by Marlon Madden
Government’s election promise to subsidise new homeownership costs for individuals 35 years and under should serve as an encouragement for more young people to own a property, says President of the Barbados Estate, Agents and Valuers Association (BEAVA) Arthur Ramsay.
The Barbados Labour Party (BLP), which was successful in the January 19, 2022 general elections, promised that it would support property ownership for first time homeowners with a First Home Grant of $3,000.
The first-time homeowner will be able to apply this grant to any expense including a down payment on land or a house, mortgage or loan payment or legal fees.
“This will be particularly beneficial to young people, giving them a start in life with a valuable and tangible asset. It will give more Bajans their own ‘piece of the rock’ and strengthen Barbados as having a propertyowning democracy,” the BLP said in its manifesto.
BEAVA’s President Arthur Ramsay welcomed the idea, stating that it should result in more young people in Barbados aspiring to owning their own property.
“It is a good idea to kind of stimulate the economy and get persons investing because most younger persons have shied away from actually buying homes because most persons say ‘I don’t know if I want to own a home and all of the trappings that come with it’,” said Ramsay.
He also pointed to the state-led Home Ownership Providing Energy (HOPE) programme, saying this too, should serve as an encouragement for more young people in Barbados to invest in real estate.
“I think it is a good idea to have persons invest in property and give them the opportunity through the HOPE development and others that are coming online, to buy a piece of the rock and invest, because at the end of the day property is one of the best investments you can have and to invest in our own country I see it as a positive,” said Ramsay, who was speaking recently on the sidelines of a media conference to introduce a new-look BEAVA with an upgraded website and new logo.
The HOPE housing programme offers a one-stopshop for would-be homeowners, including mortgage financing, attorney services and house insurance, at low rates.
The projects are divided by income level – HOPE Basic for applicants earning up to $2,000, HOPE Direct for those earning between $2,000 and $4,000 and HOPE Premium for individuals earning between $4,000 and $8,000.
In March last year, Government broke ground at Vespera Gardens, Lancaster, St James for the first 32 of the planned 165 two and three-bedroom houses there.
In May, Government again broke ground for the HOPE Premium development, this time on a 35-acre plot of land in Atlantic Breeze, Chancery Lane, Christ Church, which will house some 267 two-bedroom houses and 131 three-bedroom houses.
Government has estimated that it would provide a total of some 10,000 new homes under the HOPE project.
The new administration is expected to outline details of the promised $3,000 First Home Grant initiative in the coming months.
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