Property for sale in Northern Mariana Islands

Is the largest island and capital of the United States Commonwealth of the Northern Mariana Islands (CNMI), a chain of 15 tropical islands belonging to the Marianas archipelago in the western Pacific Ocean. Get more information on property for sale in Saipan.

Is a commonwealth in political union with the United States located at a strategic location in the western Pacific Ocean. It consists of 15 islands about three-quarters of the way from Hawaii to the Philippines.

The Commonwealth of Northern Mariana Islands or CNMI is self-governing, but politically linked to the US. The CNMI has one of the smallest land masses among the South Pacific Islands

Real estate prices in CNMI have fallen by as much as 90% in some areas since 1997. Building permits have slumped from a year high of 597 in 1999, to 292 in 2006, an all-time low.

CNMI building prices tend to be volatile as a result of Article 12 of the Constitution, which bars foreigners (Non-Northern Marianas descent) from acquiring real property fee simple. Local law requires property owners to be of at least 25% CNMI descent.

Once a suitable property is found and an agreement regarding the lease price have been reached a visit to CNMI’s Land Commission and Recorder’s Office to check that the records confirm that the land is in fact owned by the party contacted. The land or property should next be surveyed and a clear description of boundaries is expected to be incorporated in the lease agreement. The lease agreement is then filed with the Recorder’s Office with a cadastral map attached.

Saipan, Northern-Mariana-Islands is has plenty of relatively inexpensive apartments and rental houses. Apartments for low to moderate incomes are available. New communities’ development projects are in progress to the south and southeast of the city. Also, some surrounding areas allow mobile homes. In Saipan, if a property is situated in a high-risk area it will be much more expensive to insure.