–as world-renowned real estate company establishes foothold here
–plans to partner with local university to offer real estate courses
By Navendra Seoraj
PROPERTY is considered an asset which rarely depreciates, making it a valuable resource to owners, particularly since it has the inverse effect, especially in cases such as Guyana, where investors’ interest is at an all-time high.
With the value of real estate expected to ascend consistently in the coming years, renowned global real estate company, Century 21, has positioned itself in the local market with the intention of putting Guyana on the map.
Real estate is defined as property consisting of land and buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in an item of real property, buildings or housing in general.
Guyana is replete with real estate, said Real Estate Industry and Business Development Specialist, Afa Jamal Zada, who franchised Century 21 and established an office at the Pegasus Hotel in Kingston, Georgetown.
Zada, who brings to the fore a wealth of experience, having worked in the industry for over 25 years, said Guyana is the next best destination, especially with its new-found oil wealth and other attractive natural resources.
“I read about Guyana and oil and I recalled how my home country, Azerbaijan, which also had an oil boom about 25 years ago, grew after international companies came…all these brands, Starbucks and others…within 20-15 years, the country changed tremendously,” Zada told the Sunday Chronicle during a recent interview at her office.
It was reported that close to US$1 billion (G$215B) will soon be injected into Guyana’s economy in the form of world-class hotels, which will be constructed across the country to cater for the anticipated increase in visitors, who are being attracted by the nation’s burgeoning oil-and-gas sector and its spin-off benefits.
A business-friendly climate supplemented by the anticipated economic ascension is being credited for the attraction of major players in the hotel industry, such as Sheraton, The Element, Delta Marriott, Best Western Hotels and Resorts, the H-Tower Luxury Hotel, the Marriott Courtyard, the Hyatt Hotels Corporation, the Radisson Hotels, and the Hilton Hotels and Resorts, among others.
Outside of the hotel industry, other companies have signalled a strong willingness to invest in Guyana.
“As I read about Guyana, I said this is an opportunity and then I brought the Century 21 franchise and brought it here,” Zada said.
According to the company’s website, since 1971 the Century 21 brand has been changing the real estate game by offering independent brokers, entrepreneurs and affiliated agents the ability to achieve extraordinary results in an increasingly competitive market.
The system comprises approximately 12,600 independently owned and operated franchised broker offices and 147,000 sales associates in 84 countries and territories worldwide. Coming with such wide recognition, the global brand is expected to increase the value of Guyana’s property market.
The company, according to Zada, has already listed over 50 properties and attracted the attention of several major foreign investors, who are enquiring about property cost and other aspects of real estate in Guyana.
“I started promoting Guyana and a few developers already approached me…they are from Turkey, Korea, Dubai, Abu Dhabi and other parts of the world…they are enquiring whether lands are transferable, the price and so forth,” Zada related.
While the attention has been good, the realtor said a challenge in responding to those investors has been access to information on Guyana’s property market. In lamenting those challenges, Zada said: “There is no database; I am struggling to get all this information…while the investor interest is there, the local environment is not ready…they do not have rules, regulations and a database.”
Access to information gives developers comfort and more confidence to invest, so Century 21 intends on doing the work to ensure that such information is readily available. This will indirectly aid in preparing the local environment for potential growth in economic activities.
To accomplish the task ahead, Zada has so far recruited a few people, including two Guyanese. But this too has been a challenge because the labour market is not replete with realtors.
With the absence of a real estate school, there are hardly local persons who are formally trained in this area. To fill this void, Zada has utilised the university aspect of Century 21 to train persons before hiring them. The realtor said she is willing and ready to partner with a local university to expand those services.
“I can help with material, give lectures and so on,” Zada said, adding that she will be pursuing this initiative in the near term.
