The PPP/C Government is moving ahead to enact laws to regulate Guyana’s real estate industry, something which is viewed as long overdue by a wide cross-section. Already, there has been the formation of the Guyana Association of Real Estate Professionals (GAREP).
And while a source has congratulated the GAREP on its launch, he said there seems to be factions in the industry that “want to do their own association”.
He said, “there seem to be two Associations. I want to see a unified Association. I would like to see the different parties coming together and working together.” The source, however, acknowledged the importance of such an Association.
At the recent launch of GAREP, two foreign diplomats—European Union Ambassador to Guyana, Fernando Ponz Cantó, and Indian High Commissioner to Guyana, Dr K J Srinivasa—expressed satisfaction at the formation of the Association and pledged their countries’ support.
Canto said, “Real estate is the foundation of all great wealth in a country and I’m happy to see that such interest and effort being made by this group to elevate Guyana to world-class standards.”
Bramdev Tyagi, speaking on behalf of the Indian diplomat, said, “The international community and India, in particular, has a great interest in seeing this Association succeed as the potential in Guyana is so great and we feel that organisations such as this are essential to development.”
The launch brought together more than 150 real estate professionals. They were informed that the legislation is being reviewed from other territories around the world to see what is best suited and culturally appropriate for Guyana.
According to the source, the proposed legislation seeks to enhance protection for buyers, sellers, agents, brokers, and realty firms. The source assured that the proposed legislation will be widely circulated for consultation before it is tabled in the National Assembly. The GAREP is said to be the first of its kind in Guyana.
Many top local business persons and government officials were also on hand to view this historic step towards bringing Guyana on par with international standards. The Association’s new logo was unveiled representing the current look of Guyana’s housing market and the rapidly growing economic development that is projected in the coming years.
The Interim Management Committee (IMC) comprises: Melissa Khan, Neil McPhoy, Ramkumar Jewanram, Petes Persaud, Stanley Wills, Sandy Harry, Nicola Duggan, Kerron Boston, Cassandra Bidajhar, Avinash Balac, Eurie Hohenkirk, Ulric Mentore, Ryan Gomes, and Amrita Sookram.
The members were drawn from a wide cross-section of top-level local real estate professionals.
They have created, in just a few weeks, an ethics manual, proposed education and examination guidelines, local and international marketing of Guyanese services, acceptable standards, and use of a local Multiple Listing System.
Membership is open to all persons interested in real estate and all members will be able to contribute to the development of the industry and are also eligible for election to the Executive Board. Dozens of local real estate agents and companies had met at the Pegasus Hotel, Georgetown in May to coordinate the formation of an Association that would regulate the standards of acceptable practice for the industry. This was in response to recent calls by President Dr Irfaan Ali and Attorney General and Legal Affairs Minister Anil Nandlall, SC, to ensure that local Guyanese benefit from the Local Content Act and improve real estate practices to conform with the Anti-Money Laundering (AML) legislation.
For years the formation of such an Association was discussed but prior to the discovery of oil by ExxonMobil, the financial incentive to regulate was not present. But with the market evolving, the establishment of the Association was treated with urgency to validate the trust and confidence of investors and ensure that the newcomers conform to the standard of practice.
The Association’s principal objectives are to ensure that education of the stakeholders, property owners, and buyers and compliance with the soon-to-be enacted Real Estate Bill. Already, the Government has enacted the Condominium Act of 2022 to regularise condos in Guyana.
The Act, inter alia, allows for persons who have purchased duplexes or condominiums from the State to be able to access the titled documents for their properties, provides for the horizontal and vertical subdivision of land and buildings into units for individual ownership, and for the use and management of condominiums, paves the way for commercial banks to accept titles for the properties, and for insurance companies to issue policies to owners of condominiums.
Guyana’s real estate industry is ripe with opportunities as a result of its booming oil and gas sector which has increased the demand for properties. This has seen international real estate firms, Century 21, and Real Estate Maximums (RE/MAX) opening offices here.
