The housing market in Guernsey is split between local market properties and a set number of open market properties following a new Population Management law which came into effect on 3 April 2017.
Anyone may live in an open market property, but local market properties can only be lived in by those who qualify – either through being born in Guernsey (to at least one local parent), by obtaining a housing license, or by sharing a property with someone who does qualify (living en famille).
Consequently, open market properties are much more expensive both to buy and to rent. On the whole, you can expect prices to be comparable to many places in and around London and the cost of living can also be just as expensive due to the need to import goods and products. Renting can also prove very expensive with a one bed room apartment in the capital of Saint Peter Port likely to set you back around £1137.
There is a vast array of unique styles and sizes of properties available in Guernsey making it difficult to give average prices, but as an example, you can purchase a large 3 bedroomed home for around £776,280. Smaller properties such as flats and apartments start from around £250,000. There are many large luxurious homes for sale and these can range from £1,000,000 up to £8,000,000.
The process for buying property on the island is, however, one thing that can feel foreign. Title deeds are sometimes in French and the completion process requires summons before a conveyancing court. Both purchaser and vendor must attend in person and consent is given orally as opposed to the signing of contracts. It is well worth enlisting the help of an estate agent therefore who is experienced and knowledgeable of the distinct process.