Deputy Prime Minister and Minister of National Security, Dr Horace Chang, has expressed confidence that continued investments in national security will increase the value and demand for Jamaican real estate.
“The Government is investing in the development of the police force to provide increased safety, which will not only provide personal protection, but ensure the maintenance and increase in the value of real estate assets,” said Chang.
He was delivering the keynote address at the International Real Estate Conference and Homeowners Expo (IREC) at Montego Bay Convention Centre in St James on Friday.
The Jamaica Constabulary Force (JCF) now boast approximately 14,200 members.
As the Government continues to invest in social intervention programmes to improve security at the community level, Chang explained that the “provision of adequate residential housing in organised communities can also contribute to the quality of life.”
He noted that real estate is one of the drivers of developmental change, and said, “once the Government begins to invest in the infrastructure, there is capacity to change the entire community.”
“Quality housing development is always accompanied by important community amenities, including health facilities and schools,” Chang argued
“This creates social harmony, which is a prerequisite for further investment in commerce, industry, growth, increased wealth and prosperity,” he added.
In 2023, Jamaica experienced the lowest level of major crimes in 22 years, and that downward trajectory for crimes has continued into 2024.
Additionally, the country is currently experiencing one of the fastest economic post-pandemic recoveries globally, and tourism numbers have surpassed pre-pandemic records.
Chang emphasised that these results have direct effects on the real estate market.
He pointed out that some taxes have been reduced or removed altogether, and that in 2019 the Government reduced the transfer tax payable on the sale of property from five per cent to two per cent of the value of the property.