Guam’s real estate market is set to total $300 million. Total sales were down last year, but as construction increases, the market is set to grow exponentially. In 2009, single-family homes were about $200,000.
However, there are certain restrictions on foreign ownership. The people of Guam are American citizens and Guam is a territory of the United States. Non-residents who have not applied for a green card can only buy one apartment or house in their own name and it must be owner-occupied.
Construction Build is an agreement between Japan and the United States to transport about 8,000 US Marines and their families from Okinawa to Guam. This will create huge infrastructure and construction opportunities in Guam, where the population is expected to grow by 20%. This means 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 housing market is affected by the military presence are:
1. There are military personnel who live outside the base
2. Some military dependents either live off base, or want to
3. More housing is needed for construction workers
4. There will be a need for more housing for civilian workers
5. Construction and military mobilization will give greater economic prospects to the island
Guam has a large rental market, and about half of all residences are occupied by renters. Guam does not adhere to seasonal restrictions like other tourist destinations, so the number of rentals available is there throughout the year. The majority of rental accommodations are located in North Guam and the Central region.
Some of the construction work that is scheduled to occur on Guam are:
1. More living space
2. Workers’ barracks
3. More hospitals
4. The largest sewage treatment plant
5. New bridges and roads
6. More schools and places of education
Those who work in construction will have great opportunities available to them. Most construction jobs will not require a security clearance, and most of them can be done by civilians. Guam’s infrastructure would have to be completely rebuilt, and new expansions would be made to naval bases, marine corps, coast guard, and army installations. Those involved in commercial construction, distribution companies, manufacturing, or construction workers will have easy choices as they begin the construction process.
Some of the jobs available in Guam are:
1. Engineers
2. Security men
3. The secretarial, administrative and clerical staff
4. Heavy construction equipment operators and crane operators
5. Medical persons such as nurses and doctors
6. Compliance and personnel health and safety
7. Communications and information technology specialists
People involved in buying and selling real estate can benefit from the backlog.