The real estate sector in Guyana moved a step closer to being properly structured and regularized with the establishment of the Guyana Real Estate Agents Authority.
A release from the Ministry of Tourism, Industry and Commerce, yesterday announced the members of the Authority received their Instruments of Appointment from Minister Oneidge Walrond at the Ministry’s South Road, Georgetown offices.
It explained that the Authority is responsible for determining the qualifications for real estate agents and brokers, issuing, renewing, revocating and cancelling licences, among other functions.
According to the release, the Authority comprises five members: 1) Sharon Roopchand-Edwards, representing the Ministry of Tourism, Industry and Commerce; 2) Chief Samsair, representing the Realtor Asso-ciation of Guyana; 3) Dhaneshwar Deonarine, representing the Competi-tion and Consumer Affairs Commission; 4) Ayana Fable, the representative of the Attorney General and Minister of Legal Affairs; and 5) Samantha Reid, representing the Private Sector Commission.
Walrond encouraged the members to conduct their functions with the highest level of integrity and fairness. She expressed confidence in the team and wished them well as they pursue the business of the Authority.
Meanwhile, the Guyana Association of Real Estate Professionals (GAREP) welcomed the establishment of the Real Estate Authority, noting that this development is anticipated to enhance the overall professionalism and standards within the real estate sector, contributing to the growth and stability of the industry.
Referring to the formation of the Real Estate Authority as “significant”, GAREP in its release yesterday, explained that this development followed several months of dedicated efforts and coordination involving the Attorney General’s Chambers, in consultation with representatives from GAREP and the Real Estate Association of Guyana. It stressed that the collaborative efforts were focussed on ensuring comprehensive protection for all parties involved in real estate transactions.
GAREP itself was founded in June 2022 and is the first and largest association of real estate professionals in Guyana, boasting over 200 actively engaged members in the field of real estate.
“GAREP views the enactment of the Real Estate Authority as a positive stride that aligns with the efforts of the Government of Guyana and GAREP to regularise and build confidence in the industry, provide training programs, enforce compliance, and concurrently position Guyana as an investment hub with vast real estate and investment potentials,” the release added.
