The Guyanese government has made significant strides in addressing the country’s housing backlog, with recent reports indicating that over 41,000 house lots have been distributed since 2020. This achievement puts the administration on track to surpass its manifesto promise of allocating 50,000 house lots by the end of 2025.
Key highlights of the government’s housing initiatives include:
- Distribution Progress:
- Over 41,000 house lots allocated since 2020
- 18,000 young women received house lots
- More than 20,000 young people aged 21-35 now own homes or land
- Regional Development:
- 791 allocations made in Region Two (Pomeroon-Supenaam)
- Work underway to develop two housing schemes along the Essequibo Coast
- Plans to clear a backlog of over 2,000 applications in Region Two
- Affordable Housing Projects:
- 2,000 homes completed across low-income brackets
- 1,600 steel and cement subsidies provided for home construction
- 129 core homes built, with beneficiaries contributing only $100,000 each
- 798 home improvement subsidies distributed
- Future Plans:
- Aim to allocate 25,000 house lots in 2025
- Development of new schemes like Onderneeming Housing Scheme (500 lots)
- $112 billion budgeted for housing development in 2025
- Addressing Challenges:
- Efforts to acquire additional lands in saturated regions
- Infrastructure improvements to combat flooding in new schemes
- Long-term drainage solutions being implemented
The government’s focus on housing has contributed to a 30.8% increase in the construction sector and a 71.9% growth in mortgages and real estate loans over the past four years. As Guyana’s oil wealth expands, the administration plans to implement additional strategies to help citizens, especially those within low and middle-income brackets, realize their dream of homeownership through greater access to subsidies, grants, and potentially interest-free loans.
