says Guyanese will move from land ownership to home ownership
His Excellency President Dr Irfaan Ali officially opened the International Building Expo 2025 on Thursday evening at the National Stadium in Providence, East Bank Demerara, laying out a transformative vision for Guyana’s future.
At the heart of his address was a bold commitment: the construction of at least 30,000 homes over the next five years.
“This is not just about building houses,” the President declared. “We are moving from land ownership to home ownership. At a minimum, 30,000 homes will be constructed in the next five years. That’s 16 homes per day, every day, for five years, delivering not just shelter, but dignity, opportunity, and economic empowerment.”
The scale of the initiative is staggering. With each home valued at approximately $15m, the programme represents a $450bn investment in residential construction alone. It is expected to generate approximately 150,000 jobs.
Over the past five years, the Government has laid the groundwork for this housing revolution. Strategic policies have made home ownership more accessible than ever.
Mortgage interest rates for low-income families borrowing up to $4m were reduced from 5% to 3%. Middle-income borrowers saw rates fall from 7% to 3.7%, while young professionals accessing up to $30m benefited from a reduction from 7.5% to 5%. These cuts have collectively returned $43.8bn directly to Guyanese families.
“This is how smart policy translates into real impact…We are not just talking about development. We are delivering it.”
The President also highlighted the removal of VAT on key construction materials and zero taxes on cement, which alone accounted for $1.32bn in foregone revenue.
Despite global supply chain disruptions during COVID-19, Guyana saw an almost 200% increase in cement imports, 300% in paint, and a staggering 2,600% in steel, which reflected the country’s surging demand for infrastructure.
The Head of State said that Guyana should benefit from its surge and proposed that the country accelerate its manufacturing drive.
“If this level of demand exists, then we must produce these materials right here in Guyana.”
With energy costs projected to fall by 50%, the Government is working with the private sector to expand domestic manufacturing capacity, from cement and steel to paint and prefabricated materials. To this end, the President delivered a direct challenge to international investors.
“This is not a retail market. If you’re serious about doing business, get into partnership with the local private sector and bring your manufacturing plant, your industrial plant here to Guyana. We will give you the incentive to bring it here; so, the jobs will be created here, the income will be created here, the revenue will be created here. We want a great Guyana.”
The President also spoke about other developments across the country, including the Soesdyke-Linden Highway and Silica City, which he said will become “a global model city”.
Silica City and other infrastructural projects are being showcased at the International Building Expo 2025, which features nearly 400 booths and is being held under the theme “The Road to Success, Guyana 2030 and Beyond”.