Manila, Philippines

Hi SSers.
I have recently moved to Manila Philippines and can't shake the property bug while here.

I have started this thread to encourage collaboration. If:
- you/ friends have experience working/ purchasing/ renting/ developing in SE asia/ Philippines
- you are interested in what Philippines has to offer property/ otherwise (I am also exploring modest business opportunities)

My initial unstructured assessment (been here <1month) is:
- yields are healthy (more on this later however have seen examples of 9% after quick scanning)
- unstructured/ unorganised market for purchases/ agents (ie: no 'sophisticated' RE.com.au/ domain type sites i can find just yet)
- non-Filipinas are able to purchase condo/ apartments NOT land (unless in JV with Filipina)
- economy appears to have reasonable growth outlook and is a hotspot for call centre outsourcing (ie: locals speak American English)
- strong rental base (american, australian, korean folk are quite prevalent here)
- greater tourist potential (ie: for famillies/ singles and not just single men). I have been pleasantly surprised by the clean sky, facilities, lack of crime (not short of pickpockets however generally much safer than what you man read about online)
- high unemployment rate (ie: silly economics, however I expect it has large supply to maintain low relative cost of labour so not pricing itself out VS India/ China)

On the negative side,
- there are a few dodgy players/ practices here, so need to tread carefull with contracts/ quality information... so far i've not seen much evidence but heard it is here
- flexible government/ officials (similar style to Indonesia, China, Thailand, Cambodia)

FYI on my situation: stuck on my first modest purchase a few years ago (Frankston 3 bedroom rental) and have been distracted by riding the sharemarket wave (managed to stay afloat and ride a little back up, currently 25% of portfolio in resources specs and using small cash base experimenting with options).

Let the questions/ comments begin ... (i do hope someone cares :p)

MM
 
Hi Mate,

Are you still active on this site and still in Manila, or looking to buy in manila?

I have just got back from Manila. I was there for 2 weeks. I was looking at Condos over there and i'm thinking of buying a pre sale one.

Wouldn't mind having a chat if you have some experience over there.

Cheers

Dave
 
The Philippines is a good place to make up to 9% at some large banks. Also a very beautiful place to holiday, especially around the beach islands. I'm unsure why Aussies flock to places like Bali when the Philippines offers so much more in my opinion for living and traveling.
 
As a non resident can you borrow to buy there?

Usually when you by a condo there is a couple of payment options, usually in monthly installments, finance is included in the purchasing deal/package, amount depends on upfront In effect finance is provided by the developer and there is little risk to them because of very high capital growth. Have witnessed land pices increase from 300 peso in 1993 to well over 10,000 peso in 2008. I have a bedsitter in Clarke has potential to yeild 25%. but you have to be there to manage it as money seems to disappear and the books dont balance in the Philippines unless you keep a very close eye on it. The government encourages forgein investment and if you plan on investing over a certain amount some rules can be waived, infact any rule can be waived. I prefer Clarke to Manila as it stands to benefit more from tourism and it seem like every month a new buisiness from china, USA, Germany ,korea are relocating there manufacturing or sevices there and needing thousands of new empoyees. Even eduction has become big business there with the devolopment of international schools including australain and american schools.
 
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