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Condotel Investments by Foreigners in the Philippines taking off!
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Over the past decade, the Philippines has become a retirement haven for thousands of foreigners, particularly the Japanese, Korean, and Northern Europeans. Along with Thailand and Malaysia, the Philippines developed communications, infrastructure, and service delivery systems specifically geared to meet the needs of foreign retirees. Better yet, unlike most European Countries and South America, nearly everyone speaks English in the Philippines.
As such, the Philippines offers a myriad of investment opportunities in the real |
estate field for those seeking a retirement haven. Condotels have been a popular choice for this particular clientele. |
Condotels can go for as little as $50,000 or GBP 30,000 in the Philippines.
Condotel Investments in the Philippines can benefit property investors in several ways. Real estate value appreciation is initially reckoned to be 100% for early investors. They will also get projected Rental Incomes on their units of up to 16% per annum.
Buyers from the UK, Scotland and Australia interested in purchasing investment properties and holiday homes have been making phones busy in real estate houses in the Philippines. A lot of this interest is being driven by the relatively cheap market prices in the Philippines compared to Europe, specially UK Housing prices, and the easy payment options available.
Studies have indicated that more than 85% of all Condotel sales in Metro Manila were to international clients. While such a level of foreign-purchasing activity is not as high in the Philippines provinces, Cebu in particular, has seen a sharp increase in real estate purchases by international buyers in the past several years.
Unlike other offshore rental properties, where the rental market is largely seasonal, in the Philippines there is a strong market for rental properties year round. This gives buyers greater flexibility in choosing when to use and when to rent their property. The strong rental/second home market also has resulted in a proliferation of professional property managers and rental agents, making property ownership and rental easy.
Financing Options and Security open up Philippine real estate market to International buyers. Previously a stumbling block for some international buyers was the perception that it is difficult -if not impossible - to obtain financing in the Philippines. As a result, many purchases in the past were cash sales.
Philippine real estate, medical, social services, and employment agencies are now working together under the government's Philippine Retirement Authority (PRA) to set up standards and make the retirement industry truly world class. Under the direction of Gen. Edgar B.Aglipay, chairman of the Philippine Retirement Authority, plans have been operationalized to ensure that the growing demand for housing and ancillary services for the retirees are met. The objective is to turn the country into the retirement haven in Asia.
The Philippines offers a significantly lower cost of living. The Philippine Peso (PhP) exchange rate is approximately PhP 50 to $ 1.00 or PhP 94 to 1 Pound [Sterling (GBP)]. Housing, food, and labor costs are quite reasonable. A One bedroom condominium can be purchased for around $ 60,000 or GBP 32,500 or a Studio for only $ 34,000 or GBP 18,000 and one can dine out on average at a three star restaurant for less than PhP 500. If you hire domestic help, a private driver's salary is approximately PhP 10,000/month, while trained housekeepers earn approximately -PhP 5,000/month. These salaries are lower if you live in the provinces.
Cable Television, Hi-Speed Internet and Satellite Communications are cheap. One can hire an air-conditioned taxicab for eight hours for less than $25.00.
As for health care, most U.S. Health Management Organizations pay for medical expenses incurred in the Philippines. Check with your HMO. The Makati Medical Center, one of the nation's best already has such accreditation. Unbeknown to many is that for years, citizens of nearby countries such as Thailand, Nauru, Tonga, Indonesia, and Malaysia have flocked to the Philippines for medical care, particularly sensitive surgical procedures. The quality of medical care at the better Manila hospitals such as the Asian Hospital, St. Luke's, Medical City, Cardinal Santos, Philippine Heart Center for Asia, National Kidney Institute, and Makati Medical Center meets international standards.
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