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We conducted a socio-economic survey on social media, with our focus initially on the effects on the local real estate market. However, the number of respondents with a real link to real estate was very disappointing.
Only a handful of people work in the real estate market and barely 5% are active as owners and landlords on the market and notice a change in prices. There is also a significant decrease in the number of responses. People naturally have other priorities such as their health and the urge to survive in the pandemic.
However, the research has given us insight into the social effects, but also the economic consequences that Covid-19 has on the situation of our citizens.
Approximately 160 people participated in the study.
The vast majority of respondents are from Paramaribo, are of the female sex and are in the 30-45 age group. Wanica follows the capital with over 25%.
The economic consequences are particularly noticeable for many. More than 80% of the respondents have an income buffer of less than a month, because the lockdown has completely stopped their activities. This means that they will absolutely make use of the allowance of srd 1,500 announced by the Government. Only 15% of respondents say they will not use the facility. About a third of those interviewed report a drop in their income.
A positive effect is that almost half of the people appreciate the extra time with their family. It is also remarkable that almost a third of the respondents are forced to spend time with those around them.
An important question we could ask is whether there is a correlation with a possible increase in the number of reports of incidents in the domestic environment.
We are currently in a partial lockdown again, with a large number of services resuming work. Despite this, the vast majority of respondents believe the lockdown will last until August.
Time will tell.
However, you should remain careful and observe the precautions.
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Just last month DNA approved the new rental legislation in Suriname. A change of the 1949 legislation was more than welcome, since society has been through several changes over the last decades.
The announcement of the new law has caused a discussions. To clarify some issues, we’ve listed the biggest changes underneath:
- The rental of properties to locals, may only be made in Surinamese dollars unless they generate an income in foreign currency;
- When renting to foreigners / foreign organizations, the price may be in usd / euro;
- Both tenant and the landlord can(in the case of a dispute), turn to the Rental commission;
- Landlords may terminate the contract: by default (for example, a delay of two months), improper use and serious abuses of the tenant ;
- Landlords can not adjust rents in their favor, without consent of both parties involved.
Compliance statement Renaissance
Renaissance Realty is one of the first realtors to work compliance proof. That means we work according to international regulations related to the AML/ WFT (Notification of Unusual Transactions) and WID (Identification Service Act) compliance.
Our office also participates in the working group of the PMT (Project Management Team), as the only realtor, for the real estate business, regarding the upcoming NRA (National Risk Analysis).
Interested to know more?
Read our full statement here.
We’re proud to announce that our director, Omayra Bouterse, was asked to join PTC as a lecturer for the first Real Estate Bachelor course in Suriname, term 2019/2020. She already finalized the subject Real Estate Marketing and has been approached for a second term.
Aruna Kirpal has recently joined our team as Office Manager. You can reach her at OFFICE or on weekdays until 1pm on our office number 433 591
Afterwards she’ll be joining us on site, in order to gain insight into our activities.
Appraisal or home evaluation?
An evaluation of your current home will give you insight into your budget and potential value. A valuation is not binding and therefore free, but listed only an indicative value and is not sufficient for a mortgage application.
The appraisal indicates the current value of the home, main characteristics, environmental factors and the sources consulted by the appraiser. From this data our appraiser draws a conclusion of the value of your home. The number of hours it takes to prepare an appraisal varies and depends on several factors, including the size of the house, state of maintenance or environmental factors.
Valuation or appraisal requests?
Please request here
PTC Real Estate Course
The Polytechnic College recently announced that the first Real Estate Course in Suriname will start this November.
As of now, there are more than 20 students ready to start their new real estate career. Our director, Omayra Bouterse, being a PTC alumna and realtor/ appraiser herself, was also asked to contribute to this course.
Since Ricardo Vreden was replaced as Registrar of mortgages, it seems that GLIS is still amidst turmoil. President Bouterse has indicated in his annual speech that the Perceelsid will be suspended until August 1, 2020.
Some of the employees at GLIS found a union leader in Ronald Hooghart, who is not acknowledged by the director. This seems to have a snowballeffect, as Hooghart not only has actions of the staff in mind, but also threatens to involve the court in a legal matter. Meanwhile, work has resumed, but the public and other services that depend on the Glis, experience a delay in service.
On September 30th, President Bouterse, announced a suspension of the Perceelsid.He mentioned that the land policy will be amended, by adjusting the L-decrees in order to simplify the procedures regarding lease hold ground. The presidential resolution in support of this statement has not yet been published. Until that time, notaries are bound to use the Perceelsid when transferring deeds.
Real Estate bachelor course
Good news on the education field! Suriname finally has an official bachelor of real estate study.
The new academic year, which starts October 2019, PTC (Poly Technical College) offers a 4-year- part-time course in real estate. The rate is estimated at $2500 per academic year.
MI GLIS and ROGB
An official replacement has yet to be appointed.On May 15th,a new Minister was appointed at ROGB. Nowadays Lekram Soerdjan is head of the Department of land Affairs.
