Guyana is one of two Caribbean countries whose construction sectors experience an annual growth of 1.5 per cent, Housing Minister Irfaan Ali has boasted. Guyana is currently experiencing the largest housing boom in its history.
“House ownership, which formerly was a distant dream for most, especially the working class, and perceived as a luxury to be afforded only by the better off, has become reality for many thousands of Guyanese,” the minister said.
Ali described as “phenomenal” the success of the building sector, given that the country is not a producer of raw materials, though hindered by the unavailability of materials due to late shipping arrivals, especially cement. However, the cement is now manufactured locally, and now ensures ready supplies of a component without which construction would be impossible, he said.
Figures for the 2008 building sector growth show a 33 per cent increase from a figure of $ 16 billion to $ 21 billion in 2008, while there was a 24 per cent hike to $ 27.3 billion for 2009.
This upward trend is expected to continue in respect of the current year.
Meanwhile, the housing and water minister has also boasted of the government’s ability to implement policies to ensure private sector participation.
He pointed out the progressive land distribution policy that facilitates easier house lot distribution and purchase by allottees, and easy acquisition of title that could be used as collateral for loan purposes.
“Government’s negotiations with the commercial banking sector resulted in a significant reduction in the interest rates, thus making it easier for would- be homeowners…As a matter of fact, rates were reduced from 38 per cent to five per cent,” Ali said.
These steps, he believes, have signalled to the private sector that there are very favourable conditions for partnership in this national undertaking. As such, several businessmen, inclusive of about 15 developers, have invested in this lucrative venture by constructing housing schemes, providing affordable housing to interested persons.
“The role of the private sector has been very pivotal to the monumental success of the administration’s vision of every Guyanese having their own home,” the minister noted.
