In a bold move to advance the dream of homeownership for every Guyanese, the government has earmarked $112.6 billion in its 2025 budget for the housing sector.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh, outlined the transformative initiatives designed to make housing more accessible and affordable for citizens.

“These initiatives have all helped to bring home ownership within the reach of every single Guyanese family. With a sum of $78.5 billion expended in 2024, we further allocate $112.6 billion for 2025 to continue development of new and existing housing areas, allocation of additional 25,000 house lots which will result In surpassing the 50, 000 Manifesto promise, distribution of another 10,000 land titles and transports, and construction of 1,000 more homes,” the Senior Minister stated.

During his presentation of the milestone Budget 2025, Dr. Singh emphasized the government’s commitment to developing 85 new and existing housing areas, including Amaila’s Ward, Belle West, and Charity. The ambitious plan includes allocating over 40,000 house lots across all income categories, constructing more than 2,000 homes, and removing the Value Added Tax (VAT) on locally produced building materials. Additionally, a single-window system will be launched to streamline the home acquisition process and reduce financing costs.

“These initiatives are tailored to ensure that every Guyanese family has the opportunity to own a home,” Dr. Singh stated. “In 2024, we expended $78.5 billion on housing development. This year, with a significantly larger allocation of $112.6 billion, we are continuing to build on that foundation.”

EXPANDED MORTGAGE OPPORTUNITIES
The government has also raised the bar for low-income mortgages, increasing the threshold from $8 million to $20 million. The New Building Society (NBS) housing loan limit has been augmented from $12 million to $20 million, with the ceiling reinstated at $30 million after being halved during the tenure of the previous APNU/AFC administration.

“These measures are designed to bring homeownership within reach for every Guyanese family, regardless of income level,” Dr. Singh said.

LEGACY OF A VIBRANT HOUSING PROGRAMME
Highlighting the successes of the People’s Progressive Party Civic (PPP/C) government prior to 2015, Dr. Singh pointed to thriving residential communities like Eccles, Diamond, and Parfait Harmony, which were transformed from neglected fields under the PPP/C administration.

However, he was critical of the policies enacted during the APNU/AFC administration, which he described as a period of stagnation and inefficiency in the housing sector. According to Dr. Singh, the shared housing unit-style condominium and duplex projects introduced during that time were poorly received by the public.

“The Guyanese people rejected these units. Worse still, having constructed a few, the APNU/AFC administration discovered they lacked the legal framework to issue titles. This was yet another example of their embarrassing and abject incompetence,” Dr. Singh explained, labeling the initiative as a failed and calamitous programme.

LOOKING AHEAD
With its comprehensive strategy for housing development, the PPP/C government is striving to restore and elevate the sector to unprecedented heights. From expanded financing options to the development of new communities, these initiatives aim to ensure that the dream of homeownership becomes a reality for every Guyanese citizen.

“This is about more than just housing; it’s about creating thriving communities and improving the quality of life for all,” Dr. Singh concluded.