On May 29th, Renaissance Realty was one of the first real estate agencies in Suriname, along with colleague Terzol Vastgoed, to receive the stamp COMPLIANCE PROOF.
To ensure the integrity of the financial system and to continue to participate in international trade, it is extremely important that we as a nation comply with international laws and regulations. That means that our company should officially work in accordance with the regulation regarding Wet Melding Ongebruikelijke Transacties(MOT) and WID (Wet Identificatie Dienstverleners). The company should retrieve information about who the customers are and what the origin of their assets is.
Subconsciously we did that already, so for our customers and for us as an organisation there aren’t that many changes.
In any case, we are ready for the national risk analysis that is scheduled the fourth quarter of 2019.
The Seminar was organized with the aim of informing the society about the rights and duties, but also the requirements with which they must impose on service providers within the real estate process.The particularly well managed event took place in Courtyard Marriott, where the following issues have passed revue:
- The mortgage process, from application to realization
- Bottlenecks within the banking process
- Building: the contractors perspective
- The broker: tasks and needs inventory
- The insurance agent: security in the future
- The notary: the role within the real estate process
- The lawyer: tax and legal aspects
- Legal Affairs around real estate: the perceelsid
The Seminar offered room to about 150 people, while registrations were over 250. The Organization will evaluate how, given the interest, an interpretation can be given to a structural character of this event.
The participating companies have organized the event entirely from their own resources and have donated the proceeds of the evening, SRD 7165, entirely to St. Hoop voor Kinderen.
During this event you’ll be informed by professionals from the industry regarding all aspects within the world of real estate.
The event itself is free, however we ask for a donation of srd 50 for Stichting Hoop voor Kinderen.
The organisation will determine, in consultation with the leadership of the orphanage, what the need is, so we can make a difference!We hope to see you on may 27th.
Don’t forget to register here for guaranteed entrance to the first Real Estate Seminar in Suriname.
Mortgage Registrar Ricardo Vreden has been restored function by president Desi Bouterse. Roline Samsoedien, Minister of ROGB had him announced to stop work immediately. This while maintaining salary. “Pending the decision of the president, you will be denied access to the workplace”, was stated in the letter to Vreden.
Staff and staff of MI-Glis went into deliberation after they were confronted with the situation. Union Leader Ronald Hooghart, chairman of CLO, also received a call earlier today from the workers. He would get in touch with the president.
Hooghart says to Star News that the case has been reversed, even before he had spoken with the president. He notes that the Minister has no power to exempt Vreden from his post the mortgage Registrar. He does not understand what the Minister is doing.
The Government will have to come up with a new housing plan, according to Assembly members. The previous plan covered the period 2012-2017 and so is expired. Parliament is preparing the legal framework for the National Housing Fund and the national guarantee fund housing Suriname. The draft laws for the new funds are treated during a public Commission meeting Tuesday.
The Housing Fund will provide funding to citizens who are not able to get mortgages with traditional lenders such as banks. This Fund is intended for people, mainly small businesses, which have no fixed income and do not meet the strict criteria of banks. The guarantee fund will act as an insurance provider that the mortgage rates will pay when borrowers by conditions some time not to their repayment obligation.
In the proposed legislation that the guarantee fund 50 percent of its reserves in the special housing fund invests. Abdul wants to see that the guarantee fund sure three years time to develop. Only when after three years at evaluation has shown that the guarantee fund is running well, it would be a part of the reserves in the Housing Fund should invest.
“Also, the law national guarantee fund support to the Housing Fund. It shouldn’t be that one target group has access to that one Fund, but not to the other or vice versa whereby unworkable situations “.He stressed that the two laws are designed mainly to help the people who cannot go to the bank and so into the hands of unscrupulous lenders will be driven.
“The exploitation and extortion that occur there, we all know. Which group should be helped. Situations where people the amount of SRD 5,000 of borrowing from a lender to what to renovate their house, and field to lose with these two laws as much as possible are fixed and has to be minimised”, says Marlon Budike, the chairman.
PUBLICATION OF THE MANAGEMENT INSTITUTE GLIS date 7th of march 2019
The Management Institute GLIS brings the following to the attention of the public.
Since the 28th of October 2016 the state decree Perceels Identifications (SB 2016 no. 129) came into force, which imperatively prescribes that surveys of plots of land drawn by surveyors, must be approved by the MI-GLIS. This ensures that the surveys comply with international norms and standards. If the survey (parcel map) is approved by the MI-GLIS, it will be given a perceelsID.
Many complaints have reached the Instituteabout long waiting periods and high costs by surveyors to their clients. For the good order of things. MI-GLIS brings the attention to the following issues:
1. The MI-GLIS takes the submitted surveys by the land surveyor, within three working days. Only after any corrections by the surveyor have been made, will be a perceelsID be granted.
2. There is no discussion about the treatment of the survey between the MI-GLIS and the public. Surveys awaiting approval of the MI-GLIS, are the property of the surveyor, that has submitted the document.
