Buying properties overseas is now made 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 are all apparent from the booming industry of the real estate market.
Although Italy, Spain, Canada, France and Europe are among the hottest destinations to own investment properties, real estate markets are now expanding in Guam, where potential buyers could purchase incredibly priced residential and commercial properties. Investment Guam properties are now prevailing due to the relocation plans for the 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 regarded as the quintessential melting pot that blends the flavor of American, Chamorro, Spanish, Micronesia and Asian cultures. Its natural beauty and modern conveniences provided it the reputation as a place that is not only to be visited but a place 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. Its well developed commercial and residential real estate market has since been enticing many investors and homeowners from around the globe to own properties in the island. The prices of residential real estate properties begins at $120,000 and increases up to $370,000 for luxury condominiums in Tumon, which is the island's major economic hub. Its residential rental property on the other hand yields monthly rents of $1,200 for town houses within small villages, and can be as high us $4,500 in Tumon.
When it comes to commercial investment Guam properties prices are also dependent on the location of the properties. A commercial building situated in Hagat±a is valued at about $61 per square feet. A similar property on the other hand could cost $158 per square feet if it is located in Tumon. However, if you would compare these prices to other overseas properties they are relatively competitive, which is why Guam is truly an ideal destination to own a home or a commercial property.
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 incentive program, plausible incomes tax structures and highly modernized infrastructures. For families on the other hand, the island could offer incomparable modern conveniences, high-standard educational system, cosmopolitan shopping centers and entertainment facets, and almost all comfortable means to enjoy island living. Generally, Guam integrates high-end comfort, culture, luxury and international business without actually breaking your budget outlay.
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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