By Samuel Sukhnandan
The government has directed $200 billion, equivalent to one-third of its earnings from the petroleum sector, towards the growth and development of the housing industry.
This investment aims to make house lots more affordable for the public.
General Secretary of the PPP, Dr. Bharrat Jagdeo, provided these details during his weekly press conference.
Dr. Jagdeo highlighted that between 2020 and 2024, over $200 billion has been spent on housing development and related infrastructure, including roads, culverts, water, and electricity facilities.
This substantial investment has significantly lowered the cost of house lots for Guyanese citizens.
Responding to an opposition motion proposing a special select committee in the National Assembly to examine housing costs, Jagdeo explained that the government has allocated around 33,000 house lots across various regions and awarded contracts for an additional 7,000 lots.
He emphasized that the government spends approximately $5 million preparing each lot, which is then sold at subsidized rates: between $92,000 and $200,000 for low-income earners, $800,000 to $2 million for middle-class earners, and $1 million to $3 million for high-income earners.
According to Dr. Jagdeo, this strategy ensures affordable housing for citizens.
He also contrasted the current administration’s efforts with those of the previous APNU/AFC government, which allocated only 7,000 house lots during its term, with 2,000 allocated in 2020 alone.
The current government is on track to deliver 50,000 house lots within five years.