Palau real estate is quite cheap and can only be leased, unlike the international real estate market. The lease periods are for a maximum period of 99 years.
Palau is officially known as the Republic of Palau and gained it’s sovereignty in 1994. Prior to this, it was a territory of the USA and is an island nation which is located in the Pacific Ocean. The country gets significant financial help from the US and under the Compavt Free Association, the right of Palau’s defense and military establishment is with the US.
Palau is carved into 16 states and these are known as municipalities. There are several islands , but the islands that have the most real estate in Palau are Angaur, Babeldaob, Koror and Peleliu. These islands are also the most populous among the other islands. The economy is Palau consists mainly of tourism and fishing. Subsistence farming is done by people. Most tourists come here for snorkeling and diving and in 2001 numbered 50,000. There are no property taxes for those that purchase real estate in Palau. Other taxes are moderate and the income is taxed in brackets of 9.3%, 15% and 19.6%. The corporate taxes for the businesses are 4% while general sales tax is charged at 7.5%.
The current population is around 21,000 and 70% of them are natives to Palau. Palau real estate for sale can be leased for a minimum period of 50 years and all amenities are provided. Palau has an international airport that has direct flights to Guam, Taipei, Manila and even Tokyo and Narita. Cruise, container and military ships also dock at Malakal harbor which is situated outside Koror. The country doesn’t have any railways and about 50% of the roads in the country haven’t been paved. Taxis are only available in Koror and the rates can be negotiated between the passenger and the driver as there are no metered taxis.
The real estate in Palau is relatively inexpensive and a 10,800 square feet lot would costs about US$100,000 for a 50 year lease period and a one time payment. Those that aren’t native to Palau can lease the properties for a period of 50 years with an extension for further 49 years. Sometimes there are land disputes that happen since the ownership of the lands isn’t very clear. Many of the lands may be jointly owned by the clans or may be individually owned. This is one f the problems that affects the foreign investment in the Palau real estate for sale. Beautiful villas and luxury apartments are available for sale that face the sea and are located on the mountain side.
Taylor White is an international real estate investor and leads the charge at International Real Estate Listings the worldwide leader in Palau real estate for sale, Palau real estate exchanges, and Palau rentals . Palau 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.