$3.5B in tax refunds drive wealth creation – President Ali

First-time homeowners in Guyana have benefited from over $3.5 billion in tax refunds under the government’s Mortgage Interest Relief Programme between 2020 and 2024, President Dr Mohamed Irfaan Ali revealed at the International Building Expo 2025.

The increase of the mortgage ceiling to $30 million has allowed more citizens to qualify for the relief, with annual taxpayer refunds growing by almost 80% over the four years. In the first six months of 2025 alone, first-time homeowners have already received nearly $400 million in tax refunds.

“This is direct support to families, putting money back into their hands while encouraging homeownership,” the President said.

Beyond tax relief, the President underscored the PPP/C Government’s long-standing policy of selling house lots at highly subsidised rates – often just 25% of market value.

This approach, he said, has created more than $100 billion in wealth for beneficiaries over the last four years.

“Every lot we distribute is an investment in our people’s prosperity,” the President noted, adding that infrastructure upgrades such as paved roads, drainage, and street lighting further increase the value of these properties over time.