If you are living in Australia and thinking about making an international property investment, the Philippines, with their seemingly endless supply of apartments or properties for sale, may be the next area for you to look at. While currently the United Kingdom is the largest source of foreign investment in this Asian country, it could soon be rivalled by other countries if the local government has anything to do with it. There are set to be some significant improvements in both infrastructure and law, which will hopefully facilitate more foreign land investment in the future.
Having only recently been elected as the leader of the Philippines, President Rodrigo Duterte is already making plans to improve both major metropolitan and rural areas of the country, with changes expected to occur in countryside development, infrastructure, agriculture as well as in the reduction of crime. These will contribute to the local property market and benefit local property developers, property managers and real estate agents.
Experts say that Australians are better primed for international property investment and management than many other countries. With our multi-cultural makeup, we are more likely to look into real estate in the Philippines – which offers an established Asian base with an English speaking population. Also, current property prices are dissuading young investors from local investments – and many thirty-somethings realise that they can still purchase a property and benefit from a rental income if they look outside the borders of Australia.
Australia is also home to a sizable Filipino population comprised of both new and established families. Filipinos currently make up the third largest Asian-Australian immigrant group and are the fifth-largest group of Filipinos living outside their country of origin. A significant proportion of our local Filipino population can claim roots in Tondo, Sampaloc, Quezon City, Malate, Bonifacio, Manila, Makati, Santa Cruz and Mandaluyong. Making the move to purchase property there is a natural step for those who often visit, have family or plan on relocating there upon retirement.
No matter what your reasons are for looking to invest in property in the Philippines (now or in the future), just make sure you adhere to the laws and trust an expert to help you through the process.