How to buy real estate in Tahiti?
The first question you must ask yourself when you are planning to buy real estate in Tahiti is how to get started. Land titling in French Polynesia can be problematic and the process may take some time. Additionally, there are many existing properties on the island that may have multiple owners. Therefore, you should make sure to be prepared to wait. However, it is possible to buy a luxury home starting at $1 million.
Luxury homes start at $1 million
Prices on Tahiti range from $200,000 for a two-bedroom condominium to $10 million for an island villa. The island is renowned for its white sand beaches and authentic Polynesian lifestyle. While Tahiti may not be known for its real estate market, the luxury market is booming and is expected to continue to rise. One example is a $50 million private island, which includes thirteen luxury wooden bungalows with pools, gardens, media rooms and more. French designer Christian Liaigre has created this island compound, and the owner has partnered with him to build the complex.
The market on Tahiti has experienced tremendous growth in recent years, thanks to the addition of several new resorts and improved air service. The increased tourism has increased employment opportunities and lifted the local economy. As a result, French Polynesians have been investing in Tahiti real estate more than ever before. Interest rates are also lower, which makes purchasing a luxury property easier. However, many rental homes in the island have been turned into Airbnb properties, which has reduced supply even further.
Aside from luxury homes in Asia-Pacific locales, many people are heading to resort regions in Asia-Pacific countries. With the help of local real estate agents, they are building luxury homes near world-class water sports. Bill LeMass, a semi-retired judge from Brisbane, Australia, spends three days a week in his beachfront home. He and his wife spend every weekday in their home.
One of the top real estate developers on the island is ENL, which has been operating on the island for about a decade. Currently, a majority of their properties are completed and occupied. Many of their properties are suited for indoor and outdoor living, and the company has also launched a dozen furnished flats, a first for the island. These properties are already generating good returns. But buyers should be wary of rising prices.
French Polynesia’s land titling is problematic
Foreigners can’t buy real estate in French Polynesia. For this reason, they must obtain governmental permission to do so. European Union citizens are exempt from this restriction. French law governs property transactions, and notaries handle the transactions. For foreign and local buyers, closing costs are the same. The costs include the notary fee, registration tax, and other fees and costs, and can amount to 12 percent of the purchase price.
In addition to the lack of property titling, foreign investors in French Polynesia must obtain a special authorization permit from the government to purchase property in the territory. Projects that generate economic activity and employment are more likely to be approved by the government than the more obvious foreign investment projects. However, there are some exceptions to this rule. For example, a large hotel is a prime example of a foreign investment.
Land titling is not as straightforward in French Polynesia as it is in the United States. Foreign investors need government authorization to buy property in the region and a residence card is required if the purchase is to be for personal use. While foreigners are generally welcome to purchase land in French Polynesia, foreign investors should be aware of the requirements.
While French Polynesia is beautiful and appealing to a romantic vacation, the island culture and language will not appeal to a snob. The clear waters and beaches, the overwater bungalows, the friendly locals and the cost of living will appeal to your soul. In spite of these drawbacks, it is still a great place to buy real estate in Tahiti.
In June 1994, Calinaud published an article in the Revue Judiciary PolynCsienne detailing the problems surrounding French Polynesia’s land naming. The law of land titling in Tahiti was never in line with French colonists’ wishes, and the French administration recognized that. In addition to the lack of land title, it was difficult to determine who owns what land.
Getting title insurance
When you buy real estate in Tahiti, it is essential to obtain title insurance to protect yourself and your lender from any claims that may arise in the future. Without this type of insurance, you may be left paying unexpected costs and even losing your home to a third party that has a chain of title and is trying to collect the money owed. Fortunately, Tahiti is one of the few places in the world where title insurance is required by law, and it’s easy to get a copy of the policy.
The first thing to do is research the different policies and companies that offer them. You may also get recommendations from your real estate agent or seller. But before making a final decision, do your own research and find out which one suits your needs the best. In some cases, you may feel comfortable choosing your lender’s recommendation, but this should be done only after considering your needs and budget. After all, it is in their best interest to sell you the property, so their financial interests may not be aligned with yours.
Purchasing a home in Tahiti is a complicated process. While a buyer can get a home on Tahiti, they must first get approval from the French Polynesia government. If your intent is to start a restaurant or build a big hotel, it’s likely to be approved. However, if you’re buying an existing home, it’s likely that there’s more than one previous owner. Therefore, getting title insurance is essential.
Another important reason to get title insurance when buying real estate in Tahita is peace of mind. You never know when a lien might come up. Your title insurance policy will protect you from the cost of defending a lawsuit. Additionally, it protects your right to sell your home in the future. The last thing you want is to have to deal with a third party after the sale. If you don’t have title insurance, you’ll be stuck with a property that doesn’t have a title.
Finding a place to live
If you are thinking of buying real estate in Tahiti, you have probably already viewed some pictures and have a fantasy about living on the island. However, the reality is not nearly as idyllic as the pictures show. First, you need to obtain residency in the country to purchase property. If you’re not a French Polynesian, you’ll need to acquire authorization from the government before buying real estate on the island.
Once you’ve bought your real estate, you’ll have to find a place to live. It’s a good idea to book a place to stay for at least the first couple of weeks. This gives you the opportunity to settle in and gives you some margin to find “real” accommodation. In Tahiti, the cost of accommodations varies depending on the region. On Papeete, you’ll probably have to spend 40 to 60 euros per night, but that’s still cheaper than staying in a hotel.
If you want to buy real estate in Tahiti, you’ll have to get residency in the country first. A temporary residence permit is required for about six to 12 months, but a residency card is valid for 10 years. You’ll need to spend time on the island to qualify for a residency permit, and you’ll need to obtain it as soon as possible. Obtaining residency in Tahiti can be difficult, but it’s not impossible.