As Honolulu residents struggle with the high cost of housing and a median home price of $720,000, the median price of a home on Guam remains much more affordable at $210,000.

But the real estate market in the U.S. territory is surging due to growing tourism and military industries, the Wall Street Journal reported.

The newspaper reported that sales of single-family homes on Guam increased 52 percent over the past three years.

Even though home sales are rising, only seven homes sold for more than $1 million from August 2014 to September 2015.

“The highest sale of the year so far, which closed in September, was a 2,871-square-foot home overlooking Tumon Bay on a street called Paseo de Oro, or “avenue of gold,” considered one of the island’s premier streets,” the article said. “The home, which was listed for $1.58 million, received multiple bids within several weeks and sold for $1.68 million to a local businessman and his wife, according to public records.”

Click here to read more from the Wall Street Journal.

About the Author