Edmund G. Maduro alleges racism in land valuation
“I cannot express to you tonight how sad I feel about what is taking place in these British Virgin Islands,” he said on his EGM show aired on Thursday night October 30, 2014 on ZROD 103.7 FM.
Maduro alleged that the real estate agents value lands differently according to the colour of one’s skin.
“Today when you go to the bank and you using your land for security, the real estate agent values you and my land, because we are black people, for much less than they value the white man’s land for,” said Maduro.
“When we sell our land out to strangers that are not prepared to live among us, the banks will turn around and give them loans on that land for millions of dollars, but while we go to borrow money the bank will only lend us 50% of the value of that land,” he said.
He said that the bank would sell out the land for whatever they can get for it if the owner cannot pay back the loan.
“Is this development? Are we moving forward? Right now we are being discriminated against,” he said.
“We cannot go on our beaches…it may not be long when we cannot walk Road Town streets,” he said. “If we do not use the five senses almighty God gave us, we will fall into the pit,” he said.
He said that in the next 10 or 20 years “our children and grandchildren will be without jobs, they will probably be without homes and they will probably be without food to eat.”
“Ladies and gentlemen where are we going from here? If we don’t stand up now there is going to be a time when we are not going to be able to…when our children are not going to have a place to lay their heads…when they won’t have a place to build a house,” he said.
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22 Responses to “Edmund G. Maduro alleges racism in land valuation”
you want people with money that where the white man come it. you cannot express how you feel , oh really.
I think is drugs you taking or drugs you need to be taking.
Up until the 60s, BV-Islanders were a wealthy people; then what happened? We sold the land and lived off the proceeds of the sale. Today the land is gone and so to has the money we collected from the sale.
What a predicament we find ourselves..!
We have perhaps a dozen (12) or more real estate companies in the territory; mostly of them perhaps from outside the BVI-s. Should we expect anything different from what Mr. Maduro is asserting?.
As far as valuations go. It all depends on where the land is. If it is next to someone who has old cars rotting on his property, it will be worth less than if it is next to someone who has build a decent house and keeps it well maintained - regardless of anyone's colour.
The banks look at many things when lending. Colateral is important but so is ongoing income, you can't rely purely on rental income when trying to get a loan - or at least you shouldn't.