More than half the foreign interest in regional real estate, whether to buy or lease, emanates from the United States, a new study has found.
The report also ranks Jamaica as the third most sought after market in Latin America and the Caribbean.
Foreigners are willing to spend US$200,000 to US$250,000 on residential real estate on average, and US$450,000 to US$500,000 for commercial property, with just over half of the respondents – 55 per cent – saying they intended to pay cash for the residential purchases, according to the 2018 report on Outbound Referral Business of Latin America and Caribbean International.
The report is based on an online survey of “outbound referrals”, relating to clients of realtors seeking to buy or lease property abroad or seeking to sell or rent out their properties to clients abroad.
The survey was conducted in May in English and Spanish by the National Association of Realtors and its results released locally in October.
The report indicated that 58 per cent regional realtors deal with such referrals, and that 56 per of outbound referrals went to American business contacts. The survey also found that nearly half of referred commercial buyers led to property acquisitions.
President of the Realtors Association of Jamaica, Howard Johnson Jr, said it was the first time that NAR had surveyed outbound referral business.
“I am pleased that Jamaica was ranked among the top three in all categories with the United States of America and Many international practitioners sought a member of the RAJ for residential investment and more important commercial real estate – a category we led in,” he said.
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