Tonga Real Estate

Among the top must-see places in the South Pacific is the Kingdom of Tonga. A vast archipelago between New Zealand and Hawaii, it was previously called the Friendly Islands, referring to its hospitable inhabitants who received the early European explorers with warmth, and who continue to eager tourists from all over the world. Its island of Vava'u is famed for its beaches, favorable for serene whale watching and fishing, to the exciting exhibitions of surfing.

Tonga was under United Kingdom in 1900 with the declaration of the Treaty of Friendship. The treaty appeased the turmoil between the local chiefs of Tonga and the British rulers. However, amidst the presence of colonial rulers in Tonga such as the British Consul, the island group remained under the direct command of native leaders, maintaining the power of local governance over the Tongans.

Tongatapu is the kingdom's main island, accommodating almost seventy percent of its total population. The influence of European colonization in Tonga aided in the development of local economy and the construction of business centers especially in Nuku'alofa. Nuku'alofa exhibits the merging of local culture with Western traditions and innovations, not only in the commercial ventures but also in the practical everyday life of the residents.

Diverging from the more developed areas of Tonga, its rural backdrop is primarily agricultural, producing crops such as coconut, banana, squash and beans. Local Tongans process coconuts into copra. Livestock is also a major source of income for the Tongans, raising pigs, poultry and cattle that steadily decrease the region's import and boost local output

The local government implements a development scheme that magnifies the needs of the agricultural sector, introducing improvements in the tools and processes. While Tonga has rich forest lands, about thirty five percent of its total area, a great portion of which is developed into commercial land in support of the thrust for real estate ventures.

Apart from the kingdom's agricultural means, its economy is composed of a non-fiscal division, that is the remittances from offshore credits, most of which are channeled from Tongans employed in Australia. The kingdom's money division is composed of large corporations specializing in telecommunications and tourism, as well as small retail and manufacturing ventures. Most large commercial industries however are foreign-owned while a number of small establishments are controlled by Chinese merchants.

Along the effort to improve the kingdom's economy is the enhancement of business and profit opportunities especially in real estate. In the last ten years, real estate firms and agents have flourished in the country, encouraging the locals, most of which own or inherited a piece of land, to earn extra income by utilizing their property as commercial areas. Some of the Tongan farmers who own plantations of coconut have transformed their land for more lucrative purposes as the demand for coconut and copra has been unfavorable. Fueling the Tongan real estate is tourism as numerous hotels of up to four-star accommodation line the islands' beautiful coast. Tourism in Tonga also has other leisurely features such as golf courses, vacation homes, and waterfront resorts. Nevertheless, Tonga also offers raw adventures for backpackers. The sale of vast residential areas in Tonga rose in the last decade, especially in Taveuni. Tongan firms have gone far as by making viable properties available on line and coordinating with the local authorities to make the acquisition of real estate convenient even among interested parties. Financial institutions offer leasers as suitable as fifty years. However, the Tongan government is cautious about foreign investments, limiting economic sectors such as infrastructure and land transportation from foreign ownership to ensure the success of the locals.