Wallis and Futuna Islands Real Estate Market is Small - Real Estate

Wallis and Futuna Islands Real Estate Market is Small   by Taylor White

in Real Estate    (submitted 2011-08-13)

Wallis and Futuna Islands real estate is very limited. Almost all of the islands are inhabitated. The real estate prices are on the same level as the rest of the Polynesian island countries and territories in accordance with the rest of the international real estate market.

Wallis and Futuna Islands are a French overseas collectivity since 2003 and are located in the Pacific oceans. Neighboring islands are Tonga, Samoa, Kiribati islands and the islands of Tokelau. The total land area is 264 square kilometer and it has a population of about 15,000. Mata-Utu is the capital city and is also the biggest city. The comprises of two island groups that include the Wallis island groups, the Futuna island groups (these are separated by 260 km distance).

Wallis and Futuna Islands GDP were 188 million dollars at market exchange rates in 2005. The per capita GDP was US$16,640 in 2005. About 80% of the people are involved in subsistence farming and earn their income from agriculture and livestock. Most of the country's revenue is derived from the subsidies and aid that comes from the France, licensing of the fishing rights that have been granted to Japan and South Korea and remittances that come from the expatriates that live in New Caledonia, French Polynesia and France.

Industries derived from agricultural products function here and the major industries are copra, handicrafts, fishing, lumber etc. even then, Wallis and Futuna Islands imported US$ 63 million worth of commodities that included manufactured goods, fuels, and clothing and transportation equipment from Singapore, France, Australia and the New Zealand.

The real estate is quite limited here and there are few properties that are available for real estate for sale.

Wallis and Futuna Islands can be reached by yachts that will steer near the petroleum wharf rater than dock at Mata'Utu, since there is more room. Regular cruise ships or ferries don't come here and the place is still not been explored by commercial tourism that bring cruise ships, and holiday makers with their packages.

The Wallis and Futuna Islands can be reached through air services and the only airline that operates here is the Aircalin that operates 3 flights a week from New Caledonia. No other airline of the South pacific or the Polynesian group of islands comes here. This is the reason, that there is not much tourism development on the Wallis and Futuna Islands. Most British citizens and French nationals don't require a visa to visit the islands; however they would a valid passport to visit the islands. Nationals and citizens of other countries would require a valid visa from the French Embassy.