Allison Morgan (centre) CEO, VM Property Services, speaks on a panel on the topic of Wealth Creation through Real Estate, at the 10th Biennial Jamaica Diaspora Conference on Tuesday June 18. Also pictured are Domique Silvera (left), Head of Sales and Marketing, LCH Development; and Carlton Earl Samuels, Chief Development Financing Officer, JN Group.
VM Property Services CEO, Allison Morgan, is calling for greater adoption of the most current building codes at international standards in Jamaica to mitigate the effects of climate change and build resilience in the burgeoning real estate sector locally.
Morgan was speaking on the panel of a breakout session on Wealth Creation through Real Estate on day two of the 10th Biennial Jamaica Diaspora Conference on Tuesday (June 18) at the Montego Bay Convention Centre. She was responding to a question on how Jamaica can protect the macroeconomic gains achieved through real estate and build a world class real estate sector.
“We are an island nation; we must be deliberate about building in resilience in our construction and in the types of technologies that we use. Particularly with the number of high-rise buildings being erected, we need to ensure that our infrastructure and resources can match the speed at which our development is taking place,” she said.
She further noted that it is imperative that the public sector infrastructure, such as fire and emergency services are also developed in tandem to support the growth in the construction sector.
Morgan, who leads the property services arm of the VM Group, a legacy partner of the diaspora conference, also called for the enactment of laws to protect the vulnerable and persons being priced out of acquiring real estate.
“In some jurisdictions, governments ensure that there are limits to which foreigners can invest. We want overseas persons to have access to Jamaica, but if the sector is unregulated then, in time, we will find that our young people are unable to generate wealth or put together an avenue for generational wealth creation through real estate,” she said.
She further pushed for financial education to be included as a core component of Jamaica’s education system, calling for partnerships between the Ministry of Education and the private sector in building out a financial education curriculum to ensure youngsters are graduating with the tools necessary to plan for financial success.
“We need to go to the schools to teach the importance of savings, the importance of planning for a major acquisition, such as home ownership; and to ensure we are graduating adults who are ready for adulting, who understand finances and a mortgage and what credit is, for example,” Morgan said.
The Wealth Creation through Real Estate panel also featured Domique Silvera, Head of Sales and Marketing, LCH Development; Carlton Earl Samuels, Chief Development Financing Officer, JN Group; and Amanda Beepat, Managing Director, Allied Insurance Brokers. The session was moderated by Rezworth Burchenson, CEO, VM Wealth Management Ltd.
The 10th Biennial Jamaica Diaspora Conference is being held from June 16 – 19 under the theme – United for Jamaica’s Transformation: Fostering Peace, Productivity and Youth Empowerment.
