The Philippines offers a significantly lower cost of living. The Philippine Peso exchange rate is approximately 48 to $ 1.00 or 70 to 1 Pound [Sterling (GBP)]. Housing, food, and labor costs are quite reasonable. A One bedroom condominium can be purchased for around $ 100,000 or GBP 55,000 or a Studio for only $ 60,000 or GBP 35,000 and one can dine out on average at a three star restaurant for less than 500 pesos. A private driver’s salary is approximately 15,000/month, while trained housekeepers earn approximately 8,000/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 $30.00. In a country where a provincial Governor’s salary is only about 35,000 pesos per month, and a Presidential Cabinet Under-Secretary earns something like 45,000, your pension can go a long way. So, if you have a retirement income in the region of $1,500 to $2,000 per month (70,000 to 90,000 pesos) you can live quite well in the Philippines.
The Philippines offers affordable real estate and good investment opportunities for those seeking a retirement haven. If you have $60,000 or GBP 35,000 to invest, here are some buys you could make right now with that budget:
1. A Freehold 'off plan' unfurnished Studio Condotel Suite at the Lancaster Atrium Manila for Initial Property Appreciation Investment and Rental Income from 2011 in Metro Manila, Philippines.
2. A Freehold fully furnished ready for occupancy Studio Condotel Suite at the Lancaster Suites Manila or for Condo Hotel enrollment and immediate Rental Income in Metro Manila, Philippines.
3. A Freehold fully furnished ready for occupancy Studio Condotel Suite at the Lancaster Cebu Resort Residences or for Condo Hotel enrollment and immediate rental income in Cebu, Philippines.
According to Beth Collingz, of PLC International Marketing Networks, a lead marketing partner with Pacific Concord Properties Inc., whom have Condotel developments in Metro Manila and Cebu, and specializes in working with international clients: “My phone has been very busy with buyers from the UK, Scotland and Australia interested in purchasing investment properties and holiday homes here. A lot of this interest is being driven by the relatively cheap entry level prices in the Philippines and the easy payment options available for our condo hotel developments, but there are other factors, too. Offshore property investors, Foreign baby boomers as well as overseas Filipinos, are looking for ways to maximize their return on investments as they approach retirement, and so are purchasing second homes, particularly Condotel Investments where they can use the Condo for vacations and rent it out through our in-house Condo Hotel Management when they are not using the unit thereby gaining rental incomes that on today’s purchase prices, give a projected ROI on their investments of up to 14% depending upon the mode of payment for the unit”
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. Pacific Concord Properties Inc with it’s flagship Lancaster Condo Hotel Developments fit’s the bill.
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.
Pacific Concord Properties recently introduced the new affordable easy payment plans for the Lancaster Atrium Manila Condo Hotel Suites where a Studio unit can be purchased without any down payment, and 67% of the contract price payable over 60 months interest free and the 33% balance payable on turnover of the unit or to be extended for another 60 months through PCPI’s no prequalification no hassle finance plan, sales of the companies inventory of units will surely sell out quickly to investors seeking to take advantage of the Condo Hotel Investment “Boom” in the Philippines.
A major stumbling block for some Investors from the UK was the perception that purchasing property in the Philippines was risky with nightmare stories of fraud and deception abounding due to the lack of professional Realtors and internationally accepted principles’ of real estate transactions.
Another drawback to purchasing property in the Philippines was that most overseas buyers of the real estate have become accustomed to normal home buyers standards like putting their money in escrow (which protects them if the developer does not deliver on its commitments)
Pacific Concord Properties Inc., now sets that “International Standard’ in the Philippines with the “Buy Safe Payment Policy” of Escrow Trust Account Banking with Equitable PCI Bank, one the Philippines largest Banks, for the purchase of a Condo Hotel unit in either the Lancaster Suites Manila, Lancaster Atrium Manila or Lancaster Cebu developments.
Buyers of Condo Hotel units at the Lancaster Suites Manila, Lancaster Atrium Manila and Lancaster Cebu Resort Residences in Cebu, pay their Reservations, down payments and all monthly payments directly to the Companies Trust Account with the Bank thereby ensuring that funds are maintained and ultimately used only for the purpose of direct construction related costs. This not only guarantees that the buyers money is safe, but more importantly the development will be completed on schedule and within projected time frames for the project.
Collingz highlights the importance of working with those experienced in this type of transaction. “Buying property in the Philippines is significantly different from buying in the UK and other European countries, for example,” said Collingz. “The purchase process is more direct, with less stress and more accountability;
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 active direction of retired Philippine National Police chief, Gen. Edgar B. Aglipay, chairman of the Philippine Retirement Authority, plans have been put in place 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.
