The total real estate market in Guam is projected to reach $300 million. Overall sales decreased last year, but with construction, the market is growing significantly. In 2009, single-family homes were about $200,000.
However, there are some restrictions on foreign property ownership. The people of Guam are US citizens and Guam is a US territory. Non-residents who have not applied for a green card must purchase and owner-occupy only one condo or house in their name.
The construction is part of an agreement between Japan and the U.S. to relocate approximately 8,000 U.S. Marines and their dependents from Okinawa to Guam. This will create significant infrastructure and construction opportunities in Guam, as the population will grow by 20%. This means that more housing will be needed, as well as other constructions such as hospitals, roads, bridges, shopping malls and other places. Some of the ways the housing market is affected by military presence are:
- There are military personnel living off base.
2. Some military dependents must, or want to, live off base
3. More housing is needed for construction workers
4. More housing is needed for civil servants
5. Construction and military construction gives the island more economic prospects
Guam has a large rental market, with about half of the housing stock owned by renters. Guam is not limited by seasonal restrictions like other tourist destinations, so the number of rentals available is year-round. Most rental properties are located in northern Guam and the central area.
Some of the construction projects slated to happen in Guam include:
- Additional living rooms
2. Camp for workers
3. More hospitals
4. A large waste water treatment plant
5. New bridges and roads
6. More schools and places of education
People who work in construction will have great opportunities. Most construction jobs do not require a safety clearance, and most can be performed by civilians. Guam’s entire infrastructure must be rebuilt, and new expansions will take place at naval bases, the Marine Corps, the Coast Guard, and the Army. People involved in commercial construction, distribution companies, manufacturing or construction workers can easily choose when construction begins.
Some of the jobs available in Guam include:
2. Security people
3. Clerical, 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 purchase and sale of real estate can benefit from the construction.