The world of pirates and reggae When they talk about Jamaica, of course, the fiery rhythm of reggae and the name of the king and the classic of this trend, Bob Marley, immediately come to mind. Indeed, reggae sounds everywhere in Jamaica - on beaches, near pools, in hotel lobbies, creating a special flavor and perfectly complementing the atmosphere of relaxation and filling enchanting landscapes with sound. Many are attracted by the fascinating history of Jamaica, known from books about pirates of the Caribbean and stories about the most famous of them - Henry Morgan. But even if you are not a fan of pirates and Bob Marley, this island may seem much more interesting to buy real estate than many others in the Caribbean. By the way, Jamaica is not only sea, sun and beaches. In the east of the island, the Blue Mountains are located, the peaks of which are more than 2,100 meters high, which is higher than many of the ski resorts in Switzerland. For a long time, Jamaica was considered unsafe to visit. Drug wars and a tough political regime have led her to top the list of countries with the highest homicide rates. Tourists coming to the resorts tried not to leave the hotel territory at all. Fortunately, the situation is now changing for the better - the main part of the island is quite safe. Crime is concentrated only in certain parts of Kingston - the capital and main port of Jamaica, in the harbor of which, by the way, the legendary ghost schooner "Black Pearl" was once moored. You can fly from Russia to Jamaica with a transfer in London or Frankfurt, the cost of the flight will be about $ 1600. One sign of positive change is the construction of a new freeway along the north coast of Jamaica, as well as an investment of $ 189 million in the development of Sangster Airport. Largely due to the improvement of infrastructure, the real estate market also began to develop more dynamically. But the main reason for the increased interest in Jamaica by foreign investors lies in property prices, which are significantly lower than, for example, in Barbados and most other islands of the Caribbean region. Now in Jamaica, the first large modern residential condominium complex is being built - The Palmyra Resort & Spa. The area of this luxury resort - 67 hectares, it will be located just east of Montego Bay - a major tourist center and the second largest city in Jamaica. The Ritz-Carlton Hotel, a large block of fashionable Spring Farm houses, has already been built nearby, and three golf courses have been built. Montego Bay has everything you need for a relaxing stay - great restaurants, chain stores, stunning endless beaches and a vibrant nightlife. Near the town there is an underwater park, popular with diving enthusiasts, and a nature reserve. The resort is being developed by the Resort Properties Group, which has experience in similar projects in the Canary Islands and Malta. “Palmyra is a very large project that will become an event on the international market for seaside residential developments,” explains Bob Trotha, founder of the company. Other similar projects are expected to follow him in Jamaica. The Palmyra complex will include five multi-apartment buildings, two of which are 16 stories high, the other three 12 stories high. The total number of apartments in them will be about 500. On the upper floors there will be 10 penthouses with two or three bedrooms. The residential complex will also include 13 duplex villas. The resort will have three swimming pools facing the sea. One of the resort's highlights will be the 3,900 sq. m. The cost of one-bedroom apartments in Palmyra will range from $ 600,000 to $ 800,000, two-bedroom apartments from $ 1 million to $ 1.45. The purchase of a penthouse will cost from $ 1.15 million to $ 1.8 million. The average price of 1 sq. M. m is $ 4,000, which is much lower than, for example, in Barbados, where similar real estate costs about $ 10,000 per sq. m. m. The first phase of the construction of the complex, during which two condominiums, a spa, a pool and a beach will be built, began in November 2005 and will be completed in 2007. The construction of the entire complex is planned for 2009. Other properties offered in Jamaica , is cheaper than in Palmyra, but does not meet modern quality standards. Typically these are resale homes located in established, relatively small resorts. Opinions about their quality differ greatly. In general, finding property in Jamaica is not an easy task, as most local agents are not used to doing business with overseas clients. A more promising and expensive segment of the Jamaica real estate market is villas in exclusive resorts, including Tryall Club, Round Hill, Tamarind Hill and Rose Hall. Round Hill is a former pineapple plantation in an incredibly beautiful bay, where two houses are located, bought by the famous American fashion designer Ralph Laurent. Now on the market is a five-bedroom villa with a pool, jacuzzi and a plot