In the wake of the murder of American real estate developer Boris Mannsfeld, Belize’s Minister of Natural Resources, Cordel Hyde, has underscored the need for stricter regulations within the country’s real estate sector. In an interview yesterday, Hyde announced that his ministry has completed a draft real estate legislation aimed at introducing greater oversight and accountability which is already before the Attorney General’s Ministry. Once reviewed, the legislation will be opened for public consultation before being presented to Parliament.
If enacted, the new law will require real estate agents, mortgage brokers, and land consultants to obtain licenses and meet specific qualifications. Hyde emphasized that mandatory courses and stringent criteria will be introduced, with penalties for non-compliance.
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