GEORGETOWN, Guyana: President Bharrat Jagdeo announced last weekend that his administration is planning to have 17,000 house lots ready by 2012 to ensure adequate housing for the Guyanese people.
He made the announcement at the housing ministry’s one stop shop, a housing drive to expedite the processing of house lot applications.
Jagdeo said Guyana does not have a housing bubble or a crash in housing prices as a result of the global financial crisis. He said, however, that the crisis has resulted in the reduction of the cost of building materials.
As a result, he called on locals who have received house lots from the government to utilize the opportunity.
“This is the best time, this year or so, when the world is in recession, it is the best time to build because building material prices are going to remain low so, as far as possible, try to move to put up your buildings early,” Jagdeo said.
The President also advised the house lot beneficiaries of the low interest rates at banks. They are currently at 6.7 per cent, a drastic reduction from several years ago, when it was 35 per cent.
“The interest rates have come down, in fact, for low income housing; we don’t just subsidize land and water,” he said. “It’s a huge subsidy but we also have an arrangement with the banks that if they make loans available to low income communities we don’t pay taxes on any income from those loans so that is why the mortgage rates have come down.”