The Real Estate Journal Vol 15, Issue 11

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Volume 15

Issue 11

JUNE 2016

A quarterly publication of the Real Estate Board/Commission of Strata Corporations

Gov’t Signals approval for Single Real Estate Authority The Minister went on to say that the government had gone a far way in approving the concept to amalgamate the Board and Commission into a single entity. This he asserted, would result in greater integration, streamline business processes to facilitate development approvals and permits which would in turn facilitate greater and faster growth in the real estate sector. Dr Chang was keynote speaker at the Realtors Association of Jamaica 50th Anniversary Symposium held at the Knutsford Court Hotel on June 7, 2016. In a wide ranging presentation to industry players, the Minister spoke to the Government’s commitment to reducing, Transfer Tax and Stamp Duty; the realignment of the government’s three housing/ mortgage-related agencies; slashing of interest rates for NHT mortgages and efforts being made to increase the counMinister without portfolio with responsibility for Housing in the Ministry of Economic try’s housing inventory, especially for the Growth and Job Creation, Dr. the Hon. Horace Chang responds to a question at the middle and lower-income classes. Realtors Association of Jamaica 50th Anniversary Symposium. To his left is CEO of the Real Estate Board/Commission of Strata Corporations, Mrs. Sandra Watson Effective May 1, the Real Estate Board was also given the responsibility to he government has signalled its intention to cre- supervise Timeshare in Jamaica. The Board will also be ate a single real estate entity which will have given the responsibility to regulate Gated Communities oversight of the Real Estate industry in Jamaica. and Town House Complexes, and the monitoring of comCurrently the real estate sector is regulated pri- pliance with the Proceeds of Crime Act by real estate marily by the Real Estate Board and the Commission of practitioners. Strata Corporations. CEO of the entities, Mrs. Sandra Watson, exThe announcement was made by the Minister plained where the process of amalgamation was at this without portfolio with responsibility for Housing in the time. She advised that “The Cabinet Submission has Ministry of Economic Growth and Job Creation, Dr. the been prepared and signed and as soon as Cabinet has Hon. Horace Chang. given its final decision then the organization will be able Dr. Chang explained that both entities operated to implement Cabinet’s directives”. separately “due to the fact that they were established She also explained that any name change and under separate pieces of legislation. Certain aspects of final amalgamation of the agencies was still some ways their operations had to be conducted separately creat- off, as “the statues under which all three entities opering less flexibility and some inefficiencies.” ate will have to be amended”.

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