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Carey Olsen 

October, 2021 - Bermuda, Bermuda

 

Guernsey Open and Local Markets on course for record amount of yearly activity

 

For the nine months to the end of September 2021, the 91 Open Market transactions recorded in the first nine months of 2021, is just six fewer than the whole of 2020 combined, which itself was the most since 2006 when 101 Open Market properties were sold, and which also represented the most of any year since Unusualities of Guernsey started recorded statistics in 2004.

Of those 91 sales, the median price (realty only) of the 83 Open Market houses sold this year, is £1,412,044, which is up from £877,500 for the same period last year. The eight Open Market flats sold so far this year, have a median price (realty only) of £1,116,805.*

The Guernsey Local Market is also on track to better last year's activity levels, which were at their highest since 2007.

This comes after figures reveal that there were 781 Local Market houses and flats sold in the first nine months of this year, compared to 655 for the same period in 2020. It represents the highest nine-month total since 2007, when 858 Local Market properties were sold, ahead of a final total for the year of 1,145 transactions.

Of those 781 Local Market transactions so far this year, the median price (realty only) for the 605 houses sold, currently stands at £565,500, up from the £458,250 for the same period last year. The median price (realty only) of the 176 Local Market flats, is £316,875, which also represents an increase on the £243,750 recorded in the first nine months of 2020.*

Jason Morgan, head of Carey Olsen's property group in Guernsey, said: "The property market has shown no signs of slowing down this year. Even the island's second lockdown in the early part of 2021, only reduced activity for a short while, before it picked up again at pace across both the Local and Open Markets. If sales continue at their current levels it will be the sixth successive year of increased Local Market activity since 2015, while the healthy level of interest in the Open Market is particularly encouraging as it demonstrates Guernsey's ongoing attractiveness as a relocation destination."

*None of the total sales numbers quoted include inter-family or inter-company sales, transactions which are typically completed for a nominal consideration.


 

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