Guyana’s real estate industry showing tremendous dynamism – Finance Minister

─ at launch of world’s largest real estate firm

Senior Minister in the Office of the President with responsibility for finance, Dr. Ashni Singh said that real estate in Guyana is showing tremendous dynamism.

The activity, he said, is being fueled by multiple interventions, including government’s policies, its housing drive, a growing tourism and hospitality industry, as well as the new oil and gas sector.

The minister was speaking Tuesday at the launching ceremony of Real Estate Maximums (RE/MAX), a world leading real estate company which has set up office in Guyana.

The ceremony was held at the Pegasus Hotel Aura Lounge.

“It doesn’t come at all as a surprise to me that in the real estate space, a major international brand like RE/MAX is entering the Guyanese market… I believe it was unavoidable and inevitable…”

“You’re entering the market at a time when there is more activity happening in the real estate space than ever before in the history of our country. The sector is very, very ripe with opportunities. And it’s ripe with opportunities literally, at all segments of the market.”

He posited that much activities exist in domestic construction, sale and resale of real estate, and domestic rentals of residential and office properties.

The RE/MAX brand, Dr. Singh said, will attract a special niche in the market, since international companies prefer to do business with brands they recognise.

Shiv Misir, one of RE/MAX’s local founders, said one market he is hopeful Guyana will capture is persons who leave Toronto and similar areas during winter to go to warmer areas like Florida and Mexico.

“I’m hoping that with RE/MAX coming to Guyana, we can sort of divert that kind of market and bring it here into Guyana. I am a Guyanese at heart, and I want to do something for the country,” he said.

“There is a need for organized real estate in Guyana… I’m hoping that with RE/MAX coming on board, it will start some form of organized real estate where people can come and get training, get the knowledge, and get the expertise,” he stated.  

The real estate broker is optimistic that RE/MAX would train entrepreneurs in Guyana who are motivated, and have the ambition and energy to succeed.

Misir said Guyana has no real estate board, unlike Toronto, Canada which has the largest board in the world. In light of this absence, and because RE/MAX has knowledge of how Toronto’s board works, it is seeking contractual arrangements that would allow a person to contract an agent with exclusive responsibility to market and sell their home or other building. 

“Having a contract would allow you as a seller, as a client, to get representation and give you the confidence that ‘I can leave everything in the hands of this person and not 10, 20 agents…’,” Misir said.

He, like Dr. Singh, said that RE/MAX will redound to Guyana’s benefit, since foreign investors will be comfortable plugging funds into real estate projects, knowing that they will be working with an established brand.

RE/MAX, which has a presence in over 100 countries, will open its office at MovieTowne Guyana.

Minister of Housing and Water, Collin Croal and Minister within the Ministry of Housing and Water, Susan Rodrigues also commended Re/MAX on its launch.

The ceremony was also attended by Minister within the Ministry of Public Works, Deodat Indar; Foreign Secretary at the Ministry of Foreign Affairs and International Cooperation, Robert Persaud; Chief Executive Officer of GO-INVEST, Dr. Peter Ramsaroop; Guyana’s High Commissioner to India, Charrandass Persaud; and India’s High Commissioner to Guyana, Dr. K. J. Srinivasa.