British Nationals and those married to Filipinos are fueling a boom in Philippine Condotel Investments as more and more look to overseas property as a secure investment option and for retirement. It is estimated that at least 350,000 British choose to turn their backs on the UK every year and already around 8% of the country’s population live overseas - higher than the French, Italian or American ex-pat figures.
Manila, Philippines -- (ReleaseWire) -- 12/06/2006 --It is estimated that at least 350,000 British choose to turn their backs on the UK every year and already around 8% of the country’s population live overseas - higher than the French, Italian or American ex-pat figures.
Beth Collingz, Director of PLC International Marketing, an Internet based website dealing with Condotel Investments in the philippines said “With relatively few bargains are to be found in the UK, many British Nationals as well as those married to Filipinos are looking abroad to invest in a cheap holiday home for either short term investments or as part of a long term pension plan. Far more people however, are now buying Philippine property as second homes, buy-to-let investments or as an alternative to failing pension plans”.
Research revealed that more than 29 million Brits would like to buy a property abroad and that 11 million could realise that wish within the next five years.
So why are the British so keen to buy abroad and in particular the Philippines? Several reasons can be attributed for overseas property investment: the first is owning foreign property has become much more acceptable due to global communications and international investment standards such as Escrow Banking being adopted around the world. Secondly, with property prices continuing to rise in the UK, the option of investing in a second property at home is simply out of most people’s reach - add to this the low cost of property in the ‘emerging’ markets of Southeast Asia and the Philippines, for example, and its easy to see why Brits are keen to invest abroad.
Investments in Condo Hotel or Condotel properties, the so called “buy-to-let” investment options in the Philippines provide either short term investments or can be made part of a long term pension plan. For those whom are looking to make investments for the future or prior to retirement, the Philippines offer 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. At the moment a One bedroom Freehold condominium can be purchased for around $ 60,000 or GBP 32,500 or a Studio for only $ 34,000 or GBP 18,000
“Where can you find a 350 sqft Freehold Flat in the heart of Central London for only 25,000 Pounds and then get up to 18% per annum ROI from rental returns UK Tax Free” enthuses Collingz. “These figures probably seem Crazy to London Property Buyers unless they remember the prices of Flats and Apartments back in the late 70’s” and all of this comes complete with average 85 degree temperatures and sunshine nearly all year round” said Beth Collingz whom used to live in South Kensington and still owns several Chelsea Embankment Townhouses and St. Catherine’s Dock Flats before coming over to the Philippines
If you have $50,000 or GBP 30,000 to invest, here are some buys you could make right now with that budget:
1. A Freehold Studio Condotel Suite at the Lancaster Atrium Manila for Initial Property Appreciation Investment and Rental Income from 2010 in Metro Manila, Philippines. Floor Area 28.17 square meter [304sqft] at $1,518.00/sqm. Total Contract Price: USD 42,762.06. Pay Cash and take a full 20% discount [Save USD 8,552.41] on the unit price. Pay 90% Now [USD 30,788.68] and the remaining 10% [USD 3,420.96] on unit turnover from December 2009
2. A Freehold Studio Condotel Suite at the Lancaster Suites Manila for Rental Income from 2007 in Metro Manila, Philippines. Floor Area of 27.23 square meters [293sqft] at $1,618.00/sqm. Total Contract Price: USD 44,058.14 [Tax Exempt]. Pay Cash and take a 10% discount on the Contract Price. Save USD 4,405.81 Pay 90% of the contract price now [USD 35,687.09] and the remaining 10% balance [USD 3,965.23] on unit turnover from March 2007
3. A Freehold Studio Condotel Suite at the Lancaster Cebu Resort Residences for rental income from 2007 in Cebu, Philippines. Fully Furnished Studio 36.5625sqm [395sqft] $1,507.00/sqm USD 55,099.69. Pay Cash and take a full 10% discount [Save USD 5,509.96] Pay Reservation [USD 1,820.00] and Cash Balance within 30 days [USD 47,769.72] for an Effective Total Cash Price of USD 49,589.72. Immediate Occupancy.
As returns of 100% are not uncommon, Philippine Condotel property investments can offer a lucrative source of income. Invest in the short term to raise capital, in the longer term as an alternative to other investment avenues such as the stock market, or perhaps join the many thousands already out there and sell up, move abroad and bask in the sun having established a solid pension fund!