Realtors Association president welcomes gov't's promise to reduce taxes on sector
President of the Realtors Association of Jamaica, Edwin Wint, has welcomed the government's promise to reduce transaction taxes on real estate.
He was reacting to comments yesterday by State Minister in the Ministry of Finance, Fayval Williams, that the government is seeking to get to a fiscal position so that it can reduce transaction taxes on real estate.
Wint says such a move would auger well for the real estate market.
Meanwhile, speaking at the annual general meeting of the Realtors Association of Jamaica yesterday, Williams said discussions are being held with private sector entities that offer financing for real estate to offer more creative products for the sector.
The State Minister says those discussions also involve getting lending institutions to reduce the upfront costs on financing options to acquire land titles to facilitate more untitled lands being brought into the registry.
This comes as Williams says real estate sales reached $64 billion last year.
She says this is $2 billion above the amount recorded in 2015.
The state minister says indications so far are that the positive growth trend in the real estate market is continuing.
She says real estate sales for the first two months of the year are up 14 per cent to $9.4 billion.
This is compared with $8.4 billion for the same period in 2015.
Wint says the buoyancy in the real estate market is due to several factors.
The Realtors association president says he expects growth in the real estate market to continue as mortgage rates fall with more competition among lending institutions and as more financing options become available for real estate.