The government will this year be giving priority attention towards the merger of the Real Estate Board, Commission of Strata Corporations and the Timeshare Registrar.

All three entities will be merged to form the Real Estate Authority of Jamaica, which will be done via amendments to the Real Estate (Dealers and Developers) Act. Governor-General Sir Patrick Allen made the announcement earlier today in his annual Throne Speech in Parliament, signalling the start of the 2021/2022 legislative year.

Sir Patrick disclosed that the merger seeks to address the new dynamics of the real estate market that are not currently legislated, offer greater protection to purchasers and update existing fines for breaches.

He pointed out that, “Jamaica has a wide cross-section of residential and commercial developments that have shared property, which are not covered under the Registration (Strata Titles) Act, because they are not strata properties. Following extensive research, legislation is being developed to govern the operations of such communities.”

Sir Patrick told parliament that the Real Estate Authority of Jamaica will have oversight responsibility noting that the Real Estate Industry has long been recognised as a primary driver of economic activity, accounting for a significant portion of individual and business wealth.

He said that more Jamaicans have realised their dreams of owning a home, as the government continued to fulfil its mandate of providing affordable housing solutions.

OUR to get wider regulatory powers

The Governor-General announced that the regulatory powers of the Office of Utilities Regulation (OUR) would be widened to incorporate new and emerging service sectors.

According to Sir Patrick, “For a suitable regulatory framework within which management of our electricity, telecommunications, water and sewage services can sufficiently function, the Government will be amending the OUR Act to incorporate new and emerging service sectors into its regulatory mandate, streamline its powers and harmonise across regulated sectors with sector-specific legislation.”

This, he said will create a more robust regulatory framework to promote investment expansion in utilities and consumer satisfaction. Sir Patrick also announced that legislative changes are coming to the Water Resources Act, which will assign regulatory functions to the Water Resources Authority and require it to provide technical support in terms of floodplain mapping and flood warning systems development to the Office of Disaster Preparedness and Emergency Management and the Planning Authorities.

Additionally with changes to the Flood Water Control Act, the National Works Agency will be required to design required flood control structures and oversee construction, as the implementing agency.