The Davis Administration remains committed to making homeownership more affordable and accessible for the people of the Bahamas. We have already implemented a range of policies that mark significant progress in this direction:
- Expanding Concessions to First-Time Homeowners: We’ve increased the exemption level for stamp duty on homes up to $300,000, up from $250,000, making homeownership more achievable for many.
- Broadening First Home-Buyer Concessions: These concessions now include purchasing land and building, as well as purchasing a house and renovating, offering more flexible options for aspiring homeowners.
- VAT Refunds on Construction: We are offering refunds on up to $40,000 in VAT on construction services and materials, provided the home is occupied within 18 months.
- Reduced VAT on Property Transfers: This reduction is aimed at easing the financial burden on property transactions.
- Eliminating VAT on Land-Transfer Between Joint Tenants: This helps Bahamians who have inherited land with siblings, easing the process of land transfer.
- Reduced Rates on Commercial Property Taxes: Implemented retroactively to last year, this measure supports the commercial property sector.
Building on these successes, we are excited to introduce our new rent-to-own program. This innovative initiative is a milestone in our journey towards creating more affordable homes for Bahamians. It offers a practical pathway to homeownership for many who might otherwise find it out of reach.
Moreover, we are delighted to announce that more affordable homes are on the way, reflecting our ongoing commitment to housing development and community enhancement.
Lastly, we welcome the Central Bank of The Bahamas’ recent decision to ease residential mortgage guidelines. This policy change is a commendable step that aligns with our efforts and will further facilitate the dream of homeownership for many.