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Insurance, estate agents and valuers welcome plan for new valuation law

Laws needed to better police real estate sector

President of the Barbados Estate Agents and Valuers Association (BEAVA) Arthur Ramsay has welcomed the introduction of the Compliance Unit, saying it should play a great role in helping to weed out any bad players in the local real estate market.However, he told Barbados TODAY in an interview on Tuesday, that he still believed laws should be put in place to give BEAVA teeth to better govern and police the sector.“I know the government has been doing a lot with the Financial Intelligence Unit and Compliance Unit in terms of trying to monitor transactions and what is happening with transactions and who is doing the transactions to [eliminate] money laundering and make sure the use of money is being monitored. That has helped in some factors but in some factors it has hindered us how we police certain things,” he said.

Real estate market expected to remain stable

Barbados’ real estate market remains stable and President of the Barbados Estate Agents and Valuers Association (BEAVA) Arthur Ramsay says he is expecting this to continue into this year, despite talk of a looming global recession.He said once mortgage rates continue to hold at current levels, there should be very little change in the real estate market which has witnessed an uptick in sales in recent times, emerging from the COVID-19 pandemic.“I know a lot of people are speaking about the way things are going overseas and the opportunities for a recession situation globally but I believe that Babados still has a lot of goodwill and positives going for it,” he told Barbados TODAY.“I think that based on where the mortgage rates are and the interest that is still in the market for persons to buy property, investment, if it continues at the rate it has been going, I believe it would augur well for us in terms of our overall way of sustaining and propping up even in the hardest of

Real estate industry still holding its own

Drive on to weed out shady real estate elements