The Tribune

BY NATARIO McKENZIE

Tribune Business

Reporter

nmckenzie@tribunemedia.net

A leading housing developer says that it has seen a 'overwhelming response' to its latest offering, having recently sold-out three subdivisions.

Arawak Homes' president Aranon Wilson told Tribune Business the sell-out was 'proof positive' that demand for home ownership continues to be strong.

"It's phenomenal. The demand has never left," said Mr Wilson. "People want their own home the only question is how do you meet the demand? "The demand for homeownership continues to be strong in large part because Bahamians simply want to own a piece of the rock," added Mr Wilson, a former Bahamas Real Estate Association president.

The low cost housing developer recently held a fair which attracted more than 500 people looking to build on their own lot or make payment arrangements towards owning property.

Mr Wilson said Arawak Homes was offering people the opportunity to put $500 down on a lot and make monthly payments over a period of up to 15 years to own a piece of property. "We had hundreds of people turn up. People were here from eight in the morning to eight at night," said Mr Wilson.

"Meeting the bank requirement is a challenge for many and they feel they can't move forward. The response to our offering has been overwhelming and it is proof positive that Bahamians want to own their own home and really just need a start.

"It was a very attractive offering for many people. Some people were able to meet bank requirements while some people were able to take steps towards securing a piece of property.

"We still have hundreds of people to call back. We are trying to keep up with the demand, said Mr Wilson.

Mr Wilson told Tribune Business the developer had sold-out three subdivisions on New Providence, with a fourth subdivision being 25 percent sold to-date.