Guyana is the third smallest nation in South America, after Uruguay and Suriname. The population is around 770,000, with Indian, European, African, Chinese and Aboriginal ethnic groups. The official language is English, although Creole is also widely used. Georgetown is the capital of Guyana. Agriculture, gold and bauxite mining, minerals, shrimp, and timber support Guyana’s economy. Unfortunately, the country is facing a severe shortage of skilled labor and the infrastructure is quite poor. Still, the growth rate had been around 3% or more in the last 3 years. Since many products of daily life are imported, the cost of living is comparatively higher in Guyana.
The Guyana real estate market primarily consists of Guyana residential for sale, commercial property, and vacation rental properties. International investors should familiarize themselves with the procedures for buying, selling, exchanging or renting in Guyana to take advantage of the opportunities that this charming nation has to offer. Residential listings in Guyana typically include single-family homes that are typically around 3,600 square feet. foot as built area, excluding terraces and balconies. Guest houses that have two large double rooms with showers and 5 other double rooms are the norm. Most guest houses come fully furnished. Prices for guest houses this large range from $200,000 to $250,000.
Guyana’s commercial properties consist of hotels, inns, inns, motels, restaurants, offices, warehouses, storefronts, and other types of commercial buildings. Vacation properties in Guyana vary widely in range and size. They consist of single-family homes, apartments, duplexes, condos, triplexes, townhomes, bungalows, cabins, cabins, mansions, castles, villas, manufactured homes, timeshares, vacant lots, and even small islands. International investors can use the services of attorneys, agents and brokers, advisors, salespersons, appraisers, and mortgage brokers. The ideal solution would be to employ a qualified and trustworthy attorney, well versed in Guyanese law, throughout the purchase or rental process and to use an appraiser in the final stages to properly value the property. agents and brokers would assist in the purchase, sale, exchange or rental of properties for a fixed commission.
Guyanese laws do not discriminate against individual international investors from investing in property in Guyana. However, registered companies and other commercial organizations can purchase property only when licensed by the President of Guyana. Closing costs, fees, etc. had been standardized by law. Deed registration fees are 2% of the property value for stamp duty and 0.5% for transmission. Attorney fees are 1% of the value of the property. If the property is sold and a profit is made, then 20% of the profit is paid as capital gains tax. If the property has been owned for more than 25 years, then capital gains taxes are not applicable. Therefore, the total cost of acquiring Guyana real estate for sale or rentals in Guyana is comparatively less. International investors with a long-term focus could easily get very good returns on real estate in Guyana.
