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Housing
The rental market on Guam remains soft, giving a renter a good selection of apartment, condominiums, and houses. Most residential leases are for one to three years. A security deposit of one month’s rent is standard, but there is no “key” money required. Most rentals are unfurnished but include appliances such as range, refrigerator, garbage disposal, water heater, and air conditioners. Generally, larger apartments and condominiums include water and cable TV in the rent. Larger complees include amenities such as a swimming pool and tennis court. The following is a summary of average monthly rent rates:
| Mid-Level Rentals |
| Two-bedroom apartment or condominium |
$650-$900 |
| Three-bedroom apartment or condominium |
$900-$1200 |
| Three-bedroom houses |
$1200-$1700 |
Executive Rentals |
| Two-bedroom apartment or condominium |
$1300-$1600 |
| Three-bedroom apartment or condominium |
$1600-$2750 |
| Three-bedroom houses |
$1800-$3000 |
These rates are averages and are in U.S. dollars per month. Average utility bills run at $200-$300 per month for two-bedroom units, and between $250-$350 per month for three-bedroom units. Cable TV which includes over 60 channels, has a basic service rate of $46 per month.
Condominiums and houses are available for sale in Fee Simple. There are certain restrictions to foreign individuals purchasing properties, but corporations registered on Guam can purchase properties freely. Purchases are usually handled at title and escrow companies with title insurance available to protect buyers. The following is a list of average sale prices as per the 2004 Guam Multiple Listing Services:
| Mid-Level Units |
| Two-bedroom condominiums |
$90,000 |
| Three-bedroom condominiums |
$150,000 |
| Three-bedroom houses |
$180,000 |
| Executive Level Units |
| Two-bedroom condominiums |
$200,000 |
| Three-bedroom condominiums |
$300,000 |
| Three-bedroom houses |
$300,000+ |
Land Opportunities
Excess Federal Lands Nestled in the middle of Guam is a military base the U.S. Navy used during the
first half of the 20th century. As part of the Base Realignment and Closure decision of the U.S. Congress in 1993, the U.S. Navy terminated its operation in the Naval Air Station in Agana. To counterbalance the significant economic impact on Guam caused by the closing of the former Naval Air Station, now known as "Tiyan," GEDA has developed a re-use plan aimed to provide opportunities to stimulate Guam's economy, creating long-term employment and maximizing financial returns to the investor as well as to the original Tiyan landowners.
In September 2000, the U.S. Navy conveyed a total of 1,800+ acres of excess federal lands via quitclaim deeds to the Government of Guam, the single largest land transfer since 1950. Plans for the property deeded to GEDA for economic development purposes include a free trade zone (89 acres), commercial plaza (49 acres), government center (66 acres), and industrial park (31 acres).
Located atop the Tiyan Bluff in central Guam, the Tiyan Economic Development Zone is situated within the most heavily populated areas and within a two mile radius of the majority of the island's business and tourist destinations. It is close to the international airport, Guam's main post office, and the main thoroughfares that traverse the island. Commercial, industrial and warehouse facilities and land in the area are adequately serviced by water, sewer, and supportive infrastructure.
Projected growth will occur as a result of increased local demand, development of the islands in Micronesia and expansion of the Asia-Pacific markets. GEDA will be recruiting qualified investors through the issuance of requests for proposals for the development and economic use of these facilities. To receive such requests for proposals, interested parties may contact GEDA at the addresses shown below:
Guam Economic Development Authority
Suite 511, ITC Building
590 S. Marine Drive
Tamuning, Guam 96913
Tel: (671) 647-4332 Fax: (671) 649-4146
Email: investguam@GEDA.guam.net
The local government is fully committed to promoting the viability of businesses and welcomes foreign investment. A public-private partnership to develop the Tiyan Economic Development Zone will foster profitability while allowing the Government of Guam to achieve its developmental, employment and modernization goals.
Private Lands for Development
There are privately owned lands that are available for sale, lease or development under a joint venture. More information regarding these properties can be obtained by contacting the Guam Board of Realtors at http://www.guamrealtors.com. GEDA’s website at http://www.investGuam.com also contains a Land Information System (LIS) describing government and privately-owned properties for development.
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