Last Updated on December 28, 2024, 1:18 AM AST by Anthony Morris
The Premier of Nevis and Minister of Finance and Economic Planning, Mark Brantley announced to offer support prices on building materials for home and business owners who are undertaking property renovations, expansions and other new developments.
This announcement was made by Premier Mark Brantley during his 2024 Budget address on 24th December. He said this expanded concession, effective from 2025 is a part of the initiative undertaken by them with a vision to stimulate economic growth and employment.
Shedding light on the initiative, Premier Mark Brantley said that it would play a significant role in strengthening the financial economy while also building the infrastructure providing a good chance of improving the lives of citizens. The expansion aims to make ownership of homes more accessible and affordable for the residents of the island of Nevis.
Finance Minister of Nevis, Mark Brantley stated, “We recognise that sometimes people start and they have a two-bedroom house, but perhaps they get 2 or 3 children and they need to expand. The concession as it stood out only helped them to get help when they built the house originally but thereafter provided no further assistance. We are now saying that we will try to provide any extra assistance if they want to expand their homes.”
Importance of the Construction Project in the economic development of Nevis
The expanded programme is also planning to give concessions to commercial constructors and realtors who are building to lease the properties on rent. The FM added, “There are people who want to invest in their 2nd and 3rd house, to perhaps rent property and we feel it’s appropriate that they too receive assistance, all in an intention to spur construction activity. We will also extend concessions to commercial constructions as we remain committed to growing Nevis together.”
“The construction sector continues to play a vital support role in our economic development. Our economy weighed heavily on this pillar during the Covid era while we were awaiting the rebound of activities in the Tourism sector. It was the first sector to resume full employment even while the other sectors remained closed during the midst of the pandemic. This pillar has not waned even after the pandemic and continues to grow.”
Progress of the Initiative in 2024
According to the Department of Physical Planning of St Kitts and Nevis, 226 construction applications have been received from the period of January to October 2024. The applications varied from new house construction and property renovations to apartment buildings, commercial properties and perimeter fencing requisitions. Of the total applications received, 144 applications were approved till date while work has commenced on 112 sites.
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.
