The International Building Expo opened on Thursday evening at the National Stadium, Providence with Minister of Housing and Water, Collin Croal, highlighting the increasing investment in the housing sector.

Announcing that his Ministry has surpassed its target to allocate 50,000 house lots in five years, the Housing Minister said over $250 Billion has been invested in the opening up of virgin lands for new housing development alone, adding that more families are now in a position to own their own homes.

“This expo is more than a showcase of construction innovation, it is mirror reflection of the journey we have taken together over the past five years and a window into the future that we are determined to shape. We must never forget that just five years ago the construction sector was on the brink of collapse, the allocation of house lots had slowed to a virtual standstill and many citizens had lost hope of ever owning their own home”, Croal said.

The Housing Minister said there has also been investment in preparing new housing areas with new roads and added infrastructure. He pointed to developments in the water supply sector to meet the growing demands for housing.

“As of today, 97% of our urban populations and more than 91% of our rural communities enjoy access to potable water, providing first time access to over 40,000 residents nationwide, and with the ongoing construction of new treatment plants in Regions 3,4 5 and 6, we are steadily advancing to full national coverage”, Minister Croal stated.

The Housing Minister noted that the work in the housing sector is ongoing with support from the private sector. The Housing Minister also noted the Government’s work with the financial institutions to adjust mortgage interest rates, while making it easier for home builders to secure mortgages.

President Irfaan Ali, in his address, noted that the Government will be looking to further construct more than 30,000 new homes.

“We are calculating at a minimum of 30,000 new homes being constructed in the next five years – that is delivering in a country of Guyana 16 homes per day in the next five years, 16 homes per day in the next five years,” President Ali said.

With an average investment of about $15 Million per house, the President estimates that the initiative could see a total investment of $450 Billion and the creation of 150,000 jobs.

The International Building Expo, which will continue into this weekend, has brought together scores of construction and home development companies along with commercial banks and other key players in the housing sector.

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