With the Philippines’ improving economy, numerous foreigners are setting their sights the country for the purpose of investing in real estate. While the law prohibits them to buy their own land, it is possible for foreign nationals to acquire condominiums.
Chinese, Japanese, and South Korean investors, for example, are among the biggest buyers of condo projects in the country.
Here are the top 5 reasons why expats favor the Philippines when it comes to property investments:
- The Philippines is more “global.”
Foreigners would feel right at home in the country. In Bonifacio Global City (BGC), for example, is home to many international brands such as Adidas, Krispy Kreme, Nike, Old Navy, and more. Essential establishments such as shopping malls, first-rate hotels, and restaurants can be easily found as well.
Compared with other Asian countries, the Philippines is also known not only for having a lot of Western brands but for having a high English-speaking population rate. Communicating with the locals will not be a problem for the most part.
- Filipino culture.
Another consideration that draws expats to the Philippines is the unique culture in the country. Interestingly, the culture seamlessly blends eastern and western influences which results into a fascinating environment that will make foreigners comfortable during their stay. This is reflected in the food, fashion, and even holidays that Filipinos celebrate.
- Greater gain.
Many investment experts agree that the Philippine real estate offers “appreciation, and reasonable rental yields”. As the US dollar and Euro drop in value, properties in the Philippines are seen as a better way of getting money back. Some say investors can expect to get a return of 7% in average. The rental market is stable and so securing a one-bedroom condo unit in Makati, for instance, and renting it out can be a good idea.
- Cheaper cost of living.
A huge perk of investing in a Philippine property is that the cost of living here is much more affordable compared with other countries. Renting large apartments in the metro, for instance, would merely cost around Php 40,000 to Php 80,000 while smaller apartments would typically range between Php 15,000 to Php 25,000. Actually, there are even boarding houses that can be rented for about Php 4,000. All these factors considered can really make a big difference for expats as they make a decision.
- Fantastic tourist spots and tropical climate.
The Philippines has everything from white sand beaches and underground rivers, to everything in between. You’ve got Boracay, Bohol, Cebu, Baguio, Palawan, Tagaytay, Mindoro, and all these wonderful areas with scenic tourist spots. In short, you’ll never run out of places to go and fun activities to do, both indoors and outdoors, if you are here.
Of course, who could forget about the wonderful tropical climate? Foreigners who want to take a break from winter will find the warmer environment in the country to be very pleasing.
These are just among the many reasons why foreigners love the idea of investing on properties in the Philippines.