Oct/Dec 2010
w w w.jamaicaproper t y paper.com
ISSN 2044-4923
Properties | tips | directory | Properties related services and more...
PUBLISHER Jamaica Property Paper Ltd. Registered Office: Suite 404 Albany House 324/326 Regent Street London W1B 3HH Tel: +44 (0) 207 117 6282 Fax: +44 (0) 207 900 6292 Website: jamaicapropertypaper.com Email: info@jamaicapropertypaper.com
CONTRIBUTORS Edwin Wint Barbara Ledgister Gordon Langford
W
elcome to the first issue of the UK’s one-stop shop for properties and property related services in Jamaica. This is the beginning of something new and exciting; something the UK has far being yearning for! This magazine aims to keep the UK up-to-date with what is happening in the Jamaica property market. Whether you intend to purchase property for your retirement, investment or holiday purposes, you can now have all the information and more in the palm of your hands to assist you find that perfect property. In this issue you will find vacant lots, new developments and existing properties that are available for sale. Thanks to all our advertisers and contributors for making this possible. What a superb way to finish this last quarter in 2010 and I hope to see you again first quarter in 2011.
GRAPHIC DESIGNER Georgina Pensri
Enjoy!
PRINTER
Tamoy Carter Founder & Editorial Director
Warner (Midlands) PLC.
Disclaimer: The information in this magazine is for general information purposes only. It is not intended as legal, financial or investment advice neither do we act a real estate agent/broker and should not be seen or relied on as such. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial or investment adviser. Properties advertised in this publication is supplied by or on behalf of the seller of the property and are subject to prior sale or withdrawal without notice. All advertisements in the magazine were at the time of collection deemed to be from reliable source. We cannot make any guarantee as to the quality or the integrity of the advertisers and of such you should make sure you do all necessary checks and investigations before making any commitment. The publisher specifically disclaims all and any liability to advertisers, readers and users of any kind for loss or damage of any nature whatsoever and how so ever arising, whether due to inaccuracy, error, omission or any other cause, and whether by it or its servants or agents or any other person. Any reproduction in whole or in part other than as permitted by law for personal or work related purposes in any form or in any medium without written permission of Jamaica Property Paper is prohibited.
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F E AT U R E D A R T I C L E S Paying deposits...what you need to know Current trends in the Jamaican Property Market Safe ways to invest in Jamaica
The Secret Is Out The world has discovered the potency of Jamaica as a destination for trade and investment, and some of the world’s leading companies have made Jamaica their home. As a stable developing nation competing for investment and trade opportunities, our business acumen, rich culture, creativity and energy, combined with its geographic location and resources, combine to make Jamaica one of the world’s best investment and trade opportunities. Beyond the image of a tropical paradise, the country’s people have a solid reputation as innovators and trend setters. Jamaicans are people who rise to great heights and their vibrant energy and indomitable spirit spawn achievement in
all spheres of life - in culture, commerce, politics, public service and sport. Jamaica’s strength as an investment location is grounded in a number of factors, namely its large English speaking population, its competitively priced labour force, accessibility to a diverse labour pool, and its ideal location for trading with the rest of the Western Hemisphere. Its proximity to the United States, its historic and emerging relationship with the Latin American bloc and its proximity to the Panama Canal are noted as advantages. Additionally, the island is served by an abundance of natural resources and a well developed infrastructure.
How to buy land to...
Jamaica boasts an open and diverse economy with encouraging prospects. This is supported by strong political commitment to free enterprise, strong brand identity and the expansion of benefits as derived from the country’s membership in the Caribbean Single Market and similar trade agreements. In addition, the country ranked 21st for global interest as an inward investment location and 12th in FDI technology transfer and has made tremendous strides in creating an environment conducive to enterprise development.
build that dream home in Jamaica?
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Identify the property and purchase it through a registered real estate agent or on his own
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Make arrangements with the real estate agent, or directly with the owner, to view the property
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Make an offer of purchase, through a real estate agent, If the property is being bought through an agency
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Make a deposit if the offer of purchase is accepted
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Sign a sale agreement with the vendor at the real estate agent’s office or in the presence of a lawyer
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Should the purchase involve obtaining a mortgage, the time in which to complete the transaction is three (3) months from the date of signing. Should it be a cash purchase, the time should be determined by the purchaser and vendor.
