The government of Jamaica is leading a push to reform the institutional structures relating to housing and to implement upgraded legislation for the operation and development of the real estate sector.
During his keynote presentation at the Jamaica Mortgage Bank’s 45th Anniversary Housing Seminar, Minister of Water and Housing Horace Chang said the aim of current initiative by the housing portfolio is to reduce costs and improve housing access, while also increasing the transparency and credibility of the sector.
The Minister said that the Ministry of Economic Growth and Job Creation is committed to the establishment of a Real Estate Board Authority, which will bring together the Strata Commission, the Timeshare Commission and the Real Estate Board.
Chang added that the ministry is also considering a Townhouse and Gated Community Act to provide further legislation to guide the development and management of residential communities and other aspects of the real estate sector.
The government is also looking to amend the Rent Board Act over the course of the next year, which will provide fairness to all parties in the rental industry.
According to Chang, the administration’s goal In the short term is to implement more public-private partnerships.
“If the public sector engages the private sector, which will bring efficiencies, finance, skills and competitiveness to the scheme, we can control costs and achieve greater productivity in both numbers and quality at this time,” he said.
“I would like to blend the best of both worlds, because the public sector does have advantages and competencies required to ensure that low-income workers, in particular, can get homes of good quality.”
Chang also commended the hosting of the seminar, which was conducted under the theme “Achieving Economic Growth through Investment in the Housing Sector.”
He said that it provides opportunities for stakeholders to examine the sector and also impacts developers in the real estate industry as well as current and aspiring homeowners.
“The housing sector is a vehicle the Government hopes to use to generate growth. In our perspective, investment in infrastructure will bring short-term growth. Capital invested in roads, housing and water generates immediate impact on the economy,” he said.
— Dana Niland