As the Association of Real Estate Companies (AREC) is pushing ahead with plans to regulate the sector, the goal to formalize a booming sector still remains a leading target for its members.
“Are we really ready to sanitize this industry?” quizzed the President of AREC, Musa J. Ceesay, while presenting the activity report on the past eleven months during the AGM held last Saturday at Baobabs Hotel in Bijilo.
The real estate industry has been seen by many observers as one the fastest growing sector in the country. More and more investors are embracing the industry, showcasing the need to fast-track its formalization.
In his element, AREC boss laid down the challenges the real estate industry is confronted with while noting that some companies think they are the only facing some challenges.
” Whether you are a big or small company, these challenges are common to all of us,” he voiced out.
Ceesay called on the authorities to renew the country’s master plan, describing it as “outdated.” He then cited the example of Gunjur where most of the lands are designated as agricultural lands under the current legislation governing lands issues in The Gambia.
But he was quick to add that these lands are now being occupied. A situation that is creating confusion in
Over these past years, land issues are increasingly becoming one of the greatest threats to stability in the country. Communities facing ‘expropriation’ are standing up for the preservation of their lands.
As urban development continues to squeeze farmlands, AREC President urged real estate developers to lease their lands in order to be on the safe.
“The country has no unified land policy,” he deplored while pointing out the lack of regulations and procedures.
Reechoeing the words of a World Bank consultant, Ceesay revealed the hurdles Gambians have to overcome in order to lease a land, adding that people have to go through 83 procedures.
AREC President clearly stated that they have to cut it down, urging real estate developers to make sure they learn how to lease a land.
He subsequently announced a training for CEO of real estate companies that would help them to be aquainted with burning issues affecting the sector.
