Condotel Boom Spurs Foreign Frenzy!
Posted on September 26, 2011 by admin
Condotel Boom Spurs Foreign Frenzy!
The Philippines have always been a popular tourist get-away and boasts some of the most beautiful destinations in Asia and possibly, the world. From the beaches of Boracay to the walls of Coregidor, from the hills of Bohol to the cobble stone streets of Vigan, from the quiet view of a perfect volcano in Bicol to the busy streets of Quiapo. There is always something to visit in the Philippines. But now-a-days, tourism is not the only reason why foreigners flock to our country. For the past few years, the Philippines’ Real Estate industry has been steadily growing and that the Condotel concept is next in line to benefit the most. More and more developments like condotels, condominiums, sub-divisions, and townhouses to name a few start to appear everywhere and because of the local’s relatively low demand for land, prices of properties here are considerably affordable – dirt cheap when compared to other countries’ very high land value. This, in return, is also attracting foreign businessmen to invest and develop different types of properties in our country. In fact, real estate agents and OFWs based in London are taking advantage of the cheap Philippines real estate market and easy terms of payment to acquire different investment properties in Manila and/or Cebu. Buyers from all over the world like UK, Scotland, and Australia are showing great interest in investing in a condotel unit here in the Philippines. According to PLC Global Pinoy, an internet based marketing network specializing in Condotel Investments in the Philippines, 85% of condotel sales in Manila are generated by foreign investors. While these type of numbers only apply to Metro Manila’s market, provincial areas, Cebu in particular, has experienced a fast-paced growth in the number of foreign buyers in the past few years. These foreigners and OFWs are the types who would want to maximize their money’s value and are looking to invest on a property that provides good ROI and/or serve as their 2nd home.
The Philippines, right now, is considered a “buyer’s market” in terms of real estate investment opportunities. This is when an industry has more supply than demand hence making the commodity or service cheaper. In this case, the number of properties available in the Philippines is greater than the number of people looking to invest on land. Besides being a buyer’s market, Philippine real estate is also considered a prime investment. Prices remain competitive amidst the global financial crisis. These are brought by several factors like the growth of tourism, offshoring and outsourcing boom, the retirement industry, and OFWs investing in Philippine properties.
