Realtor associations welcome passage of real estate bill

The Realtor Association of Guyana (RAOG) and the Guyana Association of Real Estate Professionals (GAREP) have expressed gratitude to the government, following the successful passing of the Real Estate Agents and Brokers Bill 2023 in the National Assembly Thursday last.

A joint statement issued by the organisations on Saturday, noted that the passage of the monumental legislation signifies a remarkable stride towards the professionalisation and regulation of the real estate industry in the country.

The bill seeks to regulate the real estate industry in Guyana by setting the stage for the registration and processing of individuals and companies operating in the real estate industry and establishing a code of conduct for real estate agents and brokers.

The organisations emphasised that the enactment of the 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.

The missive stated that 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.

“We express our fervent optimism and wholeheartedly welcome the passage of this bill. Its potential to revolutionise the Guyana real estate sector is undeniable. We eagerly anticipate implementing its provisions to catalyse positive transformation and drive unparalleled growth and success within the industry,” the statement added.

While defending the bill in the National Assembly, Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall, SC, noted that the real estate business has been part of Guyana’s commercial sector for a long time.

However, it is currently without any regulation, despite being a sector that earns billions of dollars in sales and agreements, as well as employs numerous persons every year.

As such, persons have fallen prey to fraudulent schemes when attempting to purchase land or rent properties.

“It is simply a free-for-all. This has led to arbitrary and capricious conduct, exploitative practices, unfair and irregular dealings, fraud, and illegalities,” the AG expressed.

As such, several key stakeholders were involved in a consultation process for the crafting of the bill before the final product was tabled in the National Assembly.

Meanwhile, Minister of Housing and Water, Collin Croal, said the bill is crucial, especially at a time when the country is undergoing massive economic and infrastructural development.

The RAOG and GAREP noted that through the series of constructive dialogues and consultations held with the Attorney General which they were key participants, each provision of the bill encapsulated the perspectives of associations, consumers, and the government. This, they said, exemplifies a true consensus-driven endeavour.