Headlines:
| Abolition of Transfer Tax to boost real estate market |
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| Wednesday, 26 September 2007 | |
 Past President of the
Realtors Association of Jamaica, Valerie Levy says plans by the Government to
abolish the Transfer Tax on property titles and reduce Stamp Duties will
provide a boost to the real estate sector. The tax changes were announced Tuesday by Finance Minister Audley Shaw. Mrs. Levy says she expects increased activity in the market if the Government delivers on its promise. "More properties would be transferred so it will create a lot more activity and we do hope in the long run that Government will realize a lot more again because a lot more properties would sell, more people will be buying, encourage more development and even for more investors looking to buy in Jamaica," said Ms. Levy. "One of the deterrents is that when they look at buying in Jamaica, then holding on to it, when it comes time to sell we are one of the highest in the world, there are a couple of other countries that are higher than we are in the cost of selling real estates," she said. |