THE Realtor Association of Guyana says it welcomes the upcoming Real Estate Bill of 2023, and noted that this regulatory framework will legitimise players in the industry, and remove those who are unable to come into compliance.

This is according to one of the members of the Association, Youni Abdul who told the Guyana Chronicle that the Association is part of the ongoing consultation process for the draft Bill, which is expected to be laid in the National Assembly soon.

According to Abdul, this framework will help integrate the real estate industry into the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework, which gives real estate brokers and agents the power to report suspicious transactions.

He added, “This legislation will certainly infuse confidence and professionalism, and enhance credibility in the real estate sector, as the sector, from time to time, has been plagued with criticism in the public eye.”
He further noted that the Bill will also cause players in the industry to uphold strict ethics and Codes of Conduct moving forward.
Based on the consultations held already, Abdul stated that the Bill has two priorities, including regulations and protection for players in the industry.

“It will also bring rules and regulations to the industry, in terms of registration, licensing, the creation of a Real Estate Authority, and also any penalties and punishment for errant members of the industry,” he added.

Meanwhile, he noted that there is still an ongoing consultation process between the Realtor Association of Guyana and the Attorney-General’s Chambers, even as the Bill is expected to be laid in the National Assembly before the upcoming recess.
Through these consultations, Abdul indicated that the Association said that the authorities clearly define the functions and extent of the Bill, definitions of brokers and agents along with the qualifications for agents among other things.

Minister of Legal Affairs and Attorney- General Anil Nandlall earlier this month presented a copy of the draft Real Estate Bill 2023, and highlighted its provisions and objectives.

He said that the current economic expansion in Guyana has resulted in billions of dollars passing through the sector, which is currently without necessary regulations. The Bill was drafted after consultations with local real estate bodies, and the consideration of industry best practices and international standards.
At the time, Minister Nandlall had said that the draft Bill would be circulated, and the consultative process would continue.