Guam’s total real estate market is expected to reach $300 million. Total sales were down last year, but with the construction buildup, the market will grow dramatically. In 2009, single-family homes cost about $200,000.
However, there are certain restrictions on foreign ownership. The people of Guam are US citizens and Guam is a US territory. Non-residents who have not applied for a green card can only purchase a condominium or house in their own name and it must be owner-occupied.
The construction backlog is an agreement between Japan and the US to relocate some 8,000 US Marines and their dependents from Okinawa to Guam. This will create huge infrastructure and construction opportunities in Guam as the population is expected to grow by 20%. This will mean that more housing will be needed, as well as other structures, such as hospitals, roads, bridges, shopping malls, and other places. Some of the ways in which the real estate market is affected by the military presence are:
1. There are military personnel who live off base
2. Some military dependents have to live off base or want
3. More housing is needed for construction workers
4. More housing will be needed for civilian workers
5. Construction and military reinforcement will give greater economic prospects to the island
Guam has a large rental market, with about half of the housing being occupied by renters. Guam is not subject to seasonal restrictions like other tourist destinations, so the number of rentals available is available throughout the year. Most rental locations are located in North Guam and the central area.
Part of the construction backlog that will occur in Guam is:
1. More houses
2. Barracks for workers
3. More hospitals
4. Largest wastewater treatment plant
5. New bridges and roads
6. More schools and places for education
Those who work in construction will have great opportunities at their disposal. Most construction work will not require security clearance and most can be done by civilians. All of Guam’s infrastructure will need to be rebuilt, and further expansions will take place at Naval bases, Marine Corps, Coast Guard, and Army installations. Those involved in commercial construction, distribution companies, manufacturing or construction workers will have easy prey as the backlog progresses.
Some of the jobs available in Guam are:
1. Engineers
2. Security people
3. Secretarial, administrative and office staff
4. Heavy construction equipment operators and crane operators
5. Doctors like nurses and doctors.
6. Compliance, health and safety staff
7. Communication and computer specialists
People involved in buying and selling real estate can benefit from construction.