The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THERE is “absolutely no question” that affordable housing is a challenge on New Providence according to Bahamas Real Estate Association (BREA) and Arawak Homes President Franon Wilson, who told this newspaper the demand for home ownership was “stronger than ever”.

Acknowledging the overwhelming response that his company had received to its newest line in home models which launched in late June, Mr Wilson called on BREA members and developers to identify and develop products that meet the needs of the people.

Since the June launch of Arawak Homes’ Premiere Estates Subdivision, Mr Wilson noted that 13 of the 16 lots had already been taken, with the developer looking to possibly redesign the remaining three and identify additional property to duplicate its model housing solution.

“Clearly that resonated with a lot of people. It was a product that wasn’t there before. That hit home for a lot of people and so the demand for home ownership is stronger than ever. That is real. The main thing is that it’s up to BREA to find products that match the needs of the people today and at the same time help the public to understand where exactly they stand because the disconnect may come where some people may say the bank is prepared to lend me this but I don’t want to live there, I want to live up the road but they can’t afford what’s up the road. Our real job is to continue to find products that meets the needs as best we can given the criteria of what they can qualify for today. There are people out there who want to own homes. Things are moving slowly but in the right direction. We as an industry have to do is continue to find products that meets people’s needs and budgets today,” said Mr Wilson.

Mr Wilson added: “When you look at New Providence it is challenged with finding affordable housing for people, there’s absolutely no question about it. Today in a large scale subdivision, one of the cheapest is Serenity and lots there start at roughly $100,000. The fact of the matter is when you start talking about someone buying a piece of property by itself for $100,000 before you even build a home that’s not affordable for a vast majority of Bahamians. It is absolutely no question that affordable housing in New providence is a challenge. That is the reason why we at Arawak Homes introduced a new line to try and address that reality but it’s also up to other BREA members and developers to look at the market. If people are saying I want x,y and z then that’s a challenge because if they want so much and no one can afford it the market stays stagnant. BREA’s job is also to help the persons who are selling to understand that. It’s not about dropping the price so people can get a quick sale but it’s the reality of the day. I may accept your appraisal, I’m not disputing that but if you want it to sell, this is what people can afford and you have a decision to make.”

Mr Wilson noted that with proper land planning, his company had been able to offer properties at price points representing a 12-year low.  The Government’s housing initiative may bring some relief to those seeking affordable housing. The Government announced plans earlier this year to undertake an aggressive housing program. Several hundred persons have registered with the hope of being approved.