10 Reasons Why Filipino EXPATS Are Buying Philippine Real Estate
- Convert their savings into a real property investment . The average growth of properties in the Philippines is 12% per annual compare to 4% banks' premium high yield interest.
- Pride of ownership . The "wow" factor is there. "This is mine". They have something to look forward to and kept them inspired to work hard. They always remind themselves that their hard-earned money goes to something they are proud about.
- For use by family members and relatives. Their love ones can stay there and enjoy while they are working abroad. This is very normal in their culture. They have a close-family ties and therefore living together under one roof is ideal.
- For income (rental) or appreciation . Time and time again, it has been proven that properties appreciate much faster than any other form of investment. Amongst many, property is still the best investment ever.
- For future use when they retire. The Philippines Government now issues a special visa which is called SRRV (Special Residents Retirees' Visa). The Special Resident Retiree's Visa (SRRVisa) is a special non-immigrant resident visa that provides its holders with multiple-entry and indefinite stay status in the Philippines. It also grants Tax-Free incentives and privileges as well as value-added services and benefits that they can avail of from partner establishments such as hotels, resorts, retirement facilities, and restaurants. It is a "lifestyle" visa for those who enjoy perks and privileges, a "hassle-free" visa for the frequent business traveler, and a "retirement visa" for the elderly who need special care for their special needs.
- For use whenever they come for vacation. Many Filipino expats were originally based in the rural part of the country and therefore when they do come home, they want a different environment, fresh air, pleasure and shopping near the city. So instead of paying huge amount of money for a 5 star hotel, they just proudly say, "let's stay in my house" with a smile and pride.
- Avail of high purchasing power of Dollar $ to Pesos. This is not only the US $ but almost all foreign currencies have a higher exchange rate than the Philippine Peso which gives Filipino expats the privilege to acquire properties.
- Properties abroad are very high. In the Philippines, there are decent properties condominiums or house and lot from P2M which can only buy a decent dining set in US and in the UK!
- Affordability of homes in the Philippines – To encourage buyers and investors, the homes in the Philippines made affordable unlike other nations. I heard a Filipino housekeeper in the UK told me that she is making her monthly investment on the condo unit in the heart of the city for the cost of her one hour wages per day! Now she can rent it out for a small monthly profit on rentals but expectant on the steady rise of property value appreciation.
- Low and affordable monthly amortization . Again this is due to the foreign currency strong purchasing power and high exchange rate.
People who have worked in the United States and in Europe for the past 25 years amassed savings in the form of equity for their homes. Filipinos who are permanent residents have stable jobs and have a strong dollar purchasing power here in the Philippines. Real estate is the most global business on earth. Its significant growth opportunities are simply tremendous.