Guyana records 340 per cent growth in housing investments since 2021

As Guyana experiences a development boom and the housing sector expands, infrastructural investment has increased from some $17.2 billion in 2021 to approximately $53.3 billion in 2023, representing a 340 per cent growth.

President, Dr Mohamed Irfaan Ali made the announcement as he briefed media operatives at the Office of the President, Shiv Chanderpaul Drive, Georgetown on Wednesday.

President, Dr, Mohamed Irfaan Ali addressing media operatives

The investment includes the upgrade of almost 69.4 kilometres of roads from 2021 to 2022, with an additional 341 kilometres planned for 2023. The government has also invested in the construction of 425 kilometres of new roads with an additional 660 kilometres planned for 2023.

“And this is only in the housing sector I’m speaking about. From 2021 to 2022, 19.55 kilometres of highway were constructed, with an additional 17.6 kilometres planned for 2023. Specifically, 1.6 kilometres of the four-lane connector of Great Diamond is in progress, while procurement is underway for 60 kilometres of four-lane highway from Great Diamond to Craig, and then to Land of Canaan,” President Ali outlined.

He also noted that the government, through the Ministry of Housing, has allocated some 23,698 house lots, outside of those allocated just two days ago.

President Ali said the housing sector has supported upwards of 50,000 jobs over the past few years.

“Given the average price for house lots and the actual costs of investment in infrastructure by the government, an average low-income allottee receives a 97 per cent subsidy from the government. A low or middle-income allottee receives a 74 per cent subsidy from the government. This is the investment the government is making every time someone is allocated a house lot,” Dr Ali added.