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Properties Overview

Worldwide Realtors is a Jamaica Real Estate company that focuses on the purchase and sale of property and investments related to real estate in the island. The world of Jamaican realty is a broad scope, not as narrow as many investors, buyers or sellers would like to think. There are several considerations for investors looking to purchase or lease properties and sellers looking liquidate or lease; this Jamaican website provides information of every technical aspect of investing and selling land and buildings on the island that one needs to know about.Jamaican Bank Lending Rates.



Choosing The Type of real estate

To lease, buy or sell property

How to locate or sell real estate in Jamaica

Identifying a lawyer

Choosing the Jamaica Mortgage Company

Buying or selling Jamaica real estate - The Process

The Rent or Lease market

Understanding the Market

Related investments

Jamaican Property Management


Jamaica Real Estate Channels


Choosing the Type of Property

To invest in Jamaica real estate you must first know what it is that you are looking. Is it land, or is it land and buildings. Both have further definitions in the form that land and or land and building can be categorized as land only for commercial uses, agricultural uses or residential uses. Land is usually at a cheaper rate than land and buildings. While the costing scale starts at a high with commercial properties then to agricultural and a low of residential realty. These choppy prices range because of the location of the land based on location in or around rural and urban areas.

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To lease or to buy/sell Jamaica Real Estate

After a decision on the type of land you want you must know decide if you would like to lease or purchase. Leasing is and an agreement whereby the owner of property gives the right of possession to another for a specified period of time and for a specified cost. This can have marked benefits as other costs such as  insurance and government taxes do not have any effect. However a lease is not an investment unless you sub lease the property to another person or company at a higher cost.


Likewise Jamaican real estate owners must decide whether to lease the properties or to sell. This is determined based on the per annum cost of the property to the owner versus the earning potential and the appreciating or depreciating property value.


Purchasing is a much more complicated matter, it takes a much longer time to effect purchase and there are government taxes to consider for both the purchaser and the seller or vendor. Along with the daily or yearly costs associated with owning, It can be a lucrative investment especially where the property appreciates in value while being leased or rented to earn income.

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How To Locate or to sell

Once the purpose and the manner of possession has been established then it is now key that you locate the property. Worldwide Realtors recommends that you contact a Jamaica real estate broker. A broker will help you locate the perfect property in Jamaica that's for sale or lease. They will do this contacting individuals and companies that have placed Jamaica real estate properties with them to lease or liquidate.


A real estate agent in Jamaica or a realtor, should provide the investor with several options of properties to choose from then you can make a choice based on your purpose for the property. Most real estate investors attempt to go it on there own , and this is a bad idea if you don't know the market. A Jamaican realtor does not charge the buyer any fees.


Worldwide Realtors also advises that properties for sale are placed with an agent. The main reason is that not only will the property be sold a lot faster, but the effort on the part of the seller is seamless and less time consuming. However consideration must be given if the property has a mortgage as the Jamaican realtor does charge a standard fee.

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Identifying a Jamaica Real Estate Lawyer

After locating the property or deciding to sell you must identify a lawyer. This lawyer will acts as a buffer between the parties in the transaction. Worldwide Realtors strongly believes in speaking to your lawyer to discover or learn all you need to know about them or there experience in handling property sales. There are also legal fees charged to both sellers and investors for property transactions.

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Choosing the Mortgage Company.

This is the most critical step involved in the entire process. You must locate a Jamaica real estate mortgage company. There are several mortgage banks that fall into two categories, commercial banks or building societies. The Jamaica National Housing Trust is also a major player in the market as they provide financing for Jamaican citizens. When choosing the Mortgage company you must examine mortgage rates. These will determine if it is prudent to buy or not to buy depending on your financial status and disposable income.

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Buying or selling Jamaican real estate - Process

There is a step by step process that is followed when buying or selling properties.

