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Haiti - Economy : The real estate sector is unfavorable to investors
03/07/2011 15:00:22
While the real estate needs in Haiti are important, between 600,000 and 800,000 people are still living in camps and that the country is seeking investor, 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, among other things, of an inappropriate legislation.
The CEO of the Unibank, explained that "The appropriate framework for the real estate promotion does not exist in Haiti" recalling that "The Law of September 14, 1947 [...] prohibited for 64 years, to increase the rent for any type of buildings" adding that the delays for evict a tenant are 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 the 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, it will invest millions of dollars and find themselves in court ?" has asked 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. As many points on which the President Martelly is committed to bring solutions during his tenure. The new Government will not have an easy task before such a liability, but if the political will of the President, has the support of parliamentarians, it is quite possible to transform tomorrow ,the negative into positive and promote real estate investments in the country. Nothing will be easy or will change overnight, but anything is possible in Haiti, even "impossible."
HL/ HaitiLibre
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