Russian Tourists turn to Philippine Condo Hotel property investment
Nuevo cash rich Russians have been buying high end property in the UK. Now, despite London still being a popular destination, the new emerging middle class turn to cheaper and more affordable properties in the Philippines where the sun shines.
First-time Russian overseas buyers from a booming cash economy fuelled by gas and petrol dollars are now looking at South-East Asia and particularly the Philippines. Persistent bad weather has also encouraged people to buy homes in places where sunshine can be relied on and prices are a fraction of those in Europe.
Beth Collingz, PLC International Marketing Director for Pacific Concord Properties Inc's Lancaster Brand of Apart-Hotels or Condotels in the Philippines sees the next growth market for real estate in the country coming from Russian nationals on the back of the marked increase in first time property buyers from Russia entering the Philippines.
According to statistics from the Philippines Department of Tourism, the country was able to attract some 12,000 Russian visitors last year. When visiting the Philippines, Cebu fell second to Boracay as a destination preference. If Russians can afford $1,500- to $2,500-trips to the Philippines, then give them an opportunity to spend their money on real estate specially Condo Hotel Investments where they can use the apartments for vacations and earn an income when back home, because they are willing to spend more for their stay here, after all, Russians, like the Japanese, are known to be high spenders, Collingz said.
Over the last ten years, the Russian people have grown to represent an increasing proportion of the demand for foreign real estate. However, this trend is still in its infancy and the demand for property by Russian buyers is expected to grow further.
Investment property in the Philippines has steadily grown in popularity among this new market over the last five years, and the country is now becoming recognized as a potential destination for Russian property investors looking for more affordable property. It is these buyers who are choosing Philippine property as a relatively affordable way to get onto the property ladder in the Philippines.
Citing official airline records, Collingz said that in the last three years, Russia ranks 10th among the world's top spenders on international tourism amounting to $12 billion to $14 billion annually. With that kind of spending power, real estate investments will surely follow in the destinations being made popular amongst the Russian middle class. Moreover, potential, high rates of rental returns from Condo Hotel Investments in the Philippines, up to 8% per annum depending upon payments terms, opens up a huge new market adds Collingz.
Collingz said Pacific Concord Properties, Inc., Flagship Lancaster Condo Hotel [Manila] located along Shaw Boulevard, Mandaluyong City, Metro Manila, and its Lancaster Cebu developments a few minutes from Mactan-Cebu International Airport, are currently some of the hottest Condotel Investments in the Philippines and ideal first time investment property for foreign nationals.
Lancaster - The Atrium is accepting Reservations for Studio, One, Two & Three Bedroom Suites adopting International Standard Escrow Trust Account “Buyer Safe” Easy Secure Payment Plans… with 2 year interest free payment terms, whilst PCPI’s Lancaster Cebu Resort Residences offers fully furnished, ready for occupancy Studio and Two bedroom suites on 2 year payment terms. With full condo ownership and minimum monthly maintenance fees, you really should take a moment to look at these Philippine Condotel Investment Opportunity enthused Collingz.
Further info regarding Condotel Investments in the Philippines, Lancaster Suites currently available suites, price and terms of payment can be found on the firms website.
Beth Collingz- Director
PLC International Marketing Networks
Pacific Concord Properties Inc., Head Office
Shaw Boulevard, Mandaluyong City.
Metro Manila. Philippines
Pacific Concord Properties Inc., Cebu Office
Lapu-Lapu City, Mactan.