Building expo 2026 was launched on Thursday afternoon under the theme “Building a Strong Foundation for a Sustainable Future.”
The Expo drew over 500 exhibitors from around the world, including a regional presence with Jamaican Prime Minister Dr. Andrew Holness in attendance.
Minister of Housing Colin Croal announced that the government has reduced the land title processing time from over six months to just three months, with over 2,200 certificates of title scheduled for distribution during the expo. Croal noted that over 53,000 house lots were allocated between 2020 and 2025, with more than 45% designated for low-income earners. The expo saw participation of firms from Costa Rica, Mexico, Japan, the UK, and India.
In a significant move to bolster its housing sector and regional cooperation, President Irfaan Ali announced several groundbreaking measures during the opening of the International Building Expo at the Guyana National Stadium in Providence.
President Ali announced plans to roll out a full housing development strategy within weeks to eliminate the backlog entirely within four years. The strategy will prioritize vulnerable groups, including persons with disabilities, single parents, and those facing extreme vulnerability.
“We are designing a system that will allow you to have a home in which you can live in dignity. In the coming weeks, I will outline a clear strategy of how we are going to deliver homes to people who meet the criteria,” Ali announced.
President Ali said the government doubled the relief ceiling under Section 28 of the Income Tax Act, enabling first-time homeowners to deduct the full interest paid on their home loans from their taxable income. President Ali revealed that the new policy now covers mortgages of up to $30 million.
He emphasized that each year, homeowners can deduct the interest paid on their home loans, directly reducing their tax liability and increasing disposable income.
Ali also committed to accelerating the processing of land titles, aiming to clear the backlog more efficiently. Between 2020 and 2026, the ministry processed 30,000 titles, leaving just over 20,000 still pending.
“New applicants, that is from 2020 and beyond is 67,000 and the average age of that 67,000 is about 32 plus years old.
Commercial banks were recognized for decreased mortgage rates with some institutions now offering rates as low as 3.5% and providing 100% construction financing. Citizen bank introduced a new mortgage structure in April with rates now starting at 3.5% up to 35 years, 100% construction material financing. Commitment and loan processing were removed. Loans can now be approved in 48 hours. While Demerara Bank, is now at 3% interest rate.
“The government is sharing the cost of your mortgage with you. We are not just giving you access to loans, we are making the government your partner in building your home,” Ali explained.
