Government promises shorter path to home, land ownership

The government has pledged to significantly shorten the duration of time it takes to own a home and land, promising substantial reforms in three months. 

The announcement was made by Minister of Housing Lands and Maintenance, Dwight Sutherland who outlined a new initiative focused on streamlining the land conveyance and certification processes. 

“Within a three-month period, we should have a way forward whereby the length of time it takes for someone to own a piece of property will be reduced,” Sutherland said. 

He revealed the government’s commitment to addressing the inefficiencies in the current system through an upcoming event within the next few weeks, which will gather key stakeholders to “deconstruct and reconstruct” the existing procedures.

“I give you the assurance that this government will engage in what we call a colloquium where key stakeholders will come together this month and look at ways we can reduce the time taken to convey land in this country,” Sutherland said, adding that they are also working on reducing the length of time it takes to get a certificate of compliance.

The Minster was speaking at the launch of the Harmony Estates Development Phase 2 at Small Ridge, Christ Church on Saturday. 

Prime Minister Mia Mottley, who had described as unacceptable the wait to close mortgage and land transactions, had announced in March that the government will be reviewing all the systems and processes related to those transactions.

She had identified one of the major challenges to unlocking real estate investments in Barbados as the length of time it takes to complete mortgages and sales of real estate, sharing that recommendations to speed up the process were to be implemented shortly. 

The colloquium, according to the Housing Minister,  aims to facilitate faster homeownership for Barbadians. 

This government-led effort is part of a larger plan to construct 4 000 homes over the next two years, relying on collaborations with private sector partners. 

Speaking on the project, Sutherland highlighted the participation of the private sector, lauding companies like Zen Realty, Harmony Estate and Versatile Group of Companies. 

“Harmony Estates Development is a private sector-driven project. This project will see some 400 houses being built on this property. The government cannot achieve 4 000 houses in two years on its own. We create an enabling environment that the private sector too can help in this venture,” he said. 

Noting that private sector partnerships are crucial to the government’s strategy to boost housing development and economic growth throughout the island, Sutherland admitted that the government has a part to play. 

“Certificates of compliance have to be vetted out before homeownership can occur. It’s the same issue we have been having in Vespera Gardens where over 80 houses are finished but yet only 20 per cent occupancy.  We don’t want to build 4 000 houses and they are not occupied so the government has a role to play,” he said. 

Financier of the project is Republic Bank. Speaking on the bank’s behalf was Senior Manager of Retail Banking, Sandra Reifer-Wallerson who announced the launch of its 2024 Mortgage Campaign.

“We are excited to partner with Harmony Estates to offer Barbadians in the middle- to lower-income bracket a chance to own a piece of the rock,” she said.

The campaign offers 100 per cent mortgage financing at a 3.99 per cent rate and includes additional benefits such as $10 000 to assist with homeowner fees and access to a pre-approved credit card at a reduced rate. (SM)