Overseas Property News

Philippines

Money to be Made in Manila

As everywhere in the world, the credit crunch causes most people in most countries to tighten the grip on their pockets, the Philippines, well to be honest, Manila, money is being thrown about by the million. All of Philippines major newspapers this week covered the report by the Thrift bank, which announced a massive increase in mortgage lending for 2007, up by 11% to 84.4 Billion Philippine Pesos. And that was only one story of many that mentioned multi-million or multi-billion peso sums.

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.

So, with so much growth potential, David Stanley Redfern's Manila