NASSAU, BAHAMAS — A major housing developer is welcoming the Government’s decision to extend residential property tax exemptions to owner-occupied duplexes and triplexes, describing the move as a positive step toward easing housing costs and expanding access to homeownership for Bahamians.
Franon Wilson, President of Arawak Homes, said the policy announcement—made by Prime Minister Philip Davis during his recent national address—reflects a more thoughtful approach to housing development.
“My interpretation of this firstly is that people who are looking to build a duplex or triplex will now be able to get the same benefits as those people who qualify under the first-time homeowners exemption,” Wilson told Eyewitness News.
He continued: “If my interpretation is correct, then this is new, innovative, and this needs to be saluted for the government thinking about this process.”
Wilson said the previous tax structure discouraged small-scale multi-unit development by increasing costs for homeowners attempting to build or expand beyond a single residence.
“At the end of the day, we need homes in The Bahamas, and as it stands now, you pay a higher tax, literally, if you’re trying to build or add more units to be a duplex or a triplex,” he said. “This right here is going to make it a lot easier for people to own their own homes and build their own duplex or add their own triplex. This is something that we think is very welcomed news, and we salute the government for thinking about it.”
While acknowledging that the housing crisis cannot be solved through a single initiative, Wilson said cost-reduction measures like tax relief can have a meaningful impact on affordability.
“Honestly, the challenges we face, there’s no one thing to solve it,” he said. “However, with new innovative processes like this, what happens is it now makes it so it doesn’t cost as much to get across the finish line.”
“So if it costs me this much to build, then I have to charge this much rent just to break even,” Wilson explained. “But now, if you bring it down, a person has a little flexibility. The rent I was going to charge, now maybe I could charge a little bit less.”
Wilson also said concessions on building materials could further help cool construction costs and stabilize home prices.
“This is a big problem, and the more you chip away at it from different angles, the more it’s going to help,” he said. “If material costs come down a little bit, then you’re cooling the whole system down at once and trying to hold prices or even bring them down some.”
Looking ahead, Wilson said Arawak Homes is preparing for growth in 2026, supported by continued strong demand for housing.
“We’re excited about 2026,” he said. “Right now, we’re finalizing plans to build our first gated community. We have a lot of things on the drawing board. People need homes, and we have to try to do our best to make sure that happens.”
Wilson also encouraged Bahamians to take advantage of current mortgage conditions.
“Right now, you can get a mortgage between five and six percent,” he said. “Twenty years ago, mortgages were around ten percent. People shouldn’t take this for granted.”
