Peeping Tom’s article misses some major factors

Mar 13, 2014 Letters

DEAR EDITOR,
Peeping Tom’s article, “Such a Big Country” misses some major factors regarding the escalating cost of land in Guyana.
I believe the reasons for such high cost of land have to do with the demand for prime real estate, especially in areas such as Lamaha Gardens, Bel Air, Republic Park, to name a few areas.
You cannot deny that over the past decade there has been an increased presence of expatriates, Diplomats, Caricom officials and other foreign nationals in Guyana. As such, certain residential areas are in demand for rentals which drives the price of the property up.
It’s a simple case of economics – demand and supply. If there was no demand for high-priced rentals, the prices would have fallen. This theory can also be applied to the retail sector, particularly Regent Street. The property prices are mind-boggling due to the demand from foreign nationals for rental and to acquire prime retail real estate.
It is therefore quite possible for prime real estate such as the Lamaha Gardens playground, which by the way is a contiguous block of land spanning one street to the next, to be valued at $170M.
Instead of using the Lamaha Gardens playground as an assessment, Peeping Tom should have perused the classified ads in the dailies and applied his mathematical formulas to the value of Regent Street properties. $8,000 per square foot becomes a drop in the ocean for land compared to the cost per square footage in downtown Guyana.
Marcus Craig

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