FREEPORT, Grand Bahama, The Bahamas — Prime Minister and Minister of Finance, the Hon. Philip Davis, was in Abaco on Friday, March 28, 2025 to present 12 new homeowners with keys to new homes.
The Minister of Housing and Urban Renewal, the Hon. Keith Bell, was also present; the event closely follows the Ministry’s New Homeowners and Rent-To-Own Key Presentation Ceremony held at Lynden Pindling Estates on Friday, March 21.
During the key presentation — for six houses in Spring City and six in Central Pines — the Prime Minister described the occasion as a celebration for “a total of 12 doors that have opened wide for fresh beginnings.”
As this is only the beginning, he said, more homes will be completed in the coming months.
“The handing over of these homes represents important progress for the people of Abaco as we continue to build back better than before, years after the tragedy of Dorian.
“Moments like these remind me why I took this journey into public service: to make a meaningful difference in the lives of the people I serve.”
The Prime Minister continued, “We are building a Bahamas where diligence and perseverance are rewarded, a Bahamas where, if you make the right choices and work hard, homeownership and upward mobility are within reach.”
Telling a little of his upbringing, Prime Minister Davis said his mother was a maid, and his father a fireman and later a taxi driver; and so ensuring Bahamians could become homeowners is personal for him.
The Davis Administration is fighting for a Bahamas where people “work hard, stay resilient, and believe that every Bahamian – regardless of background, education, or income – deserves a fair shot at success.”
He told the new homeowners that no matter what their station in life, the government was there to celebrate them.
“I hope that the keys you’ve received will unlock more than your front doors. I pray they will unlock a real home – a safe space – for you and your loved ones to grow, form lasting memories, and build generational wealth.”
Affordable homeownership is being tackled from many angles, he said, such as the First Home Owners Stamp Exemption which waives VAT on conveyances and mortgage instruments for first time buyers; exemption from Real Property Taxes on homes now up to $300,000; VAT refunds on construction material, and the launch of the rent-to-own initiative.
He also commended the Central Bank of The Bahamas for easing guidelines on residential mortgages by lowering minimum equity requirements and removing mortgage indemnity insurance for smaller down payments.
“These changes help more Bahamians clear the hurdles to owning a home.
“This is how aspirations turn into reality – through direct investments into our shared vision of a nation where everyone can own a piece of this beautiful archipelago.
“For many years, affordable housing was in short supply. Yet we believe so strongly that homeownership fuels both personal and national growth that we put programmes in place to help every Bahamian rise.”
In closing the key presentation in Abaco the Prime Minister said, “Friends, together, we are building a stronger Bahamas — one home at a time.”
