The National Assembly, just after midnight on Thursday, passed the Real Estate Agents and Brokers Bill 2023, which sought to regulate the functions and operations of real estate agents and agencies.
The regularisation of this sector is being lauded by real estate stakeholders with the Realtor Association of Guyana and Guyana Association of Real Estate Professionals, welcoming the enactment of the landmark legislation which they say will elevate the real estate landscape in the country.
See below for the full statement:
Realtor Association of Guyana & Guyana Association of Real Estate Professionals welcome the enactment of the landmark Real Estate Agents and Brokers Bill 2023
The Realtor Association of Guyana & Guyana Association of Real Estate Professionals are pleased to express its profound gratitude to the Government of Guyana, with a special mention to the Attorney General, for the successful passing of the Real Estate Agents and Brokers Bill 2023 by the National Assembly. This monumental legislation signifies a
remarkable stride towards the professionalization and regulation of the real estate industry within the country.
The collaborative efforts between the Realtor Association of Guyana (RAOG) and the Guyana Association of Real Estate Professionals (GAREP), in partnership with the Government of Guyana, have culminated in the development of this significant bill. Through a series of constructive dialogues and consultations with the Attorney General, each provision of the bill was crafted to encapsulate the perspectives of both associations, consumers and the government, exemplifying a true consensus-driven endeavor.
The enactment of this bill marks the initiation of an era of self-regulation, empowering the real estate sector to take the lead in instituting a comprehensive regulatory framework. Industry stakeholders will actively participate in shaping qualifications, a code of ethics,
and other vital aspects concerning the overall administration of the law. Rooted in accountability, transparency, and professionalism, this legislation is poised to elevate Guyana’s real estate landscape, enhancing its appeal to international entities while fostering trust and confidence among existing stakeholders.
A key highlight of the legislation is its emphasis on maintaining consistency and ethical standards throughout the industry. This encompasses equitable remuneration rates, the establishment of a comprehensive code of conduct, and the delineation of binding terms and conditions governing real estate agents’ transactions.
Notably, the bill also introduces explicit guidelines to ensure the secure handling of clients’ funds once received by real estate agents, a provision designed to safeguard the interests of all parties involved. In this joint statement from both associations, we express our fervent optimism and wholeheartedly welcome the passage of this bill. Its potential to revolutionize the Guyana real estate sector is undeniable. We eagerly anticipate implementing its provisions to catalyze positive transformation and drive unparalleled growth and success within the industry.
Once again, we extend our deepest appreciation to the Government of Guyana for their steadfast commitment to the advancement of the nation’s real estate sector.
