MANILA, Philippines - More and more foreigners are buying residential condominiums in Metro Manila, according to real estate service company Jones Lang LaSalle.
David Leechiu, country head of Jones Lang LaSalle, said many Hong Kong, Singapore and US citizens are buying condominiums here.
"Interestingly, in the last 12 months, we have been getting clients coming to the Philippines and many of them are on business but they come here and like what they see and are now starting to be property owners for condos. (They are) mainly coming from Hong Kong, Singapore, those are our two big markets, and the US," he said in a press briefing in Makati on Tuesday.
He noted many foreigners are interested in the high yields they can get for these properties. "They're saying, 'wow, the yield at 5, 7, 8 percent is four times higher than what you can get in the US or in Singapore or Hong Kong.' So they're looking at putting their money down here and just sit on the property and enjoy high yield for the asset," he said.
To illustrate his point, Leechiu said 500 Singaporeans have bought units at a condominium development near De La Salle University in Taft Avenue, Manila.
"There's a cluster of buildings there where 500 indvidual Singaporeans have bought property 18 months ago. They made installments and all they're looking to do is get higher returns on their money...That's probably the most interesting trend we're seeing," he said.
While foreigners are not allowed to own land in the Philippines, they can own condominium units but subject to conditions of the Condominium Act.
Even "boring" businesses are attracting foreign interest. "We are starting to see more traction in the very unsexy and boring businesses. For example, we have heard that there's a new player that's looking to enter the Philippines in the poultry sector. They're not here to grow chickens and export. They're going to grow chickens, import chickens and address the growing demand here," he said.
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I think this is a good news for the Philippines. Foreigners should stay at a condo in Manila bay to enjoy the famous sunset and feel relaxed everyday.
TumugonBurahinDue to the progress of the Philippines under the new regime, it's like more and more foreigners are seeing the Philippines as a good prospect to settle down. Finding the right place to stay at is hard but this for sale condo in Greenhills will help you make the right decision.
TumugonBurahin