NASSAU, BAHAMAS- The demand for homeownership among Bahamians remains high, according to a well-known housing developer.
However, Arawak Homes president Franon Wilson told Eyewitness News Online high consumer debt and other economic factors make it a challenging goal for many.
“The demand for home ownership hasn’t change, that’s for sure,” Wilson said.
“There is strong demand. The reality however is that there are more people taking on more consumer debt making home ownership more challenging. You also have other factors such as the cost of living and people’s salaries not increasing on pace with the cost of living and the taxes they have to pay.”
According to Wilson, the company is ‘excited’ over its prospects for 2020.
“We are going this year to launch a new company,” he continued.
“I can’t say too much on it yet but the bottom line is it should be coming in the first quarter of this year and we are really excited about that. It’s something different and we’re super excited.”
Wilson said: “We are excited about 2020 and we think we are well positioned to help people get into their own homes. We’re looking forward to 2020 and helping people build their homes and duplexes.”
The developer called for institutions like the Department of Physical Planning to be beefed up to better facilitate development approvals.
“Nothing can happen as a developer until you get the requisite approvals,” Wilson added.
“You have persons in these departments who are doing their best but more is required. The reality is the government needs to ensure that the staffing levels are adequate in these departments.”