Minister of Housing and Urban Renewal, the Hon. Keith Bell addressed Parliament this week on the availability and cost of housing in the country.
During his presentation on Wednesday Bell cited the latest housing census. He said, “for the purpose of the census a dwelling is classified as habitable once it meets certain basic structural conditions such as having a roof, walls and an enclosed suitable space for human living. What may considered habitable for statistical purposes is not necessarily what the average Bahamian family would regard as livable. A structure may meet the census definition of a dwelling yet still lack electricity, running water, plumbing or proper sanitation.”
The Minister also spoke about the cost of housing by drawing attention to the disparity between wages and costs. Bell said, “according to the International Monetary Fund in its 2025 selected paper on housing affordability in The Bahamas between 2012 and 2022 property prices and rents rose by 14% while average wages only increased by 2%. The cost of housing therefore grew seven times faster than wages. That is the definition of a housing affordability crisis.”
According to Bell many of the lending institutions that claim the markets is over supplied refuse to sell distressed properties at market value because they would have to recognize losses. “These homes remain locked up, idle and unproductive contributing nothing to the economy or to national housing supply,” he said.
