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. In this regard, many homeowners feel that having a second home abroad is an ideal concept that can be accomplished. 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. To cap this off, the increased number of military population in the island demands for construction programs that is said to bring billions of dollars in expenditures and would require additional laborers, thereby increasing the need for accommodations. Because of these, the real estate in Guam is now poised to expand its reach for the upcoming years.
Another driver for Guam's real estate market is its tourism industry which has been gaining about 1.2 million visitors annually, generating approximately $1.35 billion in revenues. Guam is considered as a melting pot of diverse flavors, mixing together the influences of American, Chamorro, Spanish, Micronesia and Asian cultures. Its powerful combination of natural beauty and modern conveniences, as seen from its well lined beaches and contemporary infrastructures, appealed to people as the place not only for vacation but the destination 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. In fact, the well-developed commercial and residential sites of the island has consistently appealed to homeowners and businesses wishing to own properties abroad. Price range of residential real estate properties could start from $120,000 and rises to $370,000 for high-end condominiums located in Tumon, which is the island's major tourist center. 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.
For commercial investment Guam properties, prices also depends on the location. A commercial building situated in Hagat±a is valued at about $61 per square feet. A similar property in Tumon on the other hand may be valued at $158 per square feet. 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 intend to buy overseas for some properties may it be for residential or commercial purposes, Guam could be the perfect location for you based from the opportunities it could provide. 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 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.
Having an investment abroad is probably one of the best means to secure one's future. Hence, if you would like to buy overseas for a residential rental property, you may want to try looking at Guam. Currently, investment Guam properties are now being sold fast due to the financial potentials they present. The booming tourism industry and expected relocation of military personnel from Okinawa are the primary catalysts for the booming real estate market in Guam.
-Alison Ward
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