3. The costs for the approval of a surevy including the granting of a perceelsID by the MI-GLIS amounts only SRD 50,- (fifty Surinamese Dollars).
4. For the production of survey cards the public should exclusively to turn to sworn land surveyors in Suriname.
5. Land surveyors are self-employed. The MI-GLIS has no power over them to discuss their rates.
6. The public is advised to contact a certified surveyor as soon as possible within the decision making process of the proposed sale of plots.
7. Plots that already have a modern survey card including perceelsID, do not need to be reported.
For, among other things, ensuring continuity in the provision of services there are Deputy keepers appointed:
• Mr. Norman Doorson, head of the Maintenance Department within the MI-GLIS Office of the depositary;
• and Mr. Moernisa Power, MI-GLIS legal counsel appointed Deputy Keeper
The Hakrinbank and the Surinaamse Post Spaarbank(SPSB), of which the last also in its capacity as administrator of the Fund for Housing construction of the government, have entered into a partnership to the housing stock, in particular to boost middle-income families.
Government housing has been only accessible through SPSB, has proven to be useful, but it also turns out that many interested parties did not meet the conditions because they earn a higher salary than the prescribed limit. They couldn’t qualify for a home within the housing programme and the associated funding opportunities, the so-called 5% mortgages. In the partnership, the Hakrinbank focus on the middle incomes, which also means that families in this category can easier qualify for a home on one of the projects of the Fund for Housing. The funding will be made on the basis of the 7% cash reserve. Within the middle incomes there is also a need for an affordable home of their own, and by aiming to work on solving the bottlenecks is this group is able to have a house of their own. “We as Hakrinbank want our clients to support the realisation of that dream of a home of their own,” says Rafiek Sheorajpanday, Commercial Director of the Hakrinbank. He signed an agreement along with SPSB-Director Ginmardo Kromosoeto to work on promoting home ownership among middle income class families.
The cooperation has practical solutions to the bottlenecks, including an affordable building lot in a project with good infrastructure and utilities, refinancing of any existing debts and building options with a good price/quality ratio and independent monitoring of the progress of the construction. Mr Kromosoeto indicates that this collaboration fits in the housing policy of the Government to effectively solve the housing shortage. Sheorajpanday indicates that the thread a chain approach is assuring clients that they can actually realize the dream of your own home. The cooperation with the SPSB must therefore be seen as an attempt to give more substance to the bigger picture. “This is bigger than a SPSB and this is bigger than a Hakrinbank and DSB Bank. We look forward to the participation of all the other banks. We find it a privilege to be the first to start this and look forward to a very good constructive cooperation to finalizing the goals. ”
SPSB-Director Kromosoeto is also pleased with the extension that is taking place thanks to the collaboration with the Hakrinbank and DSB Bank. “The Government started the housing project started for low income groups and that is those so-called 5 percent loan. The group above it is actually discriminated against, because if you earn a certain income, you fails to qualify for that 5 percent. We are now looking at that middle class and basically we can now everyone, “said Kromosoeto.
RENAISSANCE REALTY NOW IN GOOGLE PLAY AND APPSTORE!
Renaissance Realty is the only broker in Suriname with a private app, allowing you access to our information anytime, anywhere..
With our new app, we are in direct contact with our customers. With just a touch of the button you can send a message or contact us by telephone. We have our entire portfolio at our disposal, which makes it easier for us to show you an alternative offer based on your wishes and requirements
As a user, you have all the information about a property right in front of you, and you are informed when a new object or price-reduction is made.The latest developments of our company and within the market are also easy accessible. You can even share objects with friends and family via email or social media.
At Renaissance Realty, everything revolves around the wishes and requirements of our customers.
Why make thing hard if we have the tools to make life easy ?
Do you want to be part of this new experience within the Surinamese real estate?
Download the Renaissance Realty app now by clicking on 1 of the following links:
From 1 may 2017 a PerceelsID is required to sell, donate, distribute, merge, or the establishment of a right, such as usage or a mortgage. It is a unique identification of a plot.
Just like any citizen has an ID number for Civil Affairs, each plot has a PerceelsID.
Only if you are requesting a new plot map and/or you’d like to “do business” in relation to the plot, requesting and granting a PerceelsID is relevant.
The benefits of a PerceelsID are:
a. giving more certainty about the location and the area of a plot of land (one thinks of the many border problems);
b. it is an unambiguous way of numbering of parcels;
c. the parcels with a PerceelsID are easier to find via the digital system of the MI-GLIS.
Any request for a PerceelsID will be requested at MI-GLIS and submitted by a sworn surveyor and will need to take place at any request for the manufacturing of a new parcel map.
Citizens can not request the PerceelsID itself. After the complete application is submitted by a sworn land surveyor, a PerceelsID will be issued by MI-GLIS in 3-5 working days.
Note: Plots which are assigned by the Government after 28 October 2016 should be equipped with a PerceelsID.
Of course we can also assist you in getting a PerceelsID.
Just send us an email at: email@example.com