of land with magnificent sea views, which is sold for $ 3.5 million. Slightly cheaper villa in the Great River House, consisting of 20 buildings, near the Round Hill resorts and Triol. The house for sale has 5 bedrooms, staff rooms, a covered terrace with two-level waterfalls, a pool with sun loungers. The villa is located on a 1.5 hectare plot with magnificent sea views. A tennis court is built on the territory. The price of the building, including the furnishings, is $ 950,000. The Gentle Winds house in Tower Isle, one of the most popular and lively suburbs of Ocho Rios, 98 km east of Montego Bay, is sold at the same price. Ocho Rios was once a sleepy fishing village and later became the second most popular tourist destination after Montego Bay. The region has gorgeous waterfalls, tropical gardens and active plantations. Foreign buyers are just beginning to appreciate the real estate market in Jamaica, which gives them the chance to profitably and inexpensively invest in real estate in the Caribbean region. The newly discovered island is just entering the international real estate market and the island of St. Kitts, which was discovered by Columbus in 1493 on his second trip to America. The original name of the island - St. Christopher, was shortened to St. Kitts by the British, who founded a colony on the island in 1623. Investors became interested in St. Kitts real estate much later than the market of other islands of the Caribbean. For a long time it was typically agricultural, but when sugar production on the island declined, the government actively encouraged the development of tourism and the construction of houses for foreign buyers. “This is a great time to invest in this emerging market,” says Owen Pritchard of Newfound Property International. - Currently, there are very few modern resort complexes - only the recently built Marriott hotel and three small condominiums. This is a great situation for property owners who want to not only spend their holidays in their home by the sea, but also earn income from renting out their property. " In addition, the government exempts foreign buyers from land tax on the condition that real estate is purchased in certain areas of the island, such as Frigate Bay. The $ 109 million Ocean's Edge resort is currently under construction in this area. It will include a residential complex, which will consist of 191 apartments and villas. It is planned to locate a health complex, a fitness center, a club, tennis courts, a restaurant and a swimming pool on the territory of the resort, and in 2006 the Royal St Kitts Golf Club was opened nearby. Construction of Ocean's Edge is scheduled for completion in 2009. Owen Pritchard believes that buying a property on St. Kitts will be an excellent investment. Although prices have more than doubled over the past five years, they are still quite low for the Caribbean - Ocean's Edge apartments start at $ 360,000, with up to $ 3,400 weekly rental income from a three-bedroom villa during the high season. Newfound guarantees investors a rental income of 6% of the value of the property for the first two years. In the south-east of the island, which has been and remains a place of recreation and entertainment for the rich and famous, it is planned to build luxury hotels and fashionable houses. Three more five-star hotels, Mandarin Oriental and Ritz-Carlton, will be added to the already built five-star hotels. Overlooking Turtle Beach, Heritage Plantations will see a number of new luxury villas costing more than $ 2 million and a state-of-the-art marina. In the north of the island, villas are much cheaper - from $ 417,000 to $ 620,000. According to local experts, the main thing during development is to preserve the charm of a quiet place that St. Kitts has always been. “We don’t want to lose those features of the island that attracted people here in the first place,” says local real estate agent Brian Kassab of Kassab & Associates. Realizing this, the island's authorities are in favor of the gradual development of the real estate and tourism market. You can only get to St. Kitts with a double transfer. First you need to fly to Antigua with a transfer in London or Frankfurt. Then there will be another 25 minutes. flight to St. Kitts.
Investments in reggae style
01.01.2007
Author: Alexander GARRET, Cheryl MARKOSKI
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What do you usually think about when you say "Caribs"? Tropical paradise on the seashore - the sound of waves, slowly ironing golden sand, green palms, the air filled with sun ... Beautiful picture. But the Russians are not in a hurry to buy villas in the Caribbean - far and expensive. However, in Jamaica and the island of St. Kitts, the value of real estate is much more reasonable - and although it does not go there any closer than to the Bahamas or Barbados, the markets of these islands look very attractive!
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