….. hundreds of jobs expected
REAL estate agencies and companies are at the frontline of the investment chain and conduits to business in Guyana, Minister of Housing and Water, Colin Croal, said on Wednesday.
He was at the time speaking at the official launch of Century 21 Guyana, where he emphasised that their interaction with investors can determine whether the business stays or leaves.
Century 21 operates in more than 72 countries, making it one of the largest real estate companies in the world. Its Guyana office is located at 85A Lamaha Street, Kingston, Georgetown.
In his remarks, the minister congratulated the company’s Managing Director Chief Samsair for investing in Guyana and noted that the diaspora is essential in advancing development in the country.
Minister Croal added that Century 21, with its expertise and experience, is well-positioned to deliver satisfactory service to its clients and assist in the development of the sector.
“Government will ensure that we provide an enabling environment for businesses and we continue to modernise legislation and regulatory frameworks. In fact, we passed the new Condominium Bill recently and this bill is a modern piece of legislation based on the measures we have placed in the bill itself and the requirements, and the onus we have placed in terms of the governmental level and being bounded by timelines in decision-making,” he said.
He said the bill will usher in newer models of housing solutions for Guyana and the office of the Attorney General will be focusing on real estate legislation that will make space for a more regulated and professional industry.
This will include more residential and commercial real estate, completed by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations, the minister added.
He further said: “The market is flushed with opportunities and with the Century 21 international brand it can only go up from here, and certainly the standard that we expect you to set in terms of the principles that govern the real estate industry. Even in the absence of [a] draconian regulatory authority, our government stands ready to help investors who are willing to take the risk of new ventures. Here is where the people of Guyana will benefit,” the housing minister told the gathering.
Noting that the government is encouraging investments in a diversified economy, Minister Croal said investors will be looking at the availability of space on the market and that is where the real estate agency comes in.
“Real estate agencies and companies are at the frontline of the investment chain. You are conduits to business in Guyana and your interaction with investors can determine whether the business will stay here,” he said.
Meanwhile, Chief Executive Officer (CEO) of GO-Invest, Dr. Peter Ramsaroop said that Century 21 does not aim to replace real estate agents in Guyana. He said all that is being done is that collaboration is being formed with known industries with an aim of modernisation.
Dr. Ramsaroop said Guyana is destined for many new opportunities and Century 21 will offer its expertise in the field to ensure investors and locals benefit.
“The market is changing and we have to change with it… The President’s vision is studied and if you look at where we will be in 2023, 2024, 2025, and onwards, you can actually join in that development phase and what Century 21 Guyana has done is partnered with a lot of the local real estate agents in collaboration,” he said.
Samsair remarked that Guyana is growing rapidly mainly because of the oil and gas sector which has resulted in more productivity in other sectors.
“Our President has made a call to the diaspora. He wants investments back in the country, so I answered that call as a businessman,” he said.
He explained that the company will be creating hundreds of jobs throughout Guyana.
“Last week we met with the Attorney General and added our voice to the legislation to get real estate streamlined in Guyana… we aim to open as many as 10 to 15 offices throughout Guyana.
Century 21 is more of a servicing company that will benefit locals,” he added.
Samsair noted that his real estate passion started 27 years ago and includes buying, selling, and renting commercial, residential, and mixed-use buildings in New York.
In addition to being in real estate, he owns and operates three retail restaurants and one wholesale bakery in New York where he resides.
He is not only the owner of the C21 Master Franchise but has acquired the Best Western Hotel Franchise in Guyana.