CNMI yields are high, up to 19%
October 18, 2007
|Last Updated: Oct. 18, 2007|
|SAIPAN||COST (US$)||YIELD (p.a.)||PRICE/SQ.M. (US$)|
|TO BUY||MONTHLY RENT||TO BUY||MONTHLY RENT|
|100 sq. m.||80,000||850||12.75%||800||8.50|
|150 sq. m.||170,000||2,100||14.82%||1,133||14.00|
|300 sq. m.||155,000||2,500||19.35%||517||8.30|
|Source: Global Property Guide|
Falling property prices have led to high yields.
A 100-sq. m. house worth US$80,000 can be rented at US$850 per month, providing a rental yield of 12.75%. Bigger properties have higher yields, around 14% to 19.35%.
Property prices are around US$500 to US$1,200 per sq. m.
At present there is no multiple listing service for real estate vacancies in CNMI neither is there any other formal mechanism for an industry-wide participation for the industry members and, thus, no industry-wide data on prices on otherwise.