Posted: Tuesday, February 25, 2025. 5:09 am CST.
By Horace Palacio: In the wake of the murder of American real estate developer Boris Mannsfeld, Minister of Natural Resources Cordel Hyde has emphasized the need for tighter regulations in Belize’s real estate industry.
Hyde revealed that his ministry has completed a draft real estate legislation designed to bring oversight and accountability to the industry. “Our legal counsel in the ministry has worked really hard to come up with a draft legislation. It’s actually at the Attorney General’s ministry for them to correct, revise, and add directions,” Hyde stated. Once reviewed by the Attorney General, the legislation will proceed to public consultation before being presented to Parliament.
If passed, the legislation will require real estate agents, mortgage brokers, and land consultants to obtain licenses and meet specific qualifications. Hyde emphasized that there will be clear criteria and mandatory courses, with consequences for those who fail to comply. “It will provide a level of regulation that has been missing for all these decades and will weed out a lot of the crooked folks that are in this business, operating almost lawlessly,” he said.
Hyde acknowledged the significance of Mannsfeld’s murder, calling it a tragic event that underscores the urgent need for reform. He confirmed that police and the Financial Intelligence Unit (FIU) are investigating the case and collaborating with the ministry to gather necessary information. “We are hoping that an arrest or arrests are made pretty soon. That’s needed for us to move forward,” Hyde added.
The proposed legislation is expected to establish stricter industry standards and improve transparency, ensuring a safer environment for both investors and the public.
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The post Real estate reform on the horizon as Cordel Hyde responds to Boris Mannsfeld’s death appeared first on Belize News and Opinion on www.breakingbelizenews.com.
In the wake of the murder of American real estate developer Boris Mannsfeld, Minister of Natural Resources Cordel Hyde has emphasized the need for tighter regulations in Belize’s real estate industry.
The post Real estate reform on the horizon as Cordel Hyde responds to Boris Mannsfeld’s death appeared first on Belize News and Opinion on www.breakingbelizenews.com.
