Growing tourist arrivals a boon to residential market
Updated October 20, 2017 – 12:00am
http://www.philstar.com/
MANILA, Philippines — The rising number of tourist arrivals in the country is creating opportunities for the Philippine residential market, a property analyst said.
He said once foreign tourists visit the country, they realize the great investment opportunities in the property sector.
“Anyone who visits is a potential buyer of Philippine residential real estate,” Santos said.
He cited the case of the growing number of Korean residential condominium buyers in the country.
“Korean tourists have been the number one visitor arrivals for a number of years,” Santos said.
Based on latest figures from the Department of Tourism, Korea remained the top tourist market in July with 132,136 arrivals.
Santos added the growing interest from Koreans to buy residential condominiums in the Philippines is also brought by the looming tensions in their country.
“We see that increasing and obviously the tensions between North and South Korea have caused more Koreans to come here and be interested in buying residential properties here,” Santos said.
In addition, Santos said Koreans have been displaying an interest for high-end and luxury properties in the country.
“Demand for the luxury and high-end residences over the past quarters have been strong, with buyers coming not only from the local high and ultra-high net worth markets, but also from China, Japan, South Korea, Hong Kong, and Southeast Asia,” Santos said.
Knight Frank head of residential Asia Pacific Victoria Garrett said Asia Pacific investors are eyeing the Metro Manila residential market, as it is still at an upward trajectory.
“We’re seeing good returns on your investment, bigger capital growth,” Garrett said.
Garrett said the Metro Manila residential market remains attractive because of its affordability element, as compared to markets that have reached its peak.
