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Premier and Minister of Finance Dr. Natalio Wheatley has announced plans for a new residential housing programme that will combine Crown land, Government-funded infrastructure and mortgage guarantees to help Virgin Islanders become homeowners.
Delivering his 2027 Budget Address yesterday, October 27, the Premier said Government would partner with a developer and banks to deliver the initiative.
Government’s contribution would include making land available, funding roads and electrical access, and engaging an architect to provide prospective homeowners with a selection of designs.
“For many families, their greatest ambition is a home of their own,” Wheatley said.
“We will partner with a developer for construction and banks for financing, with Government mortgage guarantees for eligible participants under agreed terms.”
The proposed guarantees would form part of the financing arrangements, although the housing announcement did not specify eligibility requirements, property prices, locations or the number of homes to be built.
Alongside the new programme, Wheatley said the Land and Home Acquisition Programme would prioritise infrastructure for subdivisions and strategic land acquisition.
An allocation of $1 million will support roads and services on Government estates, facilitating subsidised access to land for Virgin Islanders and Belongers. Government also intends to continue the stated one-year stamp-duty waiver for first-time Belonger purchasers of homes and land, subject to applicable rules.
“Madam Speaker, the security of home ownership should be an ambition more of our people can realise,” the Premier said.
The announcement comes against the background of earlier efforts to expand homeownership, including the Social Security Board’s Joe’s Hill Manor Estate on Tortola.
Developed on seven acres overlooking Road Town, Joe’s Hill Manor comprises 52 residential units, including condominiums, houses and townhouses, along with commercial space. It was introduced as the beginning of the Board’s first-time homeowners programme.
The Board’s published starting prices range from $275,900 for a one-bedroom condominium to $625,000 for a three-bedroom townhouse.
The estate’s use has since shifted. In April 2025, the Social Security Board signed a Heads of Terms agreement with Ponce Health Sciences University, allowing the institution, subject to agreed conditions, to lease up to half of the property for students and faculty.
Delivering his 2027 Budget Address yesterday, October 27, the Premier said Government would partner with a developer and banks to deliver the initiative.
Government’s contribution would include making land available, funding roads and electrical access, and engaging an architect to provide prospective homeowners with a selection of designs.
“For many families, their greatest ambition is a home of their own,” Wheatley said.
“We will partner with a developer for construction and banks for financing, with Government mortgage guarantees for eligible participants under agreed terms.”
The proposed guarantees would form part of the financing arrangements, although the housing announcement did not specify eligibility requirements, property prices, locations or the number of homes to be built.
Alongside the new programme, Wheatley said the Land and Home Acquisition Programme would prioritise infrastructure for subdivisions and strategic land acquisition.
An allocation of $1 million will support roads and services on Government estates, facilitating subsidised access to land for Virgin Islanders and Belongers. Government also intends to continue the stated one-year stamp-duty waiver for first-time Belonger purchasers of homes and land, subject to applicable rules.
“Madam Speaker, the security of home ownership should be an ambition more of our people can realise,” the Premier said.
The announcement comes against the background of earlier efforts to expand homeownership, including the Social Security Board’s Joe’s Hill Manor Estate on Tortola.
Developed on seven acres overlooking Road Town, Joe’s Hill Manor comprises 52 residential units, including condominiums, houses and townhouses, along with commercial space. It was introduced as the beginning of the Board’s first-time homeowners programme.
The Board’s published starting prices range from $275,900 for a one-bedroom condominium to $625,000 for a three-bedroom townhouse.
The estate’s use has since shifted. In April 2025, the Social Security Board signed a Heads of Terms agreement with Ponce Health Sciences University, allowing the institution, subject to agreed conditions, to lease up to half of the property for students and faculty.
© 2026 BVI Platinum News. This article is original BVI Platinum content. Reproduction or republication without written permission is prohibited.
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