Ladies and Gentlemen,
One of the great privileges of serving as Prime Minister is the opportunity to help Bahamians make their dreams come true.
One of my great joys is celebrating when Bahamians become first-time homeowners.
There’s nothing like home sweet home!
You have my warmest congratulations for this new beginning, my best wishes to the families who will dwell in their new homes. I admire the hard work which brought you to this moment.
There is no feeling like owning your own home.
That’s why we’re working hard to put homeownership in reach for hundreds of Bahamian families, through Renaissance at Carmichael, and in developments throughout our islands. It’s so important that Bahamians who abide by the rules and work hard have a chance to achieve financial stability and security.
The mission to place as many keys into as many hands as possible is personal to me.
My mother worked as a maid; my father was a fireman and later a taxi driver. Watching their dedication taught me that determination can open doors, no matter where you start in life. They instilled in me the belief that no matter your background, education, or income, you deserve a fair shot at success in this country. That is The Bahamas we are working every day to build.
Today, new homeowners from all walks of life—police officers who keep our communities safe, nurses who mend our wounds, beauticians who lift our spirits, firefighters who stand ready to protect, housekeepers and taxi drivers who keep our days running smoothly, and a host of professionals from network administrators to casino workers— come together in this shared moment of success. I congratulate each of you.
I pray the keys you receive today will open the doors to a home filled with much happiness, and that this moment can be a stepping stone for progress in all aspects of your lives.
We’re working hard so that more Bahamians can join you in achieving this milestone.
Solving a lack of affordable housing is not an easy problem – we need a broad array of tools to address the challenge.
Before the global inflation crisis that followed the COVID pandemic, which raised prices on almost everything – we already had a shortage of affordable homes. But then prices of the construction materials we import spiked, just as Bahamian families were confronting higher prices on nearly everything else.
But when we see hard problems, we run towards them, not away from them. Promoting homeownership is important for economic empowerment, it’s important for generating security and peace of mind, and it’s important for creating wealth that can be passed from one generation to the next.
That’s why we implemented the First Home Owners Stamp Exemption—waiving VAT on conveyances and mortgage instruments to ease the path for first-time buyers.
It’s why we raised the exemption threshold on homes valued up to three hundred thousand dollars – so that anyone with a home under $300,000 won’t pay a cent in Real Property Tax. It’s why we lowered customs duties on building supplies and it’s why we offer VAT refunds on construction materials and services.
These policies represent a much-needed investment in our greatest asset: the Bahamian people.
We’re also making headway in major land reforms, streamlining land transfers among family members, reducing VAT on property transfers, and eliminating it altogether on certain land transactions.
In addition, we applaud the Central Bank of The Bahamas for revising its lending guidelines—reducing the minimum equity requirements for residential mortgages and removing mortgage indemnity insurance for lower down payments.
These steps collectively shrink the obstacles standing between Bahamians and their dream of homeownership.
And this beautiful community here at Renaissance Carmichael is just the start.
Our efforts must be scaled up over the next few years.
For far too long, there haven’t been nearly enough affordable housing options for our people. My administration is committed to changing that reality.
To each new homeowner today – Congratulations! Your dedication and hard work have been rightfully rewarded.
Together, let’s keep building a brighter and better Bahamas for people from every walk of life.
Thank you and God bless you.