Apr 15, 2021 News
Kaieteur News – With the coming boom in the economy as a result of the still nascent oil and gas sector, Vice President, Dr. Bharrat Jagdeo, believes that Guyanese stand to benefit from the growing housing market and can earn tangibly from the rental of properties.
This, since the country is unable to support the emerging industry through ventures such as the building of a Floating Production Storage and Offloading (FPSO)— the likes of the Liza Destiny, currently producing oil in the Stabroek Block.
Dr. Jagdeo was at the time addressing some of the housing challenges facing Guyanese, particularly from the Diaspora, in an online interview with the New York based ‘Abee Chunes Radio’.
According to the former president, now Vice President, “in light of the development of the oil and gas sector, the property market has to evolve into a business.”
He pointed out however, that at present, the country does not have the requisite legislation for the construction and regulation of condominiums and such types of buildings that “people are going to be constructing.”
As such, Dr. Jagdeo was adamant, “we are carving the rental market in the oil and gas industry for Guyanese” and suggested, since “we can’t build FPSOs, our people must benefit from rental and rent is substantial and the market is growing, so we have to convert this into a business model.”
He related that at present, “a lot of work is being done to update the laws” and drew reference to a recent ruling by the Caribbean Court of Justice (CCJ), which underscored the matter of Guyana updating its housing laws.
Jagdeo noted that work has already started on this front and added that, “there is urgency now, because of what is happening, there is a boom in the property market.”
The lucrative housing market was recently recognised as one of the growing sectors in the country as a result of the emerging oil and gas industry when India’s third largest public sector bank—the Bank of Baroda—applied for and was designated an official Mortgage Finance Institution under the laws of Guyana.
The status was officially conferred on the Institution by Senior Minister within the Office of the President, with responsibility for Finance, Dr. Ashni Singh.
At the time, Indian High Commissioner to Guyana, Dr. K. J. Srinivasa, underscored that it was the developmental trajectory that Guyana has taken on in recent years, as a result of the country’s colossal oil find, that has largely led to the bank remaining in the country.
It was observed by stakeholders that in 2018, the Bank was actively considering exiting the Guyana market where it hosts two of its 9,000 branches worldwide.
He noted that in 2018, while stakeholders were discussing the future of the bank’s operation in Guyana, it was determined that the country’s projected growth would in fact be a boon for the financial institution with a worldwide customer base of some 113 million person.
Guyana, he said, was deemed a developmental “growth story” and that nobody should miss out on the “golden opportunity”.
He was adamant that, once Guyana’s growth takes off, real estate would become a particularly high priced commodity and urged potential new homeowners to act with haste.
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