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Sign a sale agreement with the vendor before the transaction becomes legally binding and submit application for the property to the Office of the Registrar of Titles.
In addition to real estate advice, below is a snapshot of the business services that JAMPRO also offers: - Provision of business information and advisory services
www.jamaicatradeandinvest.org
- - - - - - - -
Trade and investment incentives Export-related training Creation of business linkages Facilitation of business matchmaking Provision of funding sources and technical assistance Enterprise Rating and Upgrading Investment facilitation Business development initiatives
For more information, please contact us on: Tel: +(44) 207 584 8894 or Email: jamprouk@jamprocorp.com www.jamaicatradeandinvest.org
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Question: I recently travelled to Jamaica and was shown a house that was up for sale. The person said he was the owner and that I should pay him a deposit in order to secure the purchase. I handed over the requested deposit and have not heard anything further from the man since I returned to the U.K. and I am now very concerned about this silence.
Answer:
You have a right to be concerned as you should not have handed over any money to this individual. How can you be certain that this is the rightful owner of the property? Would you have done this if you were purchasing a property in the UK? I think not. When purchasing property in Jamaica you should firstly obtain the details for the seller’s attorney-at-law and in the interim engage your own attorney to represent you in this matter. Your lawyer’s role is to guide you through the process, particularly if you have never entered into such a transaction in Jamaica before. He/she will also be able to calculate what costs are involved in purchasing property/ land. In addition to the purchase price there are also other costs involved.
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Those relating to government charged as based on percentage of the purchase price. Your lawyer’s fees are also calculated as percentages of the purchase price and individual attorneys will and do charge different fees. Your lawyer will contact their lawyer so that an Agreement for Sale can be drawn up and terms and conditions agreed in relation to the purchase. Once the Agreement for Sale has been signed by you in the first instance a deposit can then be paid over (generally 15% of the sale price). The seller will sign afterwards and the Agreement then becomes binding contract on you both. Your lawyer will also effect a Titles search to ensure that the person selling the property is indeed the owner. He/ she will also advise you to engage the services of a Surveyor to prepare a Surveyor’s Identification Report (SIR). This will advise whether or not there are any encroachments or breaches of any covenants running with the land. Under no circumstances do you make a payment to anyone without the say so of your lawyer; from the deposit in the first instance to the completion payment.
There are various considerations that need to be addressed including whether or not the property is being purchased by way of a mortgage. Each transaction is dealt with on the basis of the particular circumstances surrounding the purchase/sale but what is important is that you carry out the transaction with the assistance of a lawyer who is qualified to act on your behalf as a Jamaican lawyer. English solicitors are not generally qualified to act in these matters so you do need to ensure that the individual you are instructing to act on your behalf is qualified to properly represent your interest and has the knowledge to do so. Lastly I would urge you to instruct an attorney immediately, providing all the relevant information, including (I hope) a receipt for the payment of the funds you have paid over) so that your matter can be addressed in a proper manner. Let us hope that you have not seen the last of the fruits of your labour. Barbara J. Ledgister Is a Jamaican attorney-at-law practising in the UK with an affiliated firm in Jamaica. Telephone: 0208 764 1555
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Current trends in the Jamaican Property Market
T
he Jamaican housing market has been flat or in decline in the upper end of the market for 2010 when compared to 2009. The lower middleincome market segment is still active, but the accustomed high rate of appreciation in property value is diminishing. In 2008, the rent for fourbedroom houses in St. Andrew rose by less than 10% from a year earlier. In early 2009, the rate of demand for high-end rental properties slowed. The trend in residential rental market changed as the number of U.S. dollar denominated rentals declined, with an increasing number of property owners shifting their focus to the domestic market, discounting property rent to local lessees. The buoyancy that exists in the rental market owes its sustainability more to increased volume of properties in the market than to actual increase in rental income. The market is principally comprised of vendors and purchasers, real estate dealers and agents, and all realty being put up for sale including properties under 8
