British Virgin Islands

Monday, Oct 26, 2020

Buy Real Estate Instead of Fancy Cars, Vanterpool Urges Youngsters

Buy Real Estate Instead of Fancy Cars, Vanterpool Urges Youngsters

Opposition Legislator Hon. Mark Vanterpool is encouraging youngsters to invest in real estate as opposed to fancy cars.

The Fourth District Representative's remarks were made on Tuesday, September 24 during the House of Assembly sitting against the backdrop that he was granted exemption from vacating his seat as a member of the House of Assembly after purchasing a property in Pockwood Pond.

According to Premier Andrew Fahie, part of the property in question had a government lease on it because it was reclaimed land.

No one debated the motion when it arose in the House.

Land Does Not Rot


“I want to use my voice to encourage young people to buy property even if you can’t build on it as yet; it does not rot. It’s your property, it will stay there and whenever you can build a little on it or develop it you can, but it is better than buying a fancy expensive car, it goes a long way,” Hon. Vanterpool said while giving his contribution.

He added, “I use that same principle to encourage my children to invest and buy property when you can. It’s a very good thing, I have no regrets in what I have done in buying property, and I want to encourage others to take this opportunity now where you are exempted from paying the four percent [tax] and try to make that investment.”

Banks Must Do Better


In the meantime, the Fourth District Representative called out the various lending institutions as well as the government to do better.

“I will go a little further and make this comment because while the government has made the effort to incentivize persons to buy property, I am surprised that banks – and I have always tried to understand the economic reason – why banks believe that they are more interested in lending money towards buying cars than buying land.

Yes, you may get more interest in a shorter time or whatever it might be, but then you are not investing as a bank in the future economic growth of the country which will eventually help you as a bank to help you grow economically also,” he remarked.

The former Works Minister said these lending institutions should consider investing in the people of the territory because in so doing, the people can in turn re-invest and do business with them.

He also bemoaned that the lending institutions don’t always provide 100 percent financing to persons to enable them to purchase properties; however, it is being done for vehicles.

“I don’t believe for a government stipulating the private sector how it should operate, but in areas like these, I believe it should at least encourage or incentivize the banks and other institutions like that to invest in a better way when it comes to land ownership in the BVI,” Hon. Vanterpool said.

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