At Least 7,000 Housing Units Needed For Buildup in 2011

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Guam- Current real estate trends on Guam are being analyzed to gauge the future housing impact of the military buildup.

At Monday’s Rotary Club of Northern Guam meeting, Captain, Hutapea and Associates Managing Partner Siska Hutapea told members, based on estimated population growth scenarios, at least 7 thousand units are needed to support the island’s growth starting in 2011. Hutapea also says while real estate sales are finally starting to pick up, it’s important for the island to prepare for downward trends in the years following the military buildup.

“We don’t know if it’s going to be 5 years or 10 years of growth, but it’s going to be between 5 to 10 years of strong growth” said Hutapea. “But it will definitely have an end to it, and we have to be prepared in terms of planning and it’s not going to be great years all the time.”

Hutapea also estimates that $325 million will be made in the local real estate market at the end of 2010, which is less than half of the $686 million made during Guam’s real estate peak in 2007.