Montego Bay City Guide

Montego Bay is Jamaica's premier resort city and the deepest, most liquid market for foreign property investors, anchored by Sangster International Airport (the Caribbean's busiest by some measures) and a tourism economy that drew a record 4.3 million visitors nationally in 2024 worth roughly US$4.35 billion. The market spans resort condos in Ironshore and Reading, golf and gated luxury at Rose Hall, and the Hip Strip / Doctor's Cave Beach core. Entry-level beach condos run from about US$180,000-$300,000, while gated and golf-community villas at Rose Hall reach US$700,000-$2.5 million+; quality coastal product trades around US$300-$450 per square foot. Short-let demand is strong, supporting gross rental yields of roughly 6-8% on well-located vacation units, with peak-season occupancy frequently above 75%. Foreigners may buy freehold property outright with no nationality restriction or special permit, treated almost identically to locals; only company-held land triggers a 49% foreign-shareholding cap. Buyers budget for 2% transfer tax (seller-side), shared stamp duty (currently flat for land conveyances) and typical legal fees of 1.5-3%. With national rents climbing 7.3% year-on-year in mid-2025 and the BOJ policy rate eased to 5.75%, MoBay remains the country's most investable destination.