With some of Asia's best beaches and more than 7,000 islands to choose from (some of which can even be bought), more and more international investors and retirees have started to take a much closer look at the Philippine real estate market as a retirement or holiday destination.
Location, Location, Location. The Philippines is located roughly an hour by plane from Hong Kong. In fact, its possible to work in Hong Kong and then commute back to the Philippines on weekends where residential real estate, especially luxury residential properties, are a fraction of the price of comparable properties back in Hong Kong. Moreover, the Philippines is just a few hours by plane from most major Asian cities - making the country an excellent location to have a vacation or holiday real estate property.
Low Costs. Residential real estate in the Philippines remains significantly cheaper than residential real estate in most other Asian markets. In fact, Colliers'
1Q2011 Philippine Real Estate Market Report noted that selling prices for luxury 3 bedroom condos in the exclusive Makati CBD, Rockwell and Fort Bonifacio areas were Php120,000 per sqm ($2,800), Php125,000 per sqm ($2,900) and Php103,000 per sqm ($2,400) respectively. Meanwhile, monthly rental rates for luxury 3 bedroom condos (250 to 290 sqms) were Php560 per sqm ($13), Php736 per sqm ($17) and Php636 per sqm ($15) for each area respectively.
Lifestyle Choices. Upmarket real estate developers in the Philippines such as the Ayala Group and even middle income real estate developers have become increasingly creative in their property and residential real estate development offerings and choice of locations. For example: There are now developments along the country's beautiful beaches that could easily rival what Phuket or Bali have to offer (and sell for a fraction of the price). Meanwhile, those who prefer the excitement of city life have a wide range of residential real estate options to choose from in major Philippine cities such as Manila and Cebu.
Improving Economy. Finally, the economy of the Philippines and its real estate market has largely weathered the
global economic downturn thanks to remittances sent home from Overseas Filipino Workers (OFWs) and the booming call center, BPO and outsourcing industries that's creating a growing middle class at home. In fact, these two economic pillars have helped to both sustain and grow the Philippine residential real estate market for middle and lower end condominiums and homes.
