THE REAL ESTATE SECTOR IS UNFAVORABLE TO INVESTORS
(Haiti Libre) -
The real estate needs in Haiti are important. Between 600,000 and 800,000 people are still living in camps and the country is seeking investors. Carl Braun, the CEO of Unibank, declared this week during a meeting with the Inter-American Development Bank (IDB) and World Bank in Port-au-Prince, that currently, the environment was not favorable in Haiti for investments in real estate; due to, among other things, inappropriate legislation.
The CEO of the Unibank, explained that "The appropriate framework for real estate promotion does not exist in Haiti" recalling that "The Law of September 14, 1947 [...] prohibited for 64 years, an increase of rent for any type of building", adding that the delay for evicting a tenant is also very long : 2-4 years for residential and 3 to 5 years for a commercial or industrial building. In addition, the absence of zoning plans, cadastral and construction standards that are not always up to date, are factors to discourage investors. "Today, a real estate developer who wants to respect the law, will invest millions of dollars and find themselves in court" stated Carl Braun to his interlocutors.
It is necessary to add to this negative report, poor infrastructure, lack of real public services, administrative delays, the lack of tax incentives and insecurity. President Martelly is committed to bring solutions during his tenure on many of these points. The new Government will not have an easy task with such a liability, but if the political will of the President, has the support of parliamentarians, it is quite possible to transform tomorrow, the negatives into positives and to promote real estate investments in the country. Nothing will be easy or will change overnight, but anything is possible in Haiti, even the "impossible."
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