2021 was for us, the busiest-ever year for the housing market, and 2022 so far has been even busier, with a huge number of people searching in Guyana for real estate, queries coming through are for both commercial and residential properties to buy.
There has also been a marked increase for rental accommodation both within in hotels and private rentals. Additionally, clients are looking for land or investment properties located in Georgetown or within close proximity to the capital city.
In the wake of such high demand, landlords have been enjoying high prices for property with those located within Geortetown or along the East Bank Demerara and along the East Coast attracting lots of buyers and commanding the highest prices.
The commercial banks and the New Building Society contiue to be a main source of mortgage finance for those who do not have lot of cash redially available.
What’s behind the price growth?
The discovery of oil and natural gas just offshore Guyana’s coast is undoubtedly one of the main reasons for the increase in demant for real estate property in Guyana, Georgetown and its immediate sorrundings. Many foreign workers and companies coming to Guyana to work with Exxon Mobil or associated organisations and require accommodation.
Buyer demand remains high, but there’s still a shortage of available properties, so it’s a competitive market. Many home-movers are rushing to put their properties on the market to make sure they can move quickly, giving them the best chance of securing their next home or to gain maximum income from the sale of their property.
“A fear of missing out on a bargain is really driving market behaviour at the moment, as movers look to do all that they can to avoid the disappointment of being too slow to secure their ideal property, as prices increase due to the oil discovery and other subsequent developments taking place in Guyana.