Government sees it as imperative that the land transaction process be streamlined and transformed, as part of a measure that could stimulate economic growth, attract both local and foreign investors, boost property values, and increase tax revenues.
Minister of Housing, Lands and Maintenance, Dwight Sutherland, delivered these remarks at the first-ever colloquium on Transforming the Land Transaction Process in Barbados, hosted by his Ministry, last Friday, at the Lloyd Erskine Sandiford Conference Centre.
He told stakeholders: “The transformation of land transactions can also facilitate sustainable development by making land more readily accessible for essential projects – housing, infrastructure, and commercial ventures, in a timely manner.”
Mr. Sutherland shared that he and the Housing Ministry officers are encouraged by the level of interest and enthusiasm demonstrated by stakeholders in responding to the call to participate in the colloquium.
He stated that this interest is an indication that practitioners in the various fields of work are just as enthused as those in his Ministry by the prospects of seeing improvements in the level of efficiency involved with the conveyancing of land.
“Allow me from the start to extend my heartfelt thank you to all those associations, agencies and departments, who at relatively short notice, have answered the call to deliver papers on their various areas of expertise. Your contributions here today, I am sure, will all be well received and appreciated.
“Today, we stand at a pivotal crossroad in land transactions – a process that appears to have become bogged down by inefficiencies, complexities, and perhaps outdated practices,” he told his audience.
The Minister revealed that the colloquium is ‘the realisation of a promise” made earlier this year in March, when Prime Minister Mia Amor Mottley, in delivering the Budgetary Proposals and Financial Statement (2024), committed to having “a colloquium amongst all of the stakeholders to review all of the systems and processes relating to transactions involving real estate and to recommend and oversee in the immediate future, the implementation of these recommendations”.
He added that the need for such an event was contemplated as a move towards deconstructing and reconstructing the processes associated with land transactions.
According to Mr. Sutherland, during discussions with various stakeholders, the point was made that it could take months or even years to complete a single land transaction in Barbados, while in other jurisdictions the process could be completed in a much shorter time.
He gave examples of the Cayman Islands, where they complete a mortgage transaction in a week. He also mentioned other countries with considerably shorter periods for completing land transactions, including New Zealand, Australia, Kenya, Ireland, Singapore, Canada, and St. Lucia.
Referring to the length of time to complete land transaction processes as “an inefficiency”, the Housing Minister explained that this not only frustrates buyers and sellers, but also deters potential investors who seek quicker returns and seamless experiences.
“Today, … we hope that you will garner a better understanding and appreciation for the work undertaken by the officers in my Ministry in the area of land transactions. Hardworking officers, who despite the negative stigma associated with being an employee in the public sector, work tirelessly towards identifying solutions for streamlining processes, including those related to technological advancements….
“I believe that we can all agree that transforming the land transaction process is not just a necessity but an opportunity – a chance to improve inefficiencies, encourage investment, and drive economic growth. By embracing technology, and fostering public-private collaborations, we can create a legal environment that is not only efficient but also attractive to investors,” he stated.