Insiders Perspective Of New Caledonia Real Estate

Insiders Perspective Of New Caledonia Real Estate

New Caledonia real estate is very limited. It has a special status as a Sui generic collectivity of France and is located in Southwest Pacific. The New Caledonia is made up of the main island known as Grande Terre, the Loyalty Islands and many other smaller islands. The real estate in New Caledonia is only half the size of Taiwan and the population here is estimated to be around 250,000 as per 2009 statistics. The capital of New Caledonia is Noumea and this is also the largest city in the territory.

Till 201, it is a territory of France after which it can decide to stay as an autonomous state within France or become an independent state. This will be decided by a referendum which would be held between 2014 and 2019. The territory is extremely rich in minerals such as nickel and other precious metals tat are of significant use in industries. The territory has over 25% of the world’s nickel resources. Tourism is the second biggest earner for the GDP and is now the favored destinations for many tourists that come from Japan, Australia, France and New Zealand. Almost 93% of the exports are those of minerals and alloys and this was valued at US$ 2.11 billion in 2007. More than 25% of the imports are from France while the rest are from Singapore, Australia, New Zealand, United States and Japan.

The purchase of real estate in New Caledonia is difficult since there are ancestral rights to land ownership. It is also difficult to lease the real estate in New Caledonia also. Currently there are extremely view properties for New Caledonia estate for sale. New Caledonia rentals are very few and the yield information for the New Caledonia rentals isn’t available as of now. The prices for a two bedroom flat that ahs a private car park and cellar is currently priced at 2011220 euros for a new construction and the total covered area is 68 square meter. Many of the flats face the sea and this increases the value as well. This leads to limited space, high demand for area and thus high prices.

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