Bell: Housing construction has not kept pace with suggested targets
NASSAU, BAHAMAS — Housing Minister Keith Bell yesterday acknowledged that the government “has its work cut out” in providing affordable housing in the country, citing a shortage of over 12,000 housing units.
Bell, who attended the Exuma Business Outlook, noted that “‘low-cost housing’” was no longer realistic, particularly in New Providence. “One time ago we used to call it affordable housing. Quite frankly, in our island and certainly in New Providence, there is no such thing as low-cost housing,” said Bell.
He noted that the government has been in discussions, exploring new construction methodologies in New Providence, Grand Bahama, and Abaco.
“Our last housing report wasn’t updated for the last two or three decades. The study back then indicated we should be building about 2,300 homes a year, and so far we are 12,000 plus short in terms of housing units. In a number of years, we didn’t build homes, so we have our work cut out for us.”
“For us, the average cost of a home on New Providence is $170,000. In the Family Islands, we know it can cost anywhere around $200,000 plus. The cost of building materials has just gone up exponentially. We have to find a way to lower the cost.”
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