The Philippines comprises some 7,107 islands and has some of the worlds most recognised holiday destinations, Boracay according to official figures had 1.35 million tourists in 2014 and ranked No.1 in Asia in 2013 Trip Advisor Traveller’s Choice awards.  Coming out of a mix of Spanish and American colonialism the Philippines has a unique culture that embraces native ‘Malay’ roots but now heavily mixed with Western influences.

With English as the second national language alongside Tagalog and a strong belief in academic achievement, Filipino’s are ready and able to contribute within global markets. This highly educated workforce coupled with a relatively low cost base has led to increasing interest in outsourcing international businesses to Philippine cities where the growth in Call Centre and IT outsourcing from the UK and the USA is now outstripping many of its Asian neighbours.  GDP growth in 2014 ran at a consistent 7.5%.  Property price increases averaging 6% annually over the last 5 years and rental yields are the highest amongst all of the Asian economies, averaging over 7%.

Foreign nationals and or corporations may own 100% of a Philippine condominium or town home

Foreign nationals may own 40% interest as a whole in a condominium project (Republic Act No. 4726, otherwise known as the Condominium Act)

So it is not surprising that the housing market is booming and Megaworld Corporation is at the forefront of this, ensuring that high quality homes are rising in all major conurbations to match demand from home and abroad.  Whether it’s for living, retirement or for a solid financial investment this is the perfect time to consider the Philippines.  Megaworld condominiums provide a range of affordability across the islands; the Spanish styled ‘Lafayette’ in Iloilo Business Park starts at £38,000 for a 1 bed studio to £138,000 for a luxury 3 bed double balcony suite.  As well as condominiums Megaworld offer investors the opportunity to own and receive income from hotel ownership, typically realising a yield of 10% annually on the capital invested.  A condotel suite in BoracayNewcoast costs £73,000 for a 15 year lease with returns of £7,700/annum income based on a 70% occupancy.  Purchasing models for both condominiums and condotels are flexible with discounts on cash buys.

Dave Nurse is Chief Executive of Mangga Properties Ltd., a company specialising in finding UK and US clients the right Megaworld properties. To find out more about Megaworld contact Mangga at +44 1865 841905 or email contact@manggaproperties.com