NASSAU, The Bahamas — Prime Minister and Minister of Finance, the Hon. Philip Davis is continuing to make good on his administration’s promise to make homes affordable for Bahamian families throughout the country, as keys were presented to first time homeowners at Renaissance Subdivision at Carmichael.
The prime minister deemed it a privilege and one of his great joys to help and to celebrate Bahamians becoming first time homeowners.
“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. There’s nothing like home sweet home,” he said during the ceremony held Thursday, February 6, 2025.
The 13 homeowners were announced to government officials, well wishers and potential neighbours of that newly developed area in southwestern New Providence.
“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 prime minister said.
With a story of his own, the prime minister shared that his mother worked as a maid, and his father a fireman and later a taxi driver who instilled in him that no matter the background, he deserved a fair shot at success in this country
“That is The Bahamas we are working every day to build,” he said. “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.”
The prime minister also said that his administration is working hard so that many more Bahamians can achieve this milestone of becoming homeowners.
“Solving a lack of affordable housing is not an easy problem – we need a broad array of tools to address the challenge,” he said.
The prime minister noted that before the global inflation crisis that followed the COVID -19 Pandemic, which raised prices on almost everything – there was already 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,” he said.
“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.”
The prime minister also took time to remind potential homeowners that his administration 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,” he said.
Also, his administration is 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,” the prime minister said.
Also present at the ceremony were: the Minister of Housing & Urban Renewal the Hon. Keith Bell; the Hon. Vaughn Miller, Minister of the Environment and Natural Resources; the Minister of State, Ministry of Housing & Urban Renewal the Hon. Lisa Rahming; the Hon. Zane Lightbourne, Minister of State, the Environment and Natural Resources; and Barbara Cartwright, Chairman, Bahamas Mortgage Corporation.
Gerald Cash Primary School Rake & Scrape Band thrilled the crowd with their performance, and Bishop Arthur Evans of Shekinah Family Word Center blessed the homes.
