Bahamas News

BAHAMAS: Government’s housing programme/capital works projects to help boost new construction

#Bahamas, April 30, 2018 – Nassau – The Minnis Administration’s new homeownership and housing programme scheduled to get underway this summer, along with capital works projects throughout the country and hotel and tourism construction on Grand Bahama and other islands, are expected to help boost new construction in The Bahamas.

Through the homeownership programme, the Government will provide lots at market cost to potential first-time homeowners. The lots will have all utilities in place.

Homeowners will be responsible for constructing their own homes while having the added option of using their own architects or utilizing pre-existing plans offered by the Government.  Potential homeowners will have two years within which to build their homes at duty-free concession rates.

Scheduled to be launched in New Providence with the availability of 20 lots in the initial stage, the programme will be extended to the Family Islands, thus encouraging second home ownership, and entrepreneurial development of Bed & Breakfast properties, Prime Minister, Dr. the Hon. Hubert A. Minnis said at the opening of the CEO Network conference on Wednesday at Melia Nassau Beach resort.

Seventy-nine lots will be made available in San Salvador as part of the programme with an additional 301 lots also set to be made available in New Providence.

“Construction is a large industry,” Prime Minister Minnis said.  “This sector in The Bahamas will be boosted by a number of projects including our homeownership and housing programme; capital works projects throughout the country, including the Family Islands, and hotel and tourism construction on Grand Bahama and on other islands.

“Our housing programme should create considerable opportunities for the construction industry and other related businesses.”

The capital works projects scheduled to be undertaken by the government are part of the Minnis Administration’s strategies to address the “infrastructural deficit” that is facing certain areas of the country.

“We have begun in the southwest area of New Providence with the finalization of a commitment to construct a new primary school.  The Government is readying a major construction and upgrade programme for the public school system, which will better enable learning.”

Prime Minister Minnis said The Bahamas is heading in a promising direction.  “The headlines of the day often obscure broader trends and promising developments, which often go unnoticed.  Our economic prospects are improving, but we must do more to boost jobs and opportunity.  Tourism is on the rebound, but there is still much work to be done to ensure that our tourism engine is in full motion. Our public finances are improving, though we are not out of the woods.

“Still amidst our challenges, The Bahamas is much better off than it was just a year ago when we were headed into an abyss from which we would not have easily recovered,” Prime Minister Minnis added.

 

By Matt Maura (BIS)

 

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