Incomplete developments trigger state crackdown

More than 157 real estate developments across Jamaica are currently listed as incomplete despite passing their estimated completion date, according to the Real Estate Board’s (REB) public register.

The figure highlights ongoing challenges in the sector, with some homebuyers still awaiting delivery of their units. It has reinforced the regulator’s drive to curb non-compliance.

“We want to ensure that persons who are paying on these development schemes, that the developer is compliant and that their interests are protected,” said Acting Chief Executive Officer of the REB, Cresfroid Brown, in a Financial Gleaner interview.

The incomplete projects span several parishes and vary widely in scale, from small, four-lot schemes to large developments exceeding 200 units. Many of these were originally estimated for completion by December 2025, yet as of March 2026 remain unfinished, according to the REB’s public listings.

“All the purchasers’ funds which are collected in the project should be placed in a trust account,” he explained. “That creates transparency in terms of accounting for how those funds are utilised.”

He said the board has already initiated legal proceedings against at least one developer. The matter remains before the courts.

Brown explained that the legal action forms part of a broader programme aimed at identifying and sanctioning developers alleged to have failed to meet statutory obligations under the Real Estate (Dealers and Developers) Act.

He added that developers who fall out of compliance should neither advertise developments nor accept deposits. “They must ensure they are maintaining their registration prior to engaging in a development business,” he said.

The REB has also highlighted the importance of Jamaica’s beneficial ownership reporting regime, which obliges companies to disclose the individuals who ultimately own or control them. Companies that fail to file or update this information may face sanctions and restrictions.

Brown said the prevalence of incomplete projects underscores why enforcement has been stepped up. “One of the most important investments anybody can make is buying land or a unit in a development scheme,” he noted. “So we are doing increased monitoring and taking steps to ensure there is compliance overall.”

neville.graham@gleanerjm.com