Market Insights Of Kiribati Real Estate
Kiribati real estate is really small as it consists of 33 islands out of which 20 are inhabitated. It was earlier known as the Gilbert Islands. Compared to the rest of the international real estate scene, these are some of the most isolated properties.
Kiribati real estate is one of the most spectacular, but almost all of it is owned by the native inhabitants. Foreign investors are not allowed to own any Kiribati real estate for sale. The leasing of the Kiribati real estate by the foreigners is also quite tough as there are many ownership disputes. In almost all cases, the Kiribati real estate has a number of co owners and this makes it hard to lease the land.
The real estate in Kiribati is also at a high danger from the rising sea levels. Typhoons are common and can cause havoc on property and investments. The International Date Line used to pass through Kiribati, but the government moved the line to the east in 1995 to ensure that the whole country follows the same time. At the start of this millennium, it became the first country to welcome the New Year.
The country has shown a growth rate of approximately 3.8% in 2008 and the GDP per capita is U$3200 (as per 2008 statistics). The terrain is mostly low lying and is surrounded by sea. The total land area is only 811 square kilometer. The Kiribati real estate listings are few and far between and are seldom represented in the international real estate market.
Kiribati is threatened by the rising sea levels as the coral islands are located juts a few meters above the sea level. In 1999, two small islets of Tebua Tarawa and Abanuea went underwater. It ahs been predicted that by year 2100, when the levels of sea rise further, several more islands would have gone underwater and the arable land wouldn t be available. This is largely due to the increased levels of soil salination.
Kiribati remains one of the most impoverished countries of the world. The most exported products are copra and fish. Tourism is the one of the most important industries and contributes almost 20% of the GDP for the country. Aid donations come from primarily 3 countries that include Australia, New Zealand and Japan and can even comprise 50% of the GDP. Its main trading partners are Australia, USA, France, Germany and Hong Kong.
Kiribati was granted it s independence in 1979 from the UK and is now part of the Commonwealth nations. It has also become a member of the UN in 1999.
Taylor White is an international real estate investor and leads the charge at International Real Estate Listings the worldwide leader in
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