Did Irfaan Ali undersell state property?

Nov 29, 2018 Letters

Dear Editor.

In SALES, a contract is not made until the Buyer agrees on the price of the goods or services then parts with his or her money.
Many Guyanese seem to believe that it is the Seller that determines prices, which is erroneous thinking. A Seller can certainly advertise his/her prices at a higher price. But if there are no buyers at the higher price then there is no Sale.
This brings us on to the topic at hand. Did Irfaan Ali undersell State Land to his friends and colleagues?
The State will have to prove “fair market value”, which is not determined by the State but by the Seller AND Buyer.
Let’s rewind the clock to come to an understanding of what was happening. We had the infamous crime waves unleashed on the unsuspecting Guyanese people. There was great social and political unrest at the time. In its aftermath, many Guyanese did not want to live in Guyana, which means that property prices were not rising as there was not a great demand for Guyanese land/property.
Even today, with so many Guyanese wanting to migrate overseas, it is a surprise that land/property costs so much. In fact, land/property prices should not be rising in Guyana but should be falling unless there is higher inflation than has been announced.
When demand is low, prices tend to fall not rise.

Yours faithfully
Sean Ori

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