Guyana is the third smallest country in South America, after Uruguay and Suriname. The population is about 770,000, with ethnic groups from India, Europe, Africa, China and Aborigines. The official language is English, although Creole is also widely spoken. Georgetown is the capital city of Guyana. Agriculture, mining for gold and bauxite, minerals, shrimp and timber support Guyana’s economy. Unfortunately, the country faces a serious shortage of skilled labor and its infrastructure is sorely lacking. However, the growth rate is around 3% or more in the last 3 years. Since many products of daily life are imported, the cost of living is relatively higher in Guyana.
The Guiana real estate market consists mainly of Guiana housing for sale, commercial properties and vacation properties. International investors should be familiar with the procedures of buying, selling, exchanging or renting in Guyana, in order to take advantage of the opportunities this fascinating country has to offer. Guyana housing listings typically include single-family homes that are generally about 3,600 square feet of built-up area, excluding terraces and balconies. The guest house which has two large double rooms with shower and 5 other double rooms is standard. Most of the guesthouses are fully furnished. Prices for such large guest houses range from $200,000 to $250,000.
Guyana’s commercial properties consist of hotels, inns, inns, motels, restaurants, office space, warehouses, shop fronts, and other types of commercial buildings. Guiana vacation properties vary widely in range and size. They consist of single family homes, apartments, duplexes, condos, plywood, townhouses, bungalows, cottages, cabins, mansions, castles, villas, manufactured homes, timeshares, vacant lots, and even small islands. International investors can use the services of lawyers, agents and brokers, counselors, salespeople, appraisers, and mortgage brokers. The ideal solution is to hire a qualified and reliable attorney, experienced in Guiana law, during the buying or leasing process and use an appraiser at the final stage to appraise the property in an appropriate manner. agents and brokers will assist in buying, selling, exchanging, or leasing properties for a fixed commission.
Guiana law does not distinguish individual international investors from investing in property in Guyana. However, registered companies and other commercial organizations are allowed to purchase property only with the permission of the President of Guyana. Closing costs, fees, etc. have been standardized by law. Deed Registration Fee is 2% of property value for stamp duty and 0.5% for carriage. The attorney’s fee is 1% of the property’s value. If the property is sold and profits are earned, then 20% of the profits are paid as Capital Gains Tax. If the property is owned by more than 25 ears, then the capital gains tax does not apply. Therefore, the total cost of acquiring Guiana real estate for sale or rental is relatively lower. International investors with a long term approach can easily get excellent returns from real estate in Guyana.