construction. The market is comprised of submarkets -residential, commercial, industrial, agricultural and institutional properties (e.g. Government). These categories can be further subdivided into urban, suburban and rural. The market is always changing and can fluctuate from a ‘Buyer’s Market’ to a Seller’s Market’ or somewhere in between, which is a ‘Balanced Market’. I posit that we are still generally speaking in a Seller’s Market, as the demand for homes still exceeds the supply of homes. In a seller’s market there are many buyers, homes sell fairly quickly, prices usually appreciate and conditional offers may be rejected. The current realities of the market are there was a melt down in the global economy, failure of the unregulated financial schemes and a macroeconomic policy focused on high interest rates, there is trending from a strong seller’s market towards a balanced market this varies from parish to parish and even within price ranges. In addition, there is a current downward
trend in the number of new development schemes being registered for approval at the Real Estate Board (62# in 2007; 73# in 2008; 11 since the start of 2009). Most Realtors are reporting a decline in sales for 2010 compared to the same period last year. Demand has been affected by declining consumer income and availability and cost of credit. Construction and development continues in the top-end of the market (>JMD 30.00M) and some developers have been left with unsold property on their hands as buyers demand more value for money. Currently prices and rent remain flat in many market segments and disposal time is extended. Developers and builders are being forced to curtail their investment activities and as the recession deepens some developers who focus on the upper-end of the market could find themselves out of business, highly leveraged, unable to service debts and with high loan repayment. Island wide the largest category of homes being demanded are in the price range below JMD10.00 M. In www.jamaicapropertypaper.com
the Kingston Metropolitan Area (KMA) including Greater Spanish Town (GST) and Southeast St. Catherine (SESC) including Portmore and its environs demand for housing solutions could reach into the hundreds of units in this price range. New-start gated residential townhouse developments selling from plan are still in demand up to JMD 20.00M in Kingston 6 & 8 but more so in Kingston 6. Kingston 8, previously considered a highly preferred location, is disadvantaged by traffic congestion, longer commute time to work and school compared with Kingston 6. The Liguanea Plains and New Kingston areas now benefit from higher rental values and better rates of capital appreciation than traditional upper St. Andrew enclaves. This has been the market trend since 2007 into 2010.
FOR MORE INFORMATION, CONTACT:
In addition to these trends, rents and demand for prime commercial real estate in New Kingston and other prime business centre locations are not yet at a level high enough to stimulate investment in high rise purpose-built office buildings and until this point is achieved we will continue to see little or no new developments in these prime commercial centres. By Edwin D C Wint Dip LEVS Dip Proj Man (RICS) BA MBA MBIFM ICIOB President, Realtor’s Association of Jamaica
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I
nspired by nature and living in harmony with his environment, Elias ‘Lee’ Issa envisioned Richmond, St. Ann, a green community catering to the discerning home-buyer with an appreciation for natural beauty. Lee’s vision is now a reality. St Ann, described as Jamaica’s garden parish, is home to Jamaica’s most exotic caves, indigenous plant and wildlife. It is on the world-famous Northern Coast, known for its year round sunshine and its pristine white sand beaches. St. Ann is also a place of many firsts, it is the first place Columbus set foot on the island, it is where the first King of Reggae, Bob Marley was born, and it is the birthplace of Jamaica’s first national hero, Marcus Garvey. Now St. Ann is home to Jamaica’s first green community, Richmond, St. Ann. An easy 50-minute drive from the Sangster International Airport in Montego Bay, this green resort residential community boasts country charm with urban conveniences in 6 gated communities, developed in phases. Communities with
makes lifestyle dreams a reality at Richmond, St. Ann. Choose between beautiful homes, grand farmhouses on 5-acre lots, townhouses or apartments - all with spacious terraces and glorious views. This self-sustaining c o m m u n i t y provides 24-hour security, a reliable water supply, ecofriendly sewage disposal and building covenants that guarantee the integrity of the residences and the community is not compromised. The three bedroom exquisitely designed, landscaped homes all have top-of-the- line fixtures & upgrades. Fittings include quartz counter tops in the kitchen and bathrooms, matte finish 24” square porcelain floor tiles throughout, glass windows & UPVC louvers and brick pavers driveway. The Metro Shake roofing system is fitted with a solar water heater with
optional solar power and there’s a m p l e parking.
