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The total real estate market in Guam is scheduled to reach $300 million. Overall sales went down last year, but with the construction buildup, the market is set to grow dramatically. In 2009, single-family homes were about $200,000.
There exist certain restrictions however on foreign property ownership. The people of Guam are U.S. citizens and Guam is a U.S. territory. People who are non-residents and haven’t applied for a green card can only buy one condo or house in their own names and have to be occupied by the owner.
The construction buildup is an agreement between Japan and the U.S. to relocate about 8,000 US marines and their dependents from Okinawa to Guam. This will cause huge infrastructure and construction opportunities in Guam, since the population is set to grow by 20%. This will mean more housing will be needed, as well as other structures, like hospitals, roads, bridges, shopping centers, and other places. Some of the ways that the housing market is impacted by the military presence are:
1. There are military personnel that live off base
2. Some military dependents either have to live off base, or want to
3. More housing is needed for construction workers
4. More housing will be needed for civilian workers
5. The construction and military buildup will give greater economic prospects to the island
Guam has a big rental market, about half the housing is occupied by renters. Guam is not bound by seasonal restrictions like other tourist destinations, so the number of rentals available is there all year long. The majority of the rental places are located in north Guam and the central area.
Some of the construction buildup that is set to occur in Guam is:
1. More living quarters
2. Barracks for workers
3. More hospitals
4. Bigger waste water treatment plant
5. New bridges and roadways
6. More schools and places for education
Those that work in construction will have great opportunities available to them. Most construction jobs will not require security clearance, and most can be done by civilians. The entire Guam infrastructure will need to be rebuilt, and new expansions will be done on Naval bases, Marine Corps, Coast guard and Army facilities. Those involved in commercial construction, distribution companies, manufacturing, or construction workers, will have easy pickings as the buildup comes underway.
Some of the jobs available in Guam are:
1. Engineers
2. Security people
3. Secretarial, administrative, and clerical staff
4. Operators of heavy construction equipment and crane operators
5. Medical people like nurses and doctors
6. Compliance, health and safety personnel
7. Communication and IT specialists
People involved in the buying and selling of real estate can benefit from the construction buildup.
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Source by John Kirzno
