Government Minister Matthew Samuda has promised greater oversight of the real estate industry, even as he acknowledged that the sector has outgrown regulatory bodies such as the National Environment and Planning Agency (NEPA) and the National Works Agency (NWA).

“As an industry we have to hold each other accountable… There are many things that we need to do to get things right in that approval process — many things that we will have to upgrade, and significant changes will have to be made when it comes to the monitoring process,” Samuda, the minister without portfolio in the Ministry of Economic Growth and Job Creation, told guests at the January 17 launch of Re/Max Jamaica Conference and Expo at University of the Commonwealth Caribbean in St Andrew.

“NEPA is not a larger agency now than it was in 2016. The National Works Agency is not a larger agency than it was in 2013. These agencies are the same size, but our real estate industry is significantly larger than it was,” he said. “It reflects a challenge that we must face openly and transparently because we have to decide what it is we want.

“It doesn’t mean people cannot be ethical in their developments while we get capacity to build, but it does mean that the State, in ensuring that it protects citizens, must increase its capacity for oversight,” Samuda said, noting that there is also need for extensive policy gap reviews between municipalities and other State agencies to tighten oversight.

According to Samuda, many Jamaicans, particularly those in Kingston and St Andrew where the bulk of the high-rise apartment buildings are being constructed, are uncomfortable with the approach many developers have taken. He cited as an example the practice of some developers leaving construction material in public spaces long after their developments have been completed.

This is the case, even though it is clear some things are being done correctly, he said, using, as an example, the minimal structural damage witnessed from the October 30, 2023 magnitude-5.6 earthquake which struck Jamaica.

Still, it will take great investment and innovation to ensure that the real estate industry grows with the varying demands presented by climate change, he said.

Samuda also cited access to potable water and sewage treatment infrastructure as the fundamental pillars of real estate development in Jamaica.

Addressing the troubling issue of non-revenue water, Samuda said it drives up electrical costs for pumping and thwarts the prospects of real estate development islandwide.

He said the Government has gone to the market and is currently seeking an international partner to do a national non-revenue water drive targeting 20 per cent leakage, down from 70 per cent in most parishes.

“We have gone to tender already and expect to hit this target by 2033,” he said.

“The Government will also go to market with a designed product to ensure that we will be able to double the capacity of the Soapberry Wastewater Treatment Plant in St Catherine, the largest in Jamaica,” Samuda added.

Donalda Daley-Martin, Re/Max’s regional sales and relationship manager, described the upcoming expo as monumental for the industry.

“The staging of this groundbreaking event will provide the platform for real estate professionals, stakeholders, investors, companion industries, and the general public to engage, learn, share, and grow,” she said. “The trailblazing expo will create the unique opportunity for cohesion between real estate connoisseurs, investors, and stakeholders, and the purpose of the event is to highlight the visibility of the Re/Max brand as well as our sponsors and participants,” she said, noting that the function is aimed at buyers, sellers, contractors, financial agents, and people thinking of renting real estate.