Northern Mariana Islands real estate is very limited and the majority is available in Saipan. The prices are quite reasonable and haven’t really risen as in international real estate.
Northern Mariana Islands is officially known as the ‘Commonwealth of the North Mariana Islands CNMI’. This is in commonwealth with the United States and is comprised of 15 islands. The biggest market for Northern Mariana Islands real estate lies in Saipan, one of the most heavily populated islands. Currently the population of the Northern Mariana Islands is around 81,000 as per the last census that was done in 2005. Almost 90% of the population lives in Saipan and some of the islands don’t have any population.
The Northern Mariana Islands relies heavily on the subsidies and the aid that it gets from the United States. The most important industry is tourism from Japan, but since 2005, the figures have gone down largely. Earlier, it was a free trade area and this gave it an advantage over the US. The labor rates were much cheaper at US$3.05 and this helped it grow as a major exporter of readymade garments with the tag “made in USA’. However the weaker labor laws during this time also led to the exploitation of the labor, child prostitution and sweatshops. Currently the wage schedules and other labor laws are also been enacted and this has put a strain on the garment manufacturing unit.
Only natives of Northern Mariana Islands can own the Northern Mariana Islands real estate; however outsiders can lease the real estate in Northern Mariana Islands. The total are that is available for the real estate in Northern Mariana Islands is about 464 square kilometer.
The real estate in Northern Mariana Islands is of importance to those that have retired as the amenities are on par with that of the US, but lacks the high paced living there. Non residents can lease the properties and aren’t required to pay any property tax. A house that is 4300 square feet in Saipan would cost about US$180,000 with included garages, 3 bedrooms, included appliances, telephone and cable TV and other amenities. This is quite reasonable in comparison to the prices for the international real estate market.
Much real estate for sale listings is also available on other islands such as Papagos. Commercial properties for the tourists are also available in the area of Garapan. Many beach homes and other luxurious beach homes and villas comprise the real estate in Northern Mariana Islands in San Antonio and Chalan Kanoa.
Taylor White is an international real estate investor and leads the charge at International Real Estate Listings the worldwide leader in Northern Mariana real estate for sale, Northern Mariana Islands real estate exchanges, and Northern Mariana Islands rentals . Northern Mariana Islands real estate owners, agents, and developers are encouraged to create an account, upload an unlimited number of listings, write as much creative property details, include a You Tube property video, and it will be activated as a basic listing for 6 months, free.