Guyana is poised for massive growth in the coming years and realtors were encouraged on Friday to thoroughly explore opportunities beyond already developed and populated areas.
The urging came from Minister within the Ministry of Public Works Deodat Indar and Senior Director of Investment at the Guyana Office for Investment (GO-Invest) John Edghill. They spoke at the inaugural real estate summit held at the Marriott Hotel in Kingston, Georgetown.
Indar juxtaposed ongoing infrastructural development, such as new shore bases or massive highways, with the spike in real estate prices. For him, that is a signal of the added value being created through government’s investments.
Anecdotally, he pointed out how the value of land near Vreed-en-Hoop, a place he grew up fishing, has skyrocketed with the artificial island and shore base now operational nearby.
“Now if you try to buy land, it is difficult to acquire. That is what infrastructure does to development,” Indar pointed out.
Edghill had similar anecdotes to share.
He reminded the gathering of local and foreign players in the real estate sector that Providence, on the East Bank of Demerara, was not always the developed community it is today.
But with focused investments over the years, Edghill pointed out that the community is now home to Guyana’s National Stadium, mega businesses, and housing developments. And the value of real estate there too has ballooned.
For both officials, anyone seriously interested in the real estate industry in Guyana should examine the opportunities available in areas outside of those already populated.
Palmyra in Region Six, Edghill highlighted, is one such area where a new stadium, commercial zone, and housing scheme are being developed. As such, he contended that it will be an attractive real estate space soon enough.
“All across the country, we are seeing those similar stories where investments are being made in a wholesome manner
“Why wait until the values go up?
“My advice would be stop trying to time the market and spend some time in Guyana market and invest in all areas of the market,” Edghill said.
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