Homes under the Young Professionals Housing Scheme were originally introduced to provide affordable homeownership opportunities for young Guyanese professionals, allowing them to step into their first homes without facing exorbitant prices. However, a troubling trend has emerged—these homes are now being rented out at premium rates, priced for foreign oil industry professionals rather than the young Guyanese they were meant for.
A recent real estate listing by a local real estate company advertised a brand new, fully furnished four-bedroom home in the Young Professionals Scheme, Providence, EBD, for a staggering USD $4,500 per month. This price tag is far beyond the reach of local professionals, raising serious questions about whether the government’s housing program is being abused for profit.
Many young professionals who have applied for these homes say they have been waiting for years for an update on their applications, only to find out that homes in the program are being turned into investment properties instead.
“I’m appalled to see these homes being rented at rates beyond the budget of local Guyanese. We have been inquiring about our application for years and are being told that no young professional homes are available,” said one frustrated applicant.
Another young professional called for an audit of the housing program, alleging that PPP family and friends have been allowed to purchase multiple homes while regular applicants remain on indefinite waiting lists.
“An audit should be done. We have heard of PPP family and friends being allowed to purchase more than one Young Professional home, and that’s not fair,” the applicant stated.
The original intent of the Young Professionals Housing Scheme was to provide affordable homes for local doctors, teachers, engineers, and other young professionals starting their careers. Yet, the reality on the ground suggests that some individuals, possibly with political connections, are securing multiple properties and flipping them into high-priced rentals aimed at expatriates in the oil and gas sector.
This raises serious concerns about transparency, fairness, and the effectiveness of government oversight.
- Who is monitoring the distribution of these homes?
- Why are approved applicants still waiting while homes are being used as high-priced rentals?
- Has the government allowed politically connected individuals to buy homes in bulk?
If the government is truly committed to ensuring that young professionals can own homes, it must take immediate action to review, audit, and enforce policies that prevent abuse of these programs. The continued commercialization of state-backed housing projects, designed for young Guyanese, undermines the very purpose of the initiative and widens the gap between promises and reality.
The Ministry of Housing and Water must answer pressing questions and take concrete steps to stop politically connected individuals from turning these homes into investment properties. Otherwise, the next generation of young professionals will continue to be locked out of homeownership, forced instead to watch as their future is sold to the highest bidder.