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Increase in demand for homeownership

February 8, 2021 3:24 pm
Economy Minister, Aiyaz Sayed-Khaiyum

The demand for ownership of homes in the country has been enormous.

Economy Minister, Aiyaz Sayed-Khaiyum, says more people want to own a house, however the stocks have been low before 2007.

The Minister says they are re-looking at its approach as there is a need to increase the supply of homes.

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“So you have to have a multi-pronged approach to the ownership of homes. We want to give people the opportunity to own a house and increase their ability to do so”.

Sayed-Khaiyum has highlighted that the government is working with the private sector, however things need to be modelled properly.

“There are different models we are working currently with IFC and also the Australian Government. You need to have a project that will attract private sector investment”.

Minister for Housing Premila Kumar has agreed that Housing Authority cannot provide the housing solution and the government must rely on the private sector.

Kumar adds they are taking appropriate measures at every step.

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