How to Buy Real Estate on the Cook Islands
The Cook Islands are a democratic sovereignty of 15 small islands near New Zealand. Tourism on the islands has been growing over the past few decades, and has reached a point where the flow of tourism has become a small industry. This growth has had direct effect on the property market. Those looking to buy property on the Cook Islands should follow these steps.
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Instructions
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Determine your reasons for buying Cook Island property. Finding a nice retirement cottage or even a luxury beach home will take you along a very different path than looking to invest in property or a Cook Island business. Either way, since property on the island is leased by Maori clans and is not sold, you should consider how long you intend to use the property and what it will be worth to you over time.
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Start looking in Raratonga. Raratonga is the most visited island of the Cook Islands with roughly 10,000 residents. The country's only international airport is also located on Raratonga, so travel, business and shopping are easiest on this central island.
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Look to the smaller and less populated islands for speculative and secluded real estate. The High Cook Islands are the best group to start with, as many of the other island groups are atolls or tiny uninhabitable cays. Start by checking out Mangaia, the second most populous of the Cook Islands, which has direct air connections from Raratonga.
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Contact a local real estate agency. Doing business in the Cook Islands is quite different from business on Western mainlands. The Maori clans who govern the islands operate according to very specific laws and customs. Consult with a local real estate concern such as Raratonga Realty for expert advice on buying property in the Cook Islands.
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Travel to the islands before you buy. It's important to see the property and consult with officials in person before signing the documents and transferring funds. You need to clearly understand the special lease and zoning structures of Cook Island property arrangements before you take the plunge.
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