Buying - Process

1. Make a 15% deposit and sign a sale agreement

2. Obtain a letter of commitment from your Mortgage Co.

3. Obtain statement of account from your lawyer.

4. Make final payment to clear statement of account.

5. Complete additional documents with Mortgage Co.

6. Obtain letters of utility transfers.

7. Receive keys & copy title from your attorney

Selling - Process

1. Sign a sale agreement on a final sale price.

2. Obtain statement of account from your lawyer.

3. Make final payment to clear statement of account.

4. Receive cheque from your attorney after process.

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The Rent or lease market

This undoubtedly turns less income than Jamaica real estate property sales. There is less income on property rentals than sales at the current date. This is due to the large disparity to construct and maintain property versus the cost of rental or lease. Also coupled with the fact that the country has a high interest rate regime which keeps the homes in Jamaica from exploding the way it should.

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Understanding the Jamaica real estate market

You should try to understand the real estate in Jamaica by understanding the terminology used. Worldwide realtors has placed a Jamaica real estate glossary to assist with this very purpose. We have also disclosed a lot of tips and hints for both investors and sellers in the real estate in Jamaica. This has proven helpful to most of our browsers and site visitors.

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Jamaica property and related investments

Related investments are as important to purchasing. One of these is pools or insurance pools. Most individuals believe that property should be a stand alone investment. This common misconceptions leads investors to think that realty like Jamaican beach front properties must be a long term investment. It can be a short term investment if the property is amended or changed. A slight change  can lead to a 3 time increase in expenditure in home value. We also explore how to flip Jamaican property.

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Jamaican property management

Property management is almost a science. It includes leasing or sub contracting someone's property fro a specific amount and guaranteeing that payment is made. The manager will handle all taxes, utility bills and maintenance as well.

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Mortgage Lenders:

A mortgage is a very intricate and complex transaction both for mortgagor and mortgagee. The mortgage process starts with the mortgagor or the person applying or taking the mortgage facility, while the mortgagee is the person that is borrowing from the lender to purchase the property.

Mortgage rates vary because there are a plethora of lending institutions that lend for purchasing Jamaica real estate. To fully understand rates you must first recognize that a mortgage is a loan, however it is secured or collateralized using property. This loan can either be for 5yrs, 10 yrs or even 30 yrs. We have examined all financial institutions and have provided the most current interest rates. You can quickly browse through and contact these individuals as well.


Jamaican Mortgage Rates By Company

First Caribbean Bank

Jamaica National Building Society

Victoria Mutual Building Society

Scotia Jamaica Building Society

National Housing Trust


First Caribbean Intl Mortgage Bank

First Caribbean is a major Caribbean bank offering a full range of market-leading financial services in Corporate, Retail, International Wealth Management and Capital Markets banking. It is the largest, regionally-listed bank in the English-speaking Caribbean, with assets of over US$9.5 billion and market capitalization of US$3.3 billion. The Bank has over 3,500 staff; 100 branches and banking centers, and offices in 17 territories, serving 800,000 active accounts.  First Caribbean has maintained an “A- Stable” rating by Standard & Poor’s from inception, the highest rating of any commercial bank in the Caribbean Community. It was formed in 2002 with the merger of CIBC West Indies Holdings and Barclays Bank PLC Caribbean operations. First Caribbean is ranked #445 of world banks (October 2005, The Banker magazine). In 2004 and 2005, First Caribbean was named “Best Emerging Market Bank” by Global Finance magazine of New York. VIEW RATES

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Jamaica National Building Society

From as early as 1867, the concept of the Building Society was introduced to Jamaica to assist working and middle class people in realizing their dream to own their own home. In the ensuing years, a number of Building Societies sprung to life and in the year 1865, an Act for the Regulation and Encouragement of Benefit Building Societies was passed. The Jamaica National Building Society (JNBS) is the product of a series of mergers pioneered by the Westmoreland Building Society. Today, Jamaica National is ranked among Jamaica's largest financial institutions offering a blend of financial services and mortgage plans to customers living in Jamaica, the United States of America, the United Kingdom, Canada and The Cayman Islands. VIEW RATES

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Victoria Mutual Building Society

