The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A former Bahamas Real Estate Association (BREA) president yesterday praised the government for its decision to effectively offer an incentive to owners of derelict buildings in New Providence who intend to either demolish or renovate them, telling this newspaper: “That’s a big deal”.

Arawak Homes President Franon Wilson noted that derelict and abandoned buildings have become eyesores across New Providence and essentially a magnet for criminal elements. Prime Minister Perry Christie, during his 2016/2017 budget communication, said that Customs duty exemptions and real property tax concessions “will be extended to owners of derelict buildings in New Providence who intend to demolish and/or renovate these buildings for commercial, educational or social purposes”.

Mr Wilson told Tribune Business the exemptions and concessions could help encourage property owners to address the derelict building issue. “That right there is huge. Many people may not fully appreciate that but that’s a big deal. There are numerous derelict buildings around New Providence. At least now this gives persons an incentive to either fix it up or at least take it down.”

Mr Wilson added: “When you look at these derelict buildings, you have for instance people going in there and doing things they shouldn’t. You have many of these buildings that are there not for a few months but years and decades. Now there is an incentive to help people, to encourage them to make the community that they may or may not live in better.”

Prime Minster Christie also said during his budget communication that the government will allow stamp tax concessions/exemptions to be granted to first-time homeowners who may have missed the opportunity due to non-submission of documents for stamping. “Arawak homes sees that as significant,” said Mr Wilson. Sometimes paperwork gets overlooked. Sometimes things happen. At least now there is an option. If someone made a mistake, you don’t have to pay for someone else’s mistake and you can get your paperwork up to date.”