THE housing sector in Guyana is now bustling. It is estimated that everyday 8 people become a home owner for the very first time. This is just one of the many symbolic achievements of Guyana. It is very important that we know how we arrived at this point today. Guyanese citizens were faced with enormous difficulties obtaining land, and lending rates were very high. I’m not saying that the system is flawless now, but I would like to emphasise the fact that we have come a long way in this sector.

In the year 1992, the weighted bank lending rate had exceeded 30%; this was coupled by low wages and significant rises in prices nationwide. It was extremely difficult to repay loans in that time. The results were a sluggish sector and thousands of families without a home of their own. As of the year 2012, the lending rate was reduced to 10.5%; a 20% drop.
Low income owners enjoy rates as low as 4.9% – 6.9% in the facilitation of home construction. This has allowed thousands of persons to access loans without the fear of defaulting. Middle income earners are also benefitting from this low interest rate. Middle income loans start at 10% for an 8 million dollar mortgage loan. It is no wonder that so many beautiful houses are being erected in schemes such as Tuschen and Parfait Harmonie.
The lowering of interest rates have made these loans easier to repay, this is a ‘far cry’ from the days before. Guyana has emerged as a country where the people are victorious. Many can now enjoy the comfort of their home. This shows the current administration’s dedication to the people. The good management of the nation’s economic affairs shows the PPP cares for the welfare of all Guyanese citizens.

JAMES McCLOUD