Since its inception in 1878, VMBS has focused on transforming its savers into homeowners. Savers in Jamaica and abroad, have remained loyal to the Society, having developed trust and confidence in its mode of operations over the years. Membership has grown to yield a customer base of over 700,000 members residing in over 50 countries across the world. In 2002, the building society had an asset base of over J$21 billion, while the asset base for the group totaled over J$25 billion. The mortgage portfolio of VMBS was in excess of J$1.5 billion at the time while savings balances recorded growth of 7.7% to reach J$19.5 billion. Over the years, Victoria Mutual has built a tradition of excellence and integrity. On November 14, 2003, the Society officially celebrates 125 years of existence. VMBS has become one of the most successful building societies in Jamaica and the Caribbean – success born of hard work, integrity and the sustained confidence of its savers, borrowers and business partners.   VIEW RATES

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Scotia Jamaica Building Society

The Scotia Jamaica Building Society is a subsidiary of the Scotia bank Jamaica Group, charged with the responsibility to make a positive contribution to the nation as a home loan provider. Scotia bank Jamaica, a major player in the financial industry, embraced the strategic vision of expanding its service offerings within the sector. Our aim is to provide customers with a wide range of financial services under one brand, trading on the strength and integrity of the Scotia bank name. Scotia Jamaica Building Society (SJBS), which was incorporated in 1993, is one of the subsidiaries that came out of that vision. In 1994, it officially opened its offices on Lady Musgrave Road in New Kingston, and in 1995, SJBS relocated to its current home at 95 Harbor Street in downtown Kingston. VIEW RATES

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National Housing Trust

The Jamaica National Housing Trust was established with one major purpose in mind. This was to assist with the purchase of Jamaica real estate for those who would not be able to otherwise afford high mortgage rates. We have an entire section dealing with Jamaica real estate and the benefits of the National Housing Trust. VIEW RATES

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Home Values:

Home and property values are determined by several factors. Worldwide Realtors in this piece examines exactly what these factors are and thus helping to maximize the return on your Jamaica real estate investment.


Properties being assessed includes land, improvements attached to land or building and improvements to the land. The improvement of a driveway, installing a partition all have to be assessed when placing a value on the realty. This task is normally undertaken by an appraiser. The appraiser uses several methods in determining real estate value.


First he must look on the market by doing a sales comparison. This means that the property is valued based on what surrounding properties were sold for within a reasonable time. So if one property was sold for JMD$1,000,000 and another property, relatively same size and within the same community should be valued around this figure as well. When valuing Jamaica real estate this technique should yield an 85% accurate value.


The reproduction or replacement cost new, less accrued depreciation for properties is also used. This means if the property is lost to fire or flood that the full cost to replace the building would also be used. This is a skewed method and can only be utilized where the appraisal of real estate in Jamaica building is considered. The income or capitalization of economic rents is used by calculating how much can be garnered for the rent.


All three techniques are applied, if appropriate, in appraising improved commercial and industrial properties. The market and cost approaches are the bases of appraisal of improved residential properties. The value of vacant land is most often determined using the market approach. Whenever the assessor revalues the property any slight or major change in size or otherwise is taken into consideration.


The assessment procedure begins with establishing land value. Jamaica real estate appraisal practices require that land is to be valued as if vacant. This value is determined by analyzing sales of comparable bare land. The next step is to study sales and market trends of improved properties in a selected area. This sales analysis is used to determine total market value based on square footage, year built and other characteristics of the property. From this total  value, subtract the amount determined for land. The balance is allocated to improvements.


Property valuations are made by accredited real estate appraisers. The total valuation represents 100% of fair market value. Market value is the amount of money a buyer, willing but not obligated to buy, would pay to a seller willing but not obligated to sell. For residential parcels, fair market value is determined by analyzing recent sales of comparable properties in the same area. Commercial properties also may be appraised using this method or by using the income or cost approach. The appraisal method used will be the one that offers the best evidence of Jamaica real estate market value.


Jamaica Real Estate Related Investments

Worldwide Realtors is a suite of Jamaican companies that are geared towards providing strong investment options for our clients and customers. We have 4 companies and a very capable staff that provide these additional services that are almost akin to Jamaica real estate related investments. This information will either assist you in adding value to your property or increasing your personal net worth.


