‘Double your money in four years’ in Manila it is claimed

The Philippines could offer a safe haven for property investors looking to escape the effects of the credit crunch, one expert has claimed.

According to Liam Bailey, head of international research for David Stanley Redfern, the country's capital, Manila, is particularly well placed to ride out any global downturn in property values.

'Based on other Asian capitals, now established markets like Bangkok, and those that began their growth cycles before Manila, like Phnom Penh, Cambodia, 25 per cent annual capital appreciation is easily achievable for Manila,' he said.

Mr Bailey added that while the country has high rates of capital gains tax, he is confident that those investing in Manila should double their money in four years, even after deductions.

There is also a high level of activity in the country's mortgage market, which indicates the confidence that people have in the property market, he concluded.

Anyone visiting the Philippines can take part in a wide range of outdoor activities such as diving, white water rafting, or a more sedate game of golf.

Asia as a whole is predicted by analysts to be the world region most likely to see continued and strong growth throughout the turmoil endured by the global economic infrastructure, but the Philippines is even exceptional for being within Asia.

The downside is, however, high capital gains tax. But demand is still high. Proving very popular is the Lancaster Atrium development.

The apartments are selling like hot-cakes. The first tower, which was recently completed, was sold out well in advance of completion, and the second tower has only a few apartments left,' said Operations Manager Jason Killingback.