Real Estate

Great Real Estate Opportunities on Saipan!

 

Saipan-aerial-coastSaipan is situated in an excellent location for the Pacific Basin business growth, just about 3 to 4 hours from every important center of business in Asia – Tokyo, Seoul, Hong Kong, Manila and Taiwan, and only 6 hours from Australia. This means that Saipan is actually located within 2 to 3 thousand miles of over 1 billion people. This presents tremendous investment opportunites in real estate.

If you decide to live or retire on Saipan, one of your first priorities will be to locate suitable housing. You will find a broad range of rental options available on Saipan. Overall, you will find rents much cheaper than in the U.S. One can find furnished studio apartments, generally starting around $200 per month, to one and two bedroom furnished apartments in the $400-$600 range, to luxury condominiums in the $800 and above range. Most are beachfront or within walking distance to beautiful white sand beaches. Additionally, there are single family homes available that typically run about $500 per month and higher. Most of these apartments and homes are usually furnished with air-conditioning…..because the year-round temperatures stay in the 70s-80s most of the time, I never use my air-conditioner, just a fan keeps me comfortable. Many rentals are within walking distance to shopping, but if you can’t walk, taxis are cheap, charging only $3! Two of the commonly used real-estate companies, who can help you get an idea of some rental options before your arrival, are Saipan Property Investments, and Saipan Real Estate.

Many of the long term expatriate families on the island eventually end up “buying” a house. The CNMI constitution limits ownership of land to people of CNMI descent, i.e. Chamorros and Carolinians. Other individuals can lease land for up to 55 years. So, buying a house is a bit different, in that you are actually leasing the house for a maximum of 55 years. To get around this problem and guarantee permanent ownership, you may include an option to renew for an additional 55 years upon negotiation. It takes a while for most people to become comfortable with this type of ownership, but, because of the island’s cheap real estate prices, most expatriates are very happy with their decision to lease land and build a house, or to lease a home for 55 years. This law is currently being debated, so there is a chance it will soon be altered or eliminated entirely. The CNMI Government does not impose property tax on real estate properties so investing in the CNMI real estate market is an attraction for outside investors or individuals looking to relocate to the CNMI. Two real-estate companies, who can help you find your dream beachfront home are Saipan Property Investments, and Saipan Real Estate.