Last Updated on January 22, 2025, 1:30 PM AST by Anthony Morris
The Nevis Island Administration (NIA) led by Premier and Minister of Finance of Nevis, Mark Brantley has purchased 36.16 acres of private land at Garners Estate, St. James Parish, for $3.6 million as a solution for the growing demand for economic housing on the island.
The government purchased this land to build and provide more houses to the people of the small island nation at affordable rates with good infrastructure and all basic amenities.
Premier Mark Brantley stated that the demand for housing is increasing more than the availability of government – owned land to construct homes. As a solution, the government of Nevis purchased private lands to construct additional homes.
He further added that the government intends to immediately divide the land into residential lots to make them available for sale to potential homeowners.
Funding details for the Land Purchase
Additionally, Premier Mark Brantley said that the government secured funding to buy this 36.16 acres of land through a short-term financing arrangement. He further stated that the loan will be repaid immediately.
Moreover, the government is looking forward to securing more funding from commercial lending institutions to purchase more land and to construct homes using private contractors.
Addressing the challenges of rising construction cost
Premier Mark Brantley noted that the Nevis Housing and Land Development Corporation’s (NHLDC) long – standing subsidies for home construction are becoming unsustainable.
He said that over the years, the government has tried to keep construction cost for these homes affordable by subsidizing it, but now the cost of construction has exceeded the selling price per home by at least 25-30 percent.
Furthermore, to solve this issue, NHLDC will review the pricing of these homes in 2025 by conducting a review exercise to ensure the selling price of these homes falls in line with their construction cost.
Premier Mark Brantley said that the increase in the selling prices of the homes will not be too drastic but with some adjustments have to be made to reduce the level of subsidy.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
