Banks in Guyana have no objection to financing condominium developments or unit purchases, Attorney General Anil Nandlall said Tuesday, urging developers to press ahead with projects under legislation he described as fully supportive of the sector.
“The banks have no problem in financing both the developer to develop a condominium scheme and the banks have no problem in financing the potential purchase of a unit,” Nandlall said on his “Issues in the News” programme.
The Attorney General said he had cleared the matter directly with lenders and confirmed the Deeds Registry was also available to facilitate all relevant transactions.
Nandlall acknowledged that some stakeholders were experiencing difficulty applying the legislation but said the law contained no barriers to condo ownership, development or financing.
“There is nothing in the law that hinders you from pursuing any of these endeavours,” he said, addressing developers, bankers and prospective buyers.
He said consultations with stakeholders would continue alongside training for relevant government staff, and that a manual would be prepared to guide the sector’s legal development.
Guyana’s Condominium Act No. 6 of 2022 repealed earlier colonial-era legislation, providing for the financing and development of condominiums, as well as the ownership and use of units as collateral.
