On Air Saturday Live Paul Moran | 12:30pm - 5:00pm

Property ambitions of very wealthy set to trigger construction boom

 

The Island’s construction industry could be set for a boost thanks to the plans for lavish new homes of a handful of the very wealthiest Manx residents. 

A mini boom in the sector’s expected after a series of plans for new housing was approved for so-called high net worth individuals.

Six building projects have recently won approval for schemes with a combined value of £30 million.

That is half as much again as the government's entire current public sector housing programme and more than next year's individual budgets for the departments of Economic Development and Environment, Food and Agriculture.  

 

Chief Minister Allan Bell says the figures reflect the scale of economic benefit the tax cap policy is designed to foster.

He says the timing could not be better to sustain an industry in difficulty: 

 

Clip 1

More from Isle of Man Business