Jamaica’s real estate sector, which accounts for almost 10% of GDP, has been declining during the last two years because it is unstable.
Newton Johnson, President of the Realtors Association of Jamaica (RAJ), made the observation while calling for stricter regulations and enforcement to prevent rogue operators from taking over the sector.
The RAJ president also stressed that the process surrounding approvals is too long and called for municipals corporations, National Housing Trust, National Land Agency and Tax Administration Jamaica to work to speed up the process.
