaica according to Jamaica law is only a 15% deposit of the contracted purchase price!
Have real estate to sell or want to own in the Caribbean? Look no more, Jamaican Real Estate.net has multiple listings to choose from. Have real estate to sell? Contact us at rollis@jamaicanrealestate.net.
Posted in Residential by .
Get Your Body Ready for the Beach