Jamaica Real Estate Insurance

The primary related investment to Jamaica real estate property insurance. This is a perfect investment that deals with securing and improving the value of Jamaican property. If the property or real estate is damaged or destroyed then you should be able to recover your full cost of building and other replacement of Jamaica real estate structures.


Worldwide Realtors provides a host of information on insurance including policy sourcing that gives you a relative bandwidth on which insurance company charges the highest insurance premium.  Worldwide Realtors also recognizes the fact that the highest premium DOES NOT GUARANTEE the best service and option for your property.


Insurance Companies can be found in our  resources page that provides all relevant links to online help with Jamaica real estate.


Jamaica Real Estate Improvement

Another key related investment is the provision of added services. These services are geared only to maintain or increase property values. These include the following

-Plumbing Services

-Landscaping Services

-Roofing Services

-Pest Control Services

-Carpentry Services

These added services increase the value while the lack thereof actually decrease the value. It is important to note that you can either purchase these services for your property or you can provides these services your self to improve the value of the Jamaica real estate.


Jamaica Property Flipping

This involves purchasing a property, then placed added services to increase added value, then to either hold for rent purposes or sell the Jamaican beach front property for a fast profit. As we had mentioned real estate is not a viable option because of Jamaican government taxes. If you do decide to flip houses in Jamaica there are several factors as a related investment you must consider.

-Will my investment of added services increase value well over cost and improvement value?

-Is the purchase price too high?

-What is the economic rent value if sale is not easily made?

-Can this property be held to increase value in the long term?

These questions must be answered before any movement on Jamaica real estate is made in terms of flipping the property.


Jamaican Property Auctions

This is a perfect way to access long term purchases at a cheaper value. However auction purposes are not geared towards long term mortgage purposes and are done based mainly on cash purchases.  This is possibly the best method of acquiring Jamaica real estate. The prices on Jamaican property in auctions tend to be extremely low. This proves a very easy method of buying into cheap land in Jamaica. There are several Jamaican real estate auctioneers:


Jamaica real estate foreclosures

Many Jamaican mortgage companies have to end up foreclosing on properties or moving to exercise their powers of sale as listed by the mortgage deed for the piece of land and buildings. On most occasions Jamaican mortgage banks don't want to foreclose on properties but when it proves too difficult to sell they have little choice. If you approach a bank inquiring about foreclosed Jamaica real estate the bank might be inclined to offer up a mortgage to you once you have the proper debt service ratios. Foreclosures will prove very important in the long run in Jamaica.


Real estate interest rates

Interest rates are a good indicator of where Jamaican commercial bank interest rates will be in the short term. A strong move will mean a relative strong move in Jamaican dollar savings while the reverse applies. You can make investment moves when buying long-term bonds based on how the market is moving as it pertains to mortgage rates.

Jamaica Real Estate Articles

Before Buying Real Estate
After Buying Jamaican Property
How To Add On To Jamaican Real Estate
Selling your real estate in Jamaica
FSBO and Pricing your Jamaican Properties
Sale vs. Rental and Capital Gains In Mandeville Jamaica 
Investing In Property Jamaica
How To Flip Negril Jamaican Real Estate
Purchasing real estate in Jamaica with No Money Down
Financing Jamaican property purchases
How to negotiate when buying Treasure Beach real estate
Renting Jamaican Real Estate
How to increase the value of your real estate
Getting more from your Jamaica real estate
Leasing real estate in Jamaica
Understanding Jamaica real estate mortgage loans
Choosing A Jamaica real estate property manager
Understanding property and real estate insurance in Jamaica
FSBO your Jamaica real estate
Re-investing in real estate
Investing in Jamaican apartments
Rudiments of Jamaican property title
Understanding Jamaica real estate foreclosures
What to Do When Looking For Luxury Villa Rentals
Properties For Sale In Jamaica
Guidelines to Buying Real Estate in Jamaica
Real Estate Conditions In Jamaica
Jamaica Property Market Conditions
Tips and Hints on How To Purchase Property
Buying A House In Jamaica - What You Should Know
Easements, Zoning and Valuation in Jamaica Real Estate
Jamaican Recipes
Trinidad Map, Trinidad Flag And Trinidad News
Jamaican Food