Minister of Financial Services and Investments Allyson Maynard-Gibson, speaking at the October luncheon meeting of the Bahamas Real Estate Association (BREA), promised Bahamian Realtors action on proposals to close loopholes and put teeth into the Real Estate Act.
“I agree that Bahamian real estate agents deserve the same legislative recognition given other Bahamian professionals and that if loopholes exist in the law, they should be closed swiftly, “she said at the British Colonial Hilton Hotel’s Royal Palm Room.
She asked BREA members to work closely with her ministry to produce needed changes in the legislation. She said she looks forward “to receiving your proposals for enhancement or amendment of the law to ensure that sales of Bahamian real estate where a real estate agent is involved, must involve a Bahamian real estate agent.”
Her speech was an apparent response to months of complaints and campaigning from BREA President Patrick Strachan, CRS, CRB, CRRA, GRI. Mr. Strachan points out that licensed Bahamian agents and brokers are often sidestepped in substantial real estate transactions, particularly in large foreign owned developments, although the Bahamas Real Estate Brokers and Salesmen Act 1995 stipulates that only licensed individuals can sell Bahamian real estate and BREA is the only recognized licensing body.
The Minister reported that every dollar of the $1.535 Billion in second home, condo hotel and timeshare investments already approved by her government has the potential to directly impact Bahamian real estate agents. Among those ALREADY approved are, she said: Abaco Club on Winding Bay; Bimini Sands and Bimini Bay; International Marinas Chub Cay; Cat Island’s Crystal Mount; Pittstown Point Crooked Island; Current Club Villas, Eleuthera Properties, Governor’s Harbour Resort, Powell’s Pointe and Windermere for Eleuthera plus Valentine’s Resort in Harbour Island; Grand Isle Villas, Roker’s Point and Emerald Bay Resort in Exuma; Mayaguana’s I-Group; Ocean Club Terraces and Charlotteville in New Providence; and Turnberry Residences at Atlantis and Harbour Side on Paradise Island; and Rum Cay’s Montana Holdings.
The Minister further encouraged BREA members to enhance sales by encouraging Bahamians to buy a second home in the Bahamas instead of in Orlando or other foreign destination and to encourage fellow Bahamians to invest or reinvest in their own country.
She credited second home investment with cushioning the economy “from external shock” and added, “Look at the speed of recovery in Abaco.”
Mr. Strachan urged members to assist him in weeding out the bad eggs in the real estate industry and warned against practices such as co-mingling of funds held for clients.
BREA member Susan Black gavethe vote of thanks, closing the meeting which was chaired by BREA board member William Wong.
Submitted by Keith Parker, PS News/Features
