In recent years, an increasing number of non-residents have been purchasing residential properties in Jamaica, leveraging their stronger foreign purchasing power. This trend has contributed to rising real estate prices, making it increasingly difficult for local Jamaicans to afford homes in their own country. To address this issue, we propose the implementation of a special stamp duty on residential real estate purchases by non-residents. This measure would help level the playing field for local buyers by discouraging speculative foreign purchases while generating additional revenue for housing initiatives that support Jamaican residents. A similar policy has been successfully implemented in other countries facing affordability challenges due to foreign investment in real estate. By adopting a targeted stamp duty, Jamaica can take proactive steps to protect homeownership opportunities for its citizens while ensuring that foreign investments contribute more equitably to the local housing market. We urge the government to take action to prioritize housing affordability for Jamaicans.

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