Between August 2019 and March 2020, Georgetown rents skyrocketed with strong oil and gas demand and limited rental supply. In March 2020, the COVID-19 pandemic began to impact Guyana and the Georgetown housing market. This, combined with the Guyanese General Elections on March 2nd, resulted in decreased demand. With fewer assignee arrivals, landlords became increasingly anxious over the thought of empty properties and are now more willing to negotiate rents.
Rents increased in Neuquen due to higher demand and low vacancy rates. Real estate agents have clients on waiting lists for apartments, and rentals are not listed for long before being rented. Construction projects are underway for new apartment buildings, which should help increase the number of 2-3-bedroom apartments. However, with growing expatriate demand, rents may increase over the next 6-12 months.
Oil was discovered offshore Guyana nearly five years ago, but the country has taken a fairly measured approach to development, bringing in consultants to ensure that the oil industry (and the country’s future economy) is stable. The first extraction project, Liza Phase I, is on schedule to begin production of 120,000 barrels of oil per day starting in Q1 2020. The rate of incoming workers is picking up speed and demand has risen quickly not only for rentals properties, but also goods and services.
Since the 2015 discovery of vast oil deposits two hundred kilometers off Guyana’s coastline, the country has become one of the hottest oil and gas locations in the world. The capital city of Georgetown is now a center of activity as exploration, planning, and infrastructure development progress.
During our recent survey quarter, I traveled to Georgetown, Guyana. Flying over Guyana I was struck by its rural feel and dense forests. From the air, it looked like the most untouched land I’d ever seen, and I later learned that roughly 80% of Guyana is rainforest. Over the last few years, Guyana has captured global attention due to the discovery of vast oil deposits off the country’s coast.