There are still inefficiencies in our real estate development system that must be removed and there is room for more competitive practices amongst the players. Within the private sector they are market forces that ensure the competitiveness but within Government we need real policy change.
This is the analysis given by Andrew Mallalieu, Managing Director of Terra Caribbean as he looks at what needs to be done in both the private sector and public sector to ensure that real estate development in Barbados remains competitive and growing.
Mallalieu gives this assessment in the June 2010 Terra Caribbean newsletter which was issued on June 2, 2010. But he notes that his own firm is not simply cannot stand idly by. He argues, “Within the Terra Caribbean group which includes Bajan Services, we are seeking ways to be part of the solution for a renewed real estate environment. It is one thing to comment on what you see, it is another to be a catalyst for change.”
Moreover he adds, “We are familiar with at least three projects that have been delayed in starting because of unnecessary bureaucracy. As I said before we are not idly standing by, we are working with private sector and Government representatives to make the changes necessary to improve our industry’s competitive position.”
In his analysis Mallalieu contends that there is a preponderance of evidence today leaning towards an improving market for our “green shoots” to survive. But the conditions they must endure in the short term are harsh and we must all seek to improve that environment.
He quotes a major investor on the island stating “Barbados is for many the immediate choice – but the Country needs to ensure that this initial enthusiasm is not destroyed by restrictions, unnecessary delays, petty immigration issues etc. The good news is these are all within the Country’s control to fix, the less good is that they persist. It is not just the job of the politicians to do this – everyone in Government, business or the street (or boardwalk) in Barbados can and should play their part. Barbados is not the only country to face such challenges but on the plus side if it can overcome them, then with its historic and natural attractions it can really stand out in difficult times.”
The Terra boss reiterates that Terra will not stand idly by as their green shoots get baked in the sun.
