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President Jagdeo responds to housing bubble letter

Jun 11, 2011 News

– Faulty economic analysis cited

Guyana’s banking system is not dependent on housing mortgage. In fact such mortgage only makes up 12 percent, hence a housing bubble is not being created, President Bharrat Jagdeo has said.
The Head-of-State made those remarks yesterday in response to a letter, “Are we heading for a housing bubble?” printed in one of Guyana’s daily newspapers. The letter addressed new house lot awardees of the new housing development at Eccles.
President Jagdeo said that the letter represents faulty economic analysis and posited that it was written to coincide with the Housing Ministry’s One Stop Shop activity.
It was noted that when Guyana experienced fiscal instability persons were expected to pay 37 percent interest on housing loans.
However, Government was able to reduce that to about 16 percent. Furthermore, to make housing accessible, commercial banks are free from corporate tax for every loan under $8M.
President Jagdeo refuted suggestions in the letter that house lots are distributed to the rich at the expense of the poor and pointed to the large gathering of 1,000 persons who are now owners of their own house lot.
The Head-of-State noted that not everyone in attendance is rich but he wants Guyanese to become rich.

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