Fri | Aug 12, 2022

State minister urges real estate investors to diversify

Published:Wednesday | June 29, 2022 | 12:10 AM
State Minister in the Ministry of Industry, Investment and Commerce, Dr Norman Dunn.
State Minister in the Ministry of Industry, Investment and Commerce, Dr Norman Dunn.

Real estate investors are being urged to diversify into other industries in order to create the level of economic expansion that will support continued growth in the sector.

The advice comes from State Minister in the Ministry of Industry, Investment and Commerce, Dr Norman Dunn, who pointed out that such investments would create wealth for Jamaicans, who could then put their money into real estate.

“What good are new houses, apartments, offices and factories if we do not build other industries at the same time, so that people have the financial resources to acquire real estate?” he asked, while addressing the annual general meeting of the Realtors Association of Jamaica (RAJ) at the Terra Nova All-Suite Hotel in St Andrew on June 22.

He noted that while “investment from foreign direct investors can support this process, there is also a place for Jamaicans to commit to nation-building by actively engaging in direct investments in different industries”.

“One area for consideration, for example, is in infrastructure that is now necessary to spur economic development along Jamaica’s southwest and southeast coastlines, in tandem with the development of the road network,” Dunn said.

He noted that there are also opportunities in areas such as agro-processing, light manufacturing, and in finalising goods for export.

“Your partnership with other well-placed Jamaicans can ensure growth to support what we are now witnessing in the real estate industry,” he pointed out.

Dunn noted that the RAJ is uniquely placed to advance Jamaica’s development, building on the strong foundation of investments which is being laid out by public- and private-sector entities.

In the meantime, the state minister urged players in the construction industry to abide by the standards that are set for raw materials for real estate construction, such as hollow concrete blocks, steel, roofing material, and aggregates for concrete.