Actual photos of model home.
green spaces, walking trails and parks with Arthur Lowe-designed residences set the tone for a wonderful lifestyle. Unsurpassed amenities to keep body, mind and spirit in perfect harmony,
www.jamaicapropertypaper.com
A state-of-the-art Private Day Surgery Hospital will be built, meeting all the needs of the Richmond, St. Ann community. The highest quality of health care services will be provided; with leading-edge technologies that will include two operating theatres, emergency unit, maternity wing and diagnostic facilities.
In addition, the premier Sports and Fitness Complex is designed in a club house setting with a gym, spa, tennis, basketball, badminton, swimming pool, jogging track, bar, restaurants and pavilion banquet hall. Experience the spacious, well-appointed shopping and entertainment centre that will house a cosmopolitan selection of designer stores, exclusive boutiques, supermarket , pharmacy, hardware store, food court, artists’ kiosks, farmers’ market, an outdoor cafe and a cool stage and bar. Richmond, St. Ann will also feature a 100 room Bed and Breakfast, day care facility, basic and secondary schools, medical centre, church and bank. The Heritage Museum, which will also be on location, documents and houses artefacts of the sugar estate that once occupied this vast property. For further information or to purchase, please call: (876) 610-8169; (876) 631-0327 (876) 979-3495 or visit us online at:
www.richmondjamaica.com Experience the charm of true Jamaican living, come home to nature, come home to Richmond, St. Ann... it’s the place to live.
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WHY Ship with
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For larger shipments Transpakship offer free home visits with no obligation quotations at competitive rates. We can take the weight off your mind and also arrange to pay all of your overseas charges (excluding any customs duty) in the U.K. so you have nothing else to pay the agent at the destination. Each consignment is cared for by our experienced staff who are always happy to help, assist and advise on your specific shipping requirements. Storage: We can offer excellent storage facilities that are clean, dry and with 24 hour monitored security to ensure your goods are safely looked after whilst in our possession at all times. Throughout the Spring and Summer of 2011 we are able to offer three months U.K. Storage absolutely free of charge for customers that require collections in those months. We realize that moving home can be a stressful event and it’s no wonder those pressures can intensify when it involves moving to another country. If you’re thinking of moving overseas, Consider the professionalism and
financial standing of the company who you wish to move your valuable possessions with, Transpakship International Limited are proud to be members of the British Association of Removers (BAR) and are unique as few other Caribbean serving companies can boast this . Each member is experienced in handling part and full container load consignments worldwide and in taking care of goods coming into the uk from abroad. It is ever important in the modern times and current climate that you consider this when making your final decision. You will find that all of the U.K.’s leading professional removal and storage companies are members of this organization and all of which are covered by the oft approved bar code of practice. So you can rest assured your removal is in good hands. TELEPHONE: 01623 441 445 0208 763 2162
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We are the most professional company in the business. If you would like your shipment handled by the experts please call us on : 0208 763 2162 or 01623 441445 OR VISIT OUR WEB SITE AT
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Safe ways to invest in Jamaica
F
or a family or individual returning home to Jamaica there are still opportunities for investment in property that are safe and provide the buyer with a sound home for their money. However, care should be taken who the investor or returning resident deals with. This is the same for all countries.
Always deal with a registered professional, be it a real estate dealer (should be a member of the Realtors Association of Jamaica), Architect, Lawyer or Building Contractor. Care should be taken regarding the sending of funds to Jamaica. Your professional should be there to monitor the progress of the investment, be it the
purchase of land, the building of a house or development of a farm. Money should only be paid for work that is confirmed as having been done by one of the professionals. Following these rules will ensure that you will not lose money. Gordon Langford MRICS NAI Jamaica: Langford and Brown www.naijamaica.com
We specialise in Resort and Agricultural properties 31 Upper Waterloo Road Kingston 10 JAMAICA tel: fax:
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For more information, please contact us. T: +(44) 207 584 8894 E: jamprouk@jamprocorp.cpm