Guyana: Housing Market and Implications for Macroprudential Policies

January 31, 2020

Preview Citation

Format: Chicago

Julian T Chow. Guyana: Housing Market and Implications for Macroprudential Policies, (USA: International Monetary Fund, 2020) accessed September 18, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

Guyana’s residential real estate prices have been rising, particularly in the capital city Georgetown, following the discovery of oil in 2015. In line with the growing demand for housing, commercial banks’ housing loans have increased, prompting higher household debt. This paper presents two analyses which suggest that housing prices in Georgetown and banks’ lending to the housing sector appear to be in their early stages of growth. However, given the data limitations and caveats that underpin the analyses, the findings could also indicate early signals of possible risks. Further data collection would support surveillance and deeper studies. At the same time, enhancing prudential measures would help safeguard financial and macroeconomic stability. These include strengthening the monitoring of the housing market, bank lending practices and household debt, as well as fortifying the macroprudential framework, including with more effective toolkits for early intervention.

Subject: Financial institutions, Housing, Housing prices, Loans, Mortgages, National accounts, Prices, Real estate prices

Keywords: Consumer price index, Guyana, Housing, Housing Index, Housing loan, Housing market, Housing prices, Lending, Lending practice, Loans, Macroeco-financial stability, Macroprudential policies, Mortgage, Mortgage lending, Mortgages, Real estate prices, Sector risk, Softening housing market, WP

Publication Details

Pages:

26
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2020/020
Stock No:

WPIEA2020020
ISBN:

9781513526324
ISSN:

1018-5941

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