by jamaicahomes 
In the tumultuous decades spanning the sixties and seventies, Jamaica faced a host of challenges within its real estate sector, prompting an urgent call for reform. The catalyst for change emerged with the establishment of a commission in 1973, led by the esteemed Sir Herbert Duffus. Tasked with a comprehensive review of the industry, the commission’s findings painted a bleak picture: numerous investors had poured their funds into land and properties with little assurance of returns.
In his interim report of 1976, Sir Duffus underscored the critical need for legislative action to rein in developers and salespersons, highlighting instances of deceit and incompetence that had resulted in failed ventures and financial ruin for investors. This report served as a cornerstone for subsequent legislative initiatives aimed at rectifying the sector’s deficiencies.
Even preceding the Duffus Commission, endeavors were underway to draft laws addressing the escalating issues in real estate. Draft bills dating back to 1969 reflected a growing acknowledgment of the necessity for regulatory oversight. However, substantive progress eluded until 1980 when legal experts were tasked with formulating a comprehensive legislation—the Real Estate and Land Development Act.
The urgency of the situation demanded swift measures to curb unethical practices and protect investor interests. Principal concerns encompassed the sale of inaccessible land, developers defaulting on contractual commitments, and the absence of redress for investors in case of project failures.
These concerns resonated strongly within the Interim Real Estate Board, convened in 1982 under the leadership of Honorable Ewart Forrest, PC. The Board’s deliberations culminated in the formal drafting of legislation aimed at licensing, regulating, and overseeing individuals involved in real estate transactions—a pivotal juncture in Jamaica’s real estate regulatory journey.
On July 24, 1987, the Real Estate (Dealers & Developers) Act, Act 18 of 1987, received official endorsement from the Governor General, signaling a new era of accountability and transparency in the real estate domain. Subsequently, on October 1, 1987, the inaugural Real Estate Board, comprised of eleven distinguished members under the chairmanship of Honourable Ewart Forrest PC, commenced its mandate, officially launching operations on September 1, 1988.
The establishment of the Real Estate Board and the enactment of associated legislation marked a pivotal moment, signifying a decisive transition towards professionalism, integrity, and consumer protection within Jamaica’s real estate industry. This transformation laid the groundwork for a more robust, regulated, and trustworthy real estate landscape, benefiting both investors and consumers alike.
General Information
- What is the purpose of the Real Estate Board in Jamaica?
- What is the National Association of REALTORS® (NAR)?
- What is the Realtors Association of Jamaica (RAJ)?
- What distinguishes a real estate agent from REALTORS® in Jamaica, and why is a copyright symbol used at the end of REALTORS®?
- What are Gated Communities in Jamaica and What Benefits Do They Offer?”
- What activities may require registration as a realtor in Jamaica?
- What are the next steps for becoming a registered realtor in Jamaica?
