The future of real estate in the Cook Islands is looking to be more promising than ever, with overseas investors showing a high interest especially in the light of the global Covid-19 pandemic.
A leading Cook Islands real estate agency is
attracting interests from overseas buyers who are wanting to invest in local
Jeff Tikitau Real Estate Limited has listed a number of residential and commercial properties for sale.
According to the company spokesperson
Wilkie Rasmussen: “There is no heavy increase nor decrease in properties being
put up on the market, however there are a few fairly serious interests in the
Cook Islands from overseas buyers.”
“This has certainly been a difficult time
for property and business owners who have suffered immensely in attempts to
keep themselves afloat, and although businesses are certainly under pressure to
sell, the aid of the government’s subsidy money has provided them with extra
Property value has certainly not decreased, with many owners using this time to
undergo renovations which are sure to further heighten the interests of future
A minor standstill for the industry due to
Covid-19 is proving to be more of a “time issue” than one that is affecting
property value. “Investors are not running away and real estate is certainly
not in dire straits. On the contrary more opportunities are seeming to open
up,” said Rasmussen.
One of the island’s most renowned
restaurants in Arorangi has been on the market for nearly two years now.
The owner, who wished not to be named, stated that there has definitely been
interest from overseas buyers especially during the lockdown period in New
Zealand where people were inside and pondering about potential futures in
Time seems to be the only issue for these
investors. “Once borders are open, they are sure to pounce,” the owner said.
Rasmussen said: “Countries like the United States have their eye on the Cook Islands right now, with their interests sparked by Jeff Tikitau Real Estate’s fairly international profile.”
These investors are interested in
approaching the Cooks as it is a desirable location for the entertainment and
film industry. The Cook Islands first of all being relatively unheard of in the
eyes of major first world countries create appeal for this industry, along with
being Covid-free and with no giant rush of media presence.
“We are in the process of developing
business strategies that will accommodate those interested and that will
satisfy the government’s rules and regulations of how and why overseas
investors should be allowed in, with regards to investment, and investment
codes especially for foreigners,” said Rasmussen.
“Those interested will have to demonstrate
to us that they are serious about investing in our country concerning this
particular industry of film. Extremely delicate care will be taken to ensure
that the country’s resources, culture and local heritage will not be exploited
as a result of these potential investments.”
As the country continues to heal and deal
with the repercussions of the collapsed tourism industry, a refreshing concept
approaches over the horizon sparking hopes for a promising future filled with
opportunity for the real estate industry.