Manila garners interest from foreign investors

Foreign buyers are keeping the property market going in Manila where fewer local people are buying. It means good prices and prospects according to those working in the industry.

Property investors from the UK and Australia are leading the way, according to Philipe Bromederie of Manila consultants Fresh Start. 'It is a buyers market in Manila right now. A large proportion of condo sales were to expat Filipinos living in the US but that stream has stopped because of the downturn of the US economy,' he explained.

'But there is a lot of interest from Australia, largely due to the number of Australian companies setting up in the Philippines,' he added.

A similar trend has been spotted by other agents. Beth Collingz, director of PLC International, said her company had been very busy catering to buyers from the UK and Australia who were interested in investment properties as well as holiday homes.

'A lot of this interest is being driven by the relatively cheap market prices here compared to Europe - especially UK housing prices - and the easy payment options available for condominium hotel developments,' said Collingz.

'They are purchasing second homes, particularly condotels, where they use the condo for vacations and rent it out when they are not using the unit,' she added.

The gap in the market has been created by fewer expat Filipinos investing, especially from the US. Surgeon Rosali Gomez who invested in resort hotel two years ago said the Filipinos she knows in the US where she lives are very wary of buying at the moment.

'Everyone is tightening their belts. I know that I won't be able to make as many trips back home as usual this year. There just isn't the money around,' she said.

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