Nauru real estate is among the smallest in the world, since this is smallest country in the world. It earlier had vast reserves of phosphates which after a century of mining have been totally devastated. This has led Nauru in becoming dependent for all its needs and the country is almost on the verge of insolvency.
The mining ahs also affected the marine waters that surround the island country. It ahs been estimated that at least 35% ? 40% of the marine life has been killed by the runoffs from the phosphate mining that has been carried out. The economy of Nauru was at its peak in the 1980?s but after that it has declined and the National bank of Nauru has been declared insolvent. Nauru doesn?t have any other resources and all of its necessities are imported from other countries primarily Australia.
Mining of Phosphate is still carried out but at a much lower scale and the earnings from this has been placed in Nauru Phosphate Royalties Trust that is intended to provide the citizens with monetary help once the reserves of phosphates have been completely wiped out. Nauru has absolutely no money to even perform some of the basic functions of the government and unemployment rate is estimated to be 95%. While the rest of the people are employed by the Nauru Government. Even tourism is not a major earner, since there is nothing to do on the island and is serviced by only two hotels. As per the 2007 Asian development bank report, the estimated GDP per capita is around $2400 ? $2700.
In the 1990?s it took some rather unconventional choices to generate income. It first became a tax haven and people were offered passports for a fee. After pressure from the international market for money laundering activities, Nauru enforced the anti avoidance law in 2003. From 2001 to 2007, it also served as Nauru detention centre for the Australians. The shutting down of the centre has caused a direct loss of jobs to the citizens.
The real estate market in Nauru is quite troublesome since establishing the rights to the land can be quite complicated. The Nauru real estate for sale is a problematic issue for the citizens of Nauru themselves and understandably can be bad for the foreigners who wish to invest in the Nauru real estate. Along with this the population of Nauru is quite big, but the land mass is extremely limited. This will make the Nauru real estate for sale quite expensive.
Taylor White is an international real estate investor and leading the charge at International Real Estate Listings the worldwide leader in Nauru real estate and Nauru real estate listings. Nauru real estate owners, agents, and developers are encouraged to create an account, upload an unlimited number of listings, write as much creative property details, include a You Tube property video, and it will be activated as a basic listing for 6 months, free.
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