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.
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.
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.
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.
Puerto Rico has the world's worst-performing housing market
GOVERNMENT MINISTRY LINKS
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
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
FINANCING in GUYANA
Please contact one of our financial partners for information on their products.
Tel # 592-226-1705/6
Tel # 592-225-0610
Tel # 226-0424, 227-1750
Guyana Bank for Trade & Industry
Tel # 231-4400-9
Tel # 227-4444
Tel # 223-7938
Tel # 592-225-9222
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