Nine reasons why houses are selling faster than ever in Guyana
As the real estate market in Guyana continues to thrive, there are a few key factors that buyers can thank for the success of their investment. Check out these nine reasons why houses in Guyana are selling faster than ever before!
- The Economy.
The economy of Guyana is the fastest growing in the world with a projected GDP growth of 26.2% in 2020. Guyana had a per capita gross domestic product of $8,300 in 2016 and an average GDP growth of 4.2% over the previous decade. A major factor contributing to the growth of the economy is the recent discovery of oil and natural gas offshore Guyana.
ExxonMobil, a major oil exploration company, is now firmly established in Guyana, operating an office in Georgetown, with numerous ongoing exploration and development operations offshore. ExxonMobil Guyana has made 18 discoveries since May 2015 and begun production in December 2019 from the Liza Phase 1 development. The discovery of oil and natural gas has impacted the growth of the economy in a positive way, providing jobs and income for lots of Guyanese. Foreign workers with specialised skill sets are also moving to Guyana to work, this is creating greater demand for residential and rental properties in Georgetown, and its environs. According to the Ministry of Finance, Guyana’s economy grew by 14.5% in the first half of 2021.
The economy has been growing steadily for several years, and it shows no signs of slowing down. This is attracting a lot of foreign investment, which is driving up the prices for houses.
The government is aware of the housing demand and is working on a number of initiatives to improve the situation. These include building more public housing and engaging the banks to provide financial assistance to families and to make home ownership a reality.
In the meantime, if you are looking to buy a house in Guyana, it is important to act quickly before house prices in Guyana, become even more unaffordable.
2..Government Policy
Another reason why homes are selling fast in Guyana is the government’s “open door” policy and actions enabling Guyanese to own a home. The government has also been very welcoming to foreigners who want to invest in the country and at the same time supporting Guyanese living abroad to remigrate. The policy of encouraging investors to fully participate in the private sector has made Guyana a very attractive destination for many home buyers and attracting investors from every part of the world.
3. Natural beauty and tropical weather
Guyana’s natural beauty and tropical weather is another big draw for home buyers. The country’s rainforests and wildlife are truly unique, and they offer a lifestyle that you can’t find anywhere else in the world. If you’re thinking about buying a house in Guyana, now is the time to do it. Prices are rising fast, but there are still plenty of opportunities to get on the property ladder or to make you property investment.
If you are looking to escape cold weather, Guyana is the place for you. The people are amazing friendly this in combination with Guyana’s warm sunshine makes it a real paradise. These are some of the core reasons making Guyana a desirable destination. In this context, Guyana is becoming increasingly popular with home buyers with both Guyanese citizens and foreigners. In fact, houses are selling faster than ever in Guyana with many who have the cash to buy a house looking to get in on the action for fear of missing out.
4. Accessibility.
Houses in Guyana are selling faster than ever before due to the country’s increasing accessibility. The number of international flights to Guyana has increased in recent years, making it easier for people to travel there. Additionally, the construction of new roads and highways has made it easier to get around the country.
5. Tourism
Oil has put Guyana on the map, more people are becoming aware of all that the country has to offer. In the light of this, Guyana is becoming increasingly popular as a tourist destination. Its natural beauty and diverse culture are attracting more and more visitors from all over the world. As tourism increases, so does the demand for housing and new hotels to host visitors. The Marriott and Hyatt are two of the big hotels looking to court business in Guyana.
The government of Guyana is encouraging investment in the country’s real estate market. They have created a number of incentives for developers and working to make more land available for development. A series of modern housing communities have recently come into existence. These measures are making it easier for developers to build new houses and apartments, which is helping to meet the growing demand. With its increasing accessibility and growing popularity, it’s no wonder that houses in Guyana are selling faster than ever before.
6. Quality of Homes
The quality of homes in Guyana has improved greatly over the past few years. This is one of the main reasons why houses are selling faster than ever before. Both Guyanese and foreigners are taking the opportunity to own mansions that some would not be able to afford elsewhere, especially in the developed countries.
In the past, many houses in Guyana were built without any sort of planning or regulation. This led to a lot of sub-standard homes being built. However, the government has put in place stricter regulations in recent years, which has resulted in a marked improvement in the quality of homes being built.
7. Reimmigration
Another reason for the increase in sales is that more and more Guyanese who left the country due to political instability and corruption are now moving back to Guyana. This movement of people and skills have been having a positive impact on the communities and their development. Foreigners bring resources contributing to the affluence of many of the growing communities.
With more people moving to Guyana, there is an increasing demand for quality homes. This is leading to more developers building better quality homes, which are then selling faster than ever before.
If you are thinking of buying a home in Guyana, now is a great time to do so. The quality of homes is improving rapidly, and there is an ongoing construction boom in every of the 10 administration regions.
8. New Housing Developments and better infrastructure
Finally, there are many new developments taking place that are making it easier for people to buy homes. For example, there are now many affordable housing options available, and the process of buying a home has been made simpler. As a result, more people are able to purchase homes in Guyana.
There is a shortage of housing. The number of homes available for sale does not keep up with the number of people looking to buy, which drives up prices even further.
5. Houses are selling fast! In many cases, homes are selling within days or even hours after being listed. This leaves potential buyers competing against each other, which can drive up prices even more.
9. .The ease of purchasing a house i
The process of purchasing a house in Guyana is much simpler than in many developed counters. Buyer and seller often negotiate terms of sale and purchase, sign an agreement of sale prepared by a lawyer and pay and exchange contracts. Once the agree of sale has been exchanged. The conveyancing process can then take place thereafter.
Conclusion
Although the reasons for the boom in Guyana’s real estate marketplace are many and varied, the end result is that houses are selling faster than ever in Guyana. This is good news for both buyer and sellers. So for those looking to buy a property in Guyana, you can start talking to your real estate agent. as there is currently a wide range of choice available, and prices are likely to be relatively high as the demand is growing by the day.. However, it is important to bear in mind that the market may not stay like this forever, so if you are thinking of buying a property in Guyana it is important to act now.
READ MORE: Obtaining a Mortgage in Guyana
