Guyana Properties & Multi Listing Services

Georgetown - New Amsterdam - Linden - Parika

Protection of Property Rights
07/21/2018 06:44 PM

This information is derived from the State Department's Office of Investment Affairs’ Investment Climate Statement. Any questions on the ICS can be directed to EB-ICS-DL@state.gov Last Published: 3/15/2018

Guyana has a dual registry system of property rights with distinct requirements, processes, and enforcement mechanisms.  The two types of registry systems are deeds (Deeds Registry) and title (Land Registry) registries that operate in separate jurisdictions, which in theory help to avoid the problem of double entry and dual registration.  Over all, Guyana’s property rights system is overly bureaucratic and complex, with regulations that are overlapping, competing, and nontransparent.  This affects the proper allocation, enforcement, and effectiveness of property rights, as well as the efficiency of all property-based markets, such as housing, land, commercial property, and financial markets (especially primary ones, such as mortgage markets).  The judicial system is generally perceived to be slow and ineffective in enforcing legal contracts.  The World Bank’s Doing Business Report 2017 says it takes 581 days to enforce such contracts.  Mortgage transactions in the Guyanese financial system are limited, and the term, as used locally, refers solely to consumer loans dedicated to the construction of a primary residence.

There are three types of land ownership in Guyana today:  a) public land, which is 85% made of what used to be known as state and government lands; b) Amerindian land, which is 14% comprised of lands held in common by indigenous communities (such lands are titled to the individual community); and, c) private land, which is about 1% land that can be transferred by either freehold or absolute grant.  A freehold transfer can be made either through a transport system or through a land registration system that is based on the Torrens type registry.  Absolute grants are used in cases in which agricultural land is being transferred for non-agricultural use.  In such cases, the land will first be transferred to the state, becoming public land, and is then titled to an individual.  Such grants require a presidential decree.

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What Is a Gift Deed for Real Estate?
07/21/2018 06:28 PM

In real estate, a 'gift deed' is a notarized document that transfers ownership of property to another person. Gift deeds are only used when there is no payment or compensation for the property that is being transferred.

Gift deeds are most often used for transferring property between relatives and friends. The person who is gifting the property is known as the "donor," while the person receiving the property is deemed the "recipient." A gift deed becomes irrevocable once it has been given to the recipient and receivers of such property are required to claim the gift on their federal income tax form.

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What Is the Value of Real Estate in Guyana?
07/21/2018 05:57 PM

The value of real estate in Guyana depends on the location of the property, its size and the type of property. There are three types of properties in Guyana: state- and government-owned land, titled land and industrial estates. Government- and state-owned land is often leased.

 

Properties that are in and around major cities like the capital Georgetown are higher priced. A four bedroom, four bath house near the city costs approximately $350,000 U.S. dollars. This is the equivalent of 72.5 million Guyanese dollars (GYD). A five-acre plot of land located about 20 miles from the capital sells for approximately 2 million USD or 412.3 million GYD, as of 2015.

Foreign investors can acquire land in Guyana and get the same treatment as citizen landowners. Real estate taxes in Guyana include 0.5 percent stamp duty, 20 percent capital gains tax and 33.3 percent income tax.

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Guyana’s former sugar estate lands available for oil sector-related real estate development
07/21/2018 05:33 PM

in Business, News March 11, 2018

Guyana is making available large swathes of former sugar estate lands for constructing upscale houses and business complexes for the burgeoning oil and gas sector, but a top government official cautions that the lands cannot be held indefinitely for speculation.

“These developments will come with a time-frame so you can’t take an acre or ten acres and say you will build a high-rise or a condominium and take ten years to build it. We’ll specify the time frame for you to start building,” Head of the National Industrial and Commercial Investments Limited’s (NICIL) Special Purpose Unit (SPU), Colvin Heath-London said.

Addressing a recent outreach exercise by the People’s National Congress Reform in New York, he said the Guyana Sugar Corporation (Guysuco) has lands available at Wales, Ogle, Eccles, Diamond and Palmyra for real estate development to international standards for the oil and gas sector.

Stressing that the lands are “not available for speculation”, he said they would be allocated through a “proper process” based on strong justifications in a “proper” business plan.

The SPU official urged overseas-based Guyanese to apply for former sugar estate lands to construct high-quality houses, restaurants and entertainment spots for more than 200,000 expatriates who are expected to come to work in Guyana’s petroleum sector. “It means that we have to raise our standards in terms of the real estate market,” Heath-London said.

“We have to find places for them to live, we have to feed them and entertain them and this is where you in the Diaspora and others further afield come to play. It means that we have to build accommodation to international standards,” he said. Features of such property development, he said, would have to include washing machines, dish-washing machines, alarms, gated communities, proper restaurants for dining and fine dining, night clubs and other forms of entertainment

Heath-London said the country was poised to create a number one Guyanese brand to cater not only for core oil and gas operations but also for an estimated 40 downstream industries. Through United States (US) oil giant, ExxonMobil, Guyana is expected to begin commercial oil production in 2020 at current estimates of 500,000 barrels per day.

The Guyana Sugar Corporation has already closed Wales, Enmore-East Demerara, Rose Hall and Skeldon Estates. The SPU has since decided to reopen Skeldon, Rose Hall and Enmore estates to keep them as going concerns to attract investors and at the same time produce molasses for the privately-owned Demerara Distillers Limited.

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Valuation NOT required for land/property Certificate of Compliance
07/20/2018 02:27 PM

Valuation NOT required for land/property Certificate of Compliance

Georgetown, Tuesday, March 27, 2018: The Guyana Revenue Authority (GRA) wishes to announce that with immediate effect, a Valuation is not required when applying for a Certificate of Compliance to transfer land or property by way of sale, gift or tender.This intervention is intended to relieve the procedural strain and burden on the taxpayers. 

However, based on the mandate of the GRA to collect its rightful taxes, and in keeping with the law, Applicants are advised that under Section 7A (3) of the Capital Gains Tax Act, Chapter 81:20, where the Commissioner General being dissatisfied with the amount of consideration stated for the disposal or acquisition of any such property may reject such consideration and substitute therefore the market value of a competent valuer.

GRA wishes to inform the general public that the procedure for obtaining a land/property Certificate of Compliance by way of sale, gift or tender can also be found here.

-END-

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Filing of Property Tax Returns not a requirement for Mortgage Interest Relief approval
07/20/2018 02:22 PM

Georgetown, Friday, April 27, 2018: The Guyana Revenue Authority (GRA) wishes to advise the general public that the filing of Property Tax Returns is no longer a prerequisite when applying for Mortgage Interest Relief (MIR).

The aforementioned exclusion, however, does not preclude property owners (residential or business) from filing and paying property tax at the appropriate rates in accordance with the Property Tax Act. 

Lastly, GRA has been in receipt of information that in some instances, the charges imposed by financial institutions when issuing the statement of annual interest paid on mortgage (Form 4) to eligible taxpayers in many instances exceed the mortgage interest relief granted. The Authority wishes to advise that in accordance with the Income Tax (Mortgage Interest Relief) Regulations 7, the provision of the statement to a taxpayer benefitting from MIR is a statutory requirement from the mortgagee.

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Delay in Release of MovieTowne Containers at Wharf
07/20/2018 02:18 PM

Georgetown, Sunday, June 17, 2018: The Guyana Revenue Authority wishes to respond to an article published in the Kaieteur News on Wednesday, June 13, 2018 captioned “MovieTowne owner decries red tape in US$40M Turkeyen investment”. The article cited major contributing factors which prolonged the postponement of the opening of MovieTowne including that equipment and seating were at the wharves for weeks, awaiting “simple” signatures. This statement by deduction implies that the GRA may have been responsible for tardiness in clearing such equipment.

While legally guided by the rules of confidentiality, the GRA wishes to set the record straight in this instance. The facts are as follows:

  1. Construction of MovieTowne commenced in 2011.
  2. In mid-2017, the principal of MovieTowne first met with the GRA to discuss the issue of concessions, and at that meeting, requested that concessions be backdated to the commencement of construction. The GRA advised that concessions cannot be backdated and should have been applied prior to the commencement of construction.
  3. The GRA also advised the principal that equipment currently being utilised in the construction of MovieTowne, was in breach of the terms of another Investment Development Agreement (IDA), since, based on the said IDA, equipment earmarked for use on another major project was being utilised in the construction of MovieTowne.
  4. Rather than terminating the IDA, and notwithstanding the breach, the GRA agreed to allow both projects to continue, with the understanding that the available remedies under the said IDA will be enforced subsequent to the completion of both projects.
  5. MovieTowne submitted an IDA application to Go-Invest, which was copied to the GRA and was advised in September 2017 by the GRA that only concessions similar to those granted to competitors in the industry will be allowed, and further that additional information was needed inclusive of source of financing before a recommendation can be made to the Honourable Minister of Finance for approval.
  6. MovieTowne’s container arrived at the wharf on October 21, 2017, and without the approval of the IDA, the GRA facilitated MovieTowne to clear its goods with a Prior to Processing (PTP) arrangement on November 19, 2017.
  7. The goods were uplifted on November 28, 2017 demonstrating that there were no delays on GRA’s part.
  8. On December 29, 2017, MovieTowne was granted an IDA consistent with those granted to competitors in the industry which allow for the waiver of Duty and VAT on certain equipment.
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Jamaica real estate's rising investment potential
07/20/2018 01:53 PM

The news on Cyprus and the additional taxes to be paid has left worried investors to engage in other forms of investments such as real estate.

This gives the opportunity to take a second look on Jamaica's real estate industry.

With Jamaican government bonds now with a lowered rating, Moody's slapping the the bonds with a Caa3 which is one of the lowest ratings a government bond can have, banks are struggling to keep their clients while interest rates are being slashed

The real estate values in Jamaica continue to increase steadily.

In 2001 homes bought at $4.5 million are now being sold for $13 million just 12 years later. Real Estate bought in the following areas have proven that very steady returns at over 50% increases in value can be achieved.

Properties in the Kingston area such as the Golden Triangle , Jacks Hill, Stoney Hill and Barbican have all seen values climb.

Ocho Rios and Western St. Mary have seen increased demand from local and returning residents. The Richmond development in St. Ann and the Battle Site community in St. Mary have values increasing daily.

The Lagoons and Bouge areas in Montego Bay continue to see a steady inflow of investment. Properties are being sold within months after being purchased at a 30% profit.

When considering how to navigate through these times. Be sure to speak to a very knowledgeable Realtor who is a member of the Realtors Association of Jamaica.

Key points to consider when investing in Jamaican real estate, always select:

1) High demand location with existing and flourishing infrastructure;

2) Very attractive price;

3) Income earning potential;

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Global Property Guide
07/20/2018 09:57 AM

Puerto Rico has the world's worst-performing housing market

Trend: house prices fell 9.59% y-o-y in Q2 2017. 

Puerto Rico has emerged as the weakest housing market in our global house price survey, amidst continued economic woes, high unemployment, massive emigration, and a near-catastrophic national debt crisis and credit rating downgrades. 

Analysis: Puerto Rico’s latest economic downturn has lingered longer than any previous depression. 

GDP has contracted every year from 2007 to 2016, except 2012 when the economy grew by 0.5%. 

Puerto Rico has lost about 20% of its jobs since 2007.  The population has shrunk by about 10%. The poverty rate is now at 45%. Public health and retirement systems are now insolvent. Puerto Rico filed for bankruptcy protection in May 2017, unable to pay its massive debt or provide its citizens effective services. 

The housing market has suffered tremendously. After huge annual house price increases in the early 2000s, the housing market came crashing down in 2008. Prices have dropped 37% in real terms from 2008 to early-2017.

 

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Goevernment Ministry Links
07/20/2018 09:16 AM
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Property Management - Aabbie Realty in Guyana
07/20/2018 09:08 AM

Property Management done by Aabbie Realty

Everyday management of your property investments involves lots of commitment and resources including time and expertise. Here at Aabbie Realty we provide owners with the freedom to utilize those resources on life and family, with the confidence of knowing that property management professionals are caring for their property. Whether your property is a secondary home or an apartment complex, we will work with you every step of the way to ensure your satisfaction. Our property management services include:

Full Time Management

With Full Time Management we offer 24 hours maintenance service, where we conduct minor repairs, and periodic maintenance. Each property is treated in the highest regard, and therefore we expect the highest quality work from our employed workers and each of our contractors. All repairs or projects have to pass our high standards before they are considered completed and most importantly the owner has to be happy with the work. The safety of your property and its occupants are our primary concern. Our Services include:

  • Rent Collection
  • Quarterly financial reporting
  • Tenant application processing and background checking
  • Lease, rider, and related document drafting and execution
  • Collect and deposit rent into owners account
  • Responding to Governmental documentation requirements
  • Paying yearly property taxes in your name
  • Evaluation and management of legal matters
  • We handle minor repairs
  • Quarterly scheduled maintenance
  • Project management
  • Access to our extensive network of expert tradespeople.
  • Contract supervision
  • Cost of repairs and projects estimation.
  • Preventative maintenance and periodic routine inspections
  • Clean outside of property, gutters and drains

Other Services

Services we provide include:

  • Outdoor areas cleaned as-needed.
  • Gutters and drains cleaned
  • Identification of exceptional property issues.
  • Weed and cut grass and shrubs
  • Organize garbage for burning or removal
  • Property monitoring – security – camera
  • Septic and well maintenance
  • Electrical and plumbing maintenance

Please call us for more information on these services

Office: (592) 226-0011

WA: (592) 692-0315

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Financing Properties in Guyana
07/13/2018 12:42 PM

FINANCING in GUYANA

Please contact one of our financial partners for information on their products.

Citizen Bank Guyana

Tel # 592-226-1705/6

Demerara Bank Ltd.

Tel # 592-225-0610

Hand in Hand Trust

Tel # 226-0424, 227-1750
Guyana Bank for Trade & Industry

Tel # 231-4400-9

New Building Society

Tel # 227-4444

Republic Bank Guyana

Tel # 223-7938

Scotia Bank Guyana

Tel # 592-225-9222

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Property Buying Links
07/13/2018 12:07 PM

Useful links for Investors and Home Buyers

MLS Guyana invites you to invest now in Guyana, Where Sand, Sea and Sunshine is in abundance.

We're here to help you with all your real estate needs. Below are some useful links:

 

National Building Codes - launched in Mar/2012.

Guyana Revenue Authority - Tax & Compliance Info.

Guyana Lands & Surveys - Land Admin & Surveys. 

Housing & Planning Auth - Map of Housing Scheme.

IDB Property Rights Study - analysis / review 2010.

Agro-Processing Manual – Mins. of Agriculture 2010

Aquaculture Prospectus - for Guyana - 2008 study

Ministry of Legal Affairs - Deeds Registry

Ministry of Legal Affairs - Laws of Guyana

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Guyana Land Ownership
07/12/2018 08:17 PM

Overview – Guyana Land Ownership

Guyana, with a population hovering around 761,000, is the only English-speaking country in South America. It is abundantly endowed with natural resources and one of the few country in which the constitution guarantees the right of foreigners to own property and land parcels.

It is important to note that there are four types of land in Guyana

a. State owned

b. Government owned

c. Private transported or titled land

d. Industrial estates.

Foreigners are treated the same as Guyanese citizens when acquiring and disposing all properties. The process for acquiring or leasing land depends on its classification. In most cases, state and government owned lands are leased rather than sold, through an application process that involves the Guyana Lands and Surveys Commission (GLSC), GO-Invest and other regulatory bodies. Private transactions are generally carried out between lawyers for the buyer and seller.

Income tax rate is 33.33%

Rental Income is taxed at a flat rate of 33.33%.
Capital Gains tax is levied a flat rate of 25% but assets and properties held for more than 25 years are exempt from capital gains taxation.
Inheritance tax is levied between 0.50% on inheritance exceeding 100,000 (US$498).
Residents are taxed on their worldwide income at a flat rate of 33.33% on income exceeding GYD420,000 (US$2,093).

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