Guyana is the third smallest nation in South America, after Uruguay and Suriname. The population is around 770,000, with ethnic groups from India, Europe, Africa, China, and Aboriginals. The official language is English, though Creole is also widely used. Georgetown is the capital of Guyana. Agriculture, mining of gold and bauxite, minerals, shrimps, and timber support the Guyana economy. Unfortunately, the country faces serious shortage of skilled labor and the infrastructure is quite deficient. Still, the growth rate had been about 3% or more in the last 3 years. Since many daily life products are imported, cost of living is comparatively higher in Guyana.
Guyana real estate market mainly consists of residential Guyana for sale, commercial properties, and vacation properties. International investors should become familiar with the procedures of buying, selling, exchanging, or renting of in Guyana, to utilize the opportunities offered by this enchanting nation. Residential Guyana listings normally include single family homes that are generally around 3,600 sq. ft. as built up area, excluding terraces and balconies. Guest houses having two large double rooms with shower and another 5 double rooms are the norm. Most guest houses come fully furnished. The prices of such large guest houses range from $200,000 to $250,000.
Guyana commercial properties consist of hotels, inns, lodges, motels, restaurants, office spaces, warehouses, store fronts, and other types of commercial buildings. Guyana vacation properties vary widely in range and size. They are comprised of single family homes, apartments, duplexes, condos, triplexes, townhouses, bungalows, cottages, cabins, mansions, chateaus, villas, manufactured homes, timeshares, vacant lands, and even small islands. International investors could use the services of attorneys, agents and brokers, counselors, salespersons, appraisers, and mortgage brokers. The ideal solution would be the employment of a qualified and reliable attorney, well versed in Guyana laws, throughout the purchase or rental process and use an appraiser in the final stages to value the property in proper fashion. agents and brokers would assist in purchase, sale, exchange, or rental of properties for a fixed commission.
Guyana laws do not discriminate individual international investors from investing in the properties in Guyana. However, registered companies and other commercial organizations are allowed to buy properties only when licensed by the President of Guyana. The closing costs, fees, etc. had been standardized by the law. The Deeds Registry Fees are 2% of property value towards stamp duties and 0.5% towards conveyance. Fees to the attorney are 1% of the value of the property. If the property is sold and profits are made, then 20% of the profits are payable as Capital Gains Tax. If the property had been owned for more than 25 ears, then the capital gains taxes are not applicable. Hence, the total cost of acquiring Guyana real estate for sale or Guyana rentals is comparatively lesser. The international investors with long-term approaches could easily get very good returns from real estate in Guyana.
by Taylor White