The productive relevance of Kingston in an industry like the real estate benefits from the positive impact tailored by the rapid emergence of Jamaica as the world’s best-performing stock market. Earlier on, the port city suffered setbacks owing to hefty debts accrued, especially after its post-independence.
Being the heart of Jamaica, they instituted an agreement that attracted $2 billion from IMF to preclude its economy from crashing further. Not so long after, Kingston partook in the bandwagon piloting the entire Jamaica out of bankruptcies. Eventually, Jamaica, saturating and taking advantage of Kingston’s growing economy, graduated from the IMF financial program in 2016.
Kingston has since ascended as one of the top-ranked destinations for investments in the world. There have been a couple of noteworthy entrepreneurial rises as the city drills its people on the basics of entrepreneurship which extends unemployment; thereby, creating more financial opportunities. There are a couple of reasons Kingston is an ideal destination for real estate and these are highlighted below.
Monolithic Degree of Economy
The eminent culture of Kingston aside, the city’s adept industrial value is corroborated by the business-friendly nature of the city. The revival of Jamaica’s economy, after a melancholic experience, during 2007 and 2009 owes gratitude to the restless and blatant services provided by Kingston city. This is evident in the erudite management of the economy in Kingston to dulcify the massive nominal GDP of $14.1 billion in 2013.
Between 2014 and 2015, Jamaica also witnessed an economic upsurge by 0.2% owing to the flourishment in the tourism and the industrial sectors of Kingston. The improvement has since been on a steady increase of 0.5% each year, as more investors recognize the region. The real estate industry in Kingston is also expected to rapidly grow beyond 2020 with the economic pace of Jamaica projected at a 1.9% increase. Kingston is fast becoming the central hub of investment in not just Jamaica but, in the Americas.
A Remodeled Lifestyle
The pattern of lifestyle is nowhere near ‘bereft’ as claimed. Instead, the standard has continually grown with no sign of coming to a halt. All thanks to the dandy nature of the administrative authorities who, despite the hard-struck but bygone economic crisis, strategized plans to encourage the city’s economy.
The rate of unemployment in Kingston is low compared to the 7.8% average unemployment rate in Jamaica. IMF has further predicted a 1.9% increase in the overall economy of Jamaica which would be impactful towards the continuous industrial growth of the city. Moreover, there is a futuristic plan to rebuild the prominent bauxite mining industries to increase the rate of employment for the people in the city and attract more investments.
Cost of Housing
Kingston has not witnessed housing inflation in a long while due to its glowing economy. Basically, the housing industry has remained on a steady and improving trend after 2009. The average cost of a 3-bedroom apartment in Kingston goes for $240,000 but this is a bit higher in other Kingston areas like St. Andrews. For non-residents, rental income is taxed at a flat rate of 25% and there are no capital gains taxes, unfortunately. Essentially, the average housing rate in Kingston is affordable, especially in areas with untapped real estate investments.
A Variety of Means of Transportation
Without movement, it will be difficult for businesses to take place. In Kingston, various adorable neighborhoods can be accessed in different ways. The city features a large network of the main, secondary, trunk, and minor roads to make conveyance easy and aid in the city’s economy. One of the famous roads promoting ease of trade in Kingston is the Highway 2000 which courses through Portmore, Ocho Rios down to Mandeville. Real estate businesses are equally made less hassling using airways.
It sports the popular Norman Manley International Airport and Tinson Pen Aerodrome for domestic flights. In case of freighting necessity, there is the Newport West seaport for conveyance. Each of these modes of transportation plays a role in facilitating the economy of Kingston in Jamaica and the ease of access to real estate neighborhoods.
Security and Safety
Traditionally, it is a belief that Jamaica is an unsafe city for tourists and investors. However, this is not much of the case in Kingston. The crime rate in Kingston is about 79.51% high and car theft and burglary averages about 64%. The city of Kingston boasts of an agile security system provided by the Jamaica Constabulary Force. Although the crime rate is reportedly towering, most areas in Kingston are exempted from the chaos of insecurity.
The safety of people, especially that of tourists and investors, is made a priority and there are low cases of attacked foreigners in recommended areas. In the cases of fire outbreak, a quick emergency fire response is provided by the Jamaica Fire Brigade in Kingston to save lives. Fire stations are located in several locations in the city including York Park, Port Royal, Trench Town, Stony Hill, and Rollington Town. Fireboat services are provided by the magnificent Kingston Harbor fire station.
Kingston is generally a decent abode for real estate investment. The fast-growing economy of the region has already triggered the influx of elite companies such as the MJD Pharmaceuticals, Pepsi-Cola Bottling Company, and Pure National Ice. Productive provisions have already been instituted to attract more investments and create a friendly ecosphere for the real estate industry.