Published on 04 April 2007 at 02:59 pm
Filed in Property News for Caribbean » Is Caribbean Property in Jamaica a Good Investment?
According to opinions expressed in the CIA World Factbook relating to the economy of Jamaica, economic growth in the nation is being restricted significantly by serious crime because while the government seeks to battle crime levels it is also attempting to achieve ‘fiscal discipline’ and this is creating an almost untenable situation for progress.
Against this rather negative backdrop the local property market is actually extremely liquid with property prices rising fast, flat land in short supply and rental demand remaining very strong indeed. So is Caribbean property in Jamaica a good investment or is Jamaica’s a market worth avoiding until crime levels become more manageable for example? In this article we examine the facts.
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The region known as ‘the Caribbean’ comprises circa 7,000 islands and countries that are organized into twenty five territories and which either lie in or border the Caribbean Sea.
The real estate buying process for a property investor will depend on which Caribbean country or island they are specifically interested in examining and this guide looks at some of the common characteristics of purchase processes throughout the Caribbean region as well as some interesting and important anomalies that a real estate investor should be aware of.
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Because the Caribbean region is made up of so many diverse countries and islands that have such extremes of economic prosperity and political stability, so the investment opportunities available to a real estate investor across the Caribbean region are incredibly broad.
At the one extreme you have the opportunity to target the luxury tourism or second home markets in the likes of the Bahamas and Barbados, and at the other extreme a real estate investor could purchase property for incredibly low prices in the emerging markets in Panama and Belize and enjoy a prolonged period of potential growth.
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Because The Caribbean consists of over 7,000 islands, real estate buyers have a vast amount of property to choose from and also many different Caribbean island groups to examine. The islands are all of various different sizes and together they form what Christopher Columbus termed the West Indies. Today they are also collectively known as ‘The Caribbean’ and they stretch from Mexico to Venezuela.
Many of the Caribbean islands were previously colonies of various European nations including France, UK, Spain and the Netherlands, and to this day some remain sovereign states or overseas dependencies. Many of the larger and more popular islands are favourite tourist destinations already and now they’re developing their real estate markets to appeal to the overseas buyer seeking a Caribbean getaway.
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