Purchasing properties abroad has never been easier. With the increased attention given toward investment properties, lower airfares have made travel much accessible and more property ownership opportunities are provided among homeowners to cheaply buy overseas properties than in the domestic market. Due to these, the idea of having a second home now includes overseas locations for most homeowners. These developments are all the evidences of the booming real estate market.
Though Italy, Spain, Canada, France and Europe are among the most sought-after locations to purchase investment properties, new real estate markets are now emerging in Guam, where potential buyers could find competitively priced homes and other real estate properties. The increased attention toward investment Guam properties are fueled by the relocation of Marine Corps personnel and their families from Okinawa. Adding up to these, the growing military population in the island requires the implementation of construction programs that is set to exceed billions of dollars in expenditures, and would require significant number of laborers, which means more accommodations would be needed. Due to these, Guam real estate market is poised to expand for the following years.
Another factor that contributes to the growing real estate market in Guam is its tourism industry which is noted to have 1.2 million visitors annually and is generating about $1.35 billion in revenues for the island. Guam is contemplated as a melting pot of races, blending the influences of American, Chamorro, Spanish, Micronesia and Asian cultures. The combination of its natural aesthetics and modern lifestyle warranted its reputation as the place to visit and to stay for life. As the island is a known US territory, it enjoy a US dollar economy, which in turn entices many investors to realize the full financial potentials of purchasing investment Guam properties.
Due to its geographic location which is within the reach of nearby Asian countries as well as the US, it has become one of the most ideal locations for families and businesses. As a matter of fact, the highly structured commercial and residential real estate market of Guam has persuaded many homeowners and businesses to own properties in the island. Residential real estate prices starts from $120,000 and rises to $370,000 for luxury condominiums situated in the island's center and economic hub, Tumon. On the other hand, a residential rental property in the area could monthly rents of $1,200 for town houses in nearby small villages, and could increase up to $4,500 if the property is located in Tumon.
When it comes to commercial investment Guam properties prices are also dependent on the location of the properties. For instance, a commercial building in Hagat±a could cost about $61 per square feet. A similar property in Tumon on the other hand may be valued at $158 per square feet. Basically, the prices of properties in Guam are comparably competitive than other overseas properties, which is why it is a suitable location for families who wish to have a second home abroad, and for businesses that wish to expand their financial reach.
If you would like to buy overseas for some properties, Guam could be the most preferable location where you could own competitively priced properties and the place that could give you several other benefits. For businesses, Guam offers a comprehensive program of incentives for those investors who wish to operate in the island, attractive income tax structure, and modern infrastructures. For families on the other hand, the island could provide differing modern conveniences, a strong US- based educational system, cosmopolitan shopping and entertainment options, and the culmination of comfortable island living. Basically, Guam combines comfort, culture, style and international business standards that no other location could provide.
Whether you are searching for a residential rental property or a second vacation home that you could buy overseas, Guam is the right location to place your real estate properties. Guam is now considered as one of the major real estate hubs due to the military relocation that is expected to boost the island's economy. Investment Guam properties are now increasing in value and many investors are now looking forward to do their business in the island.
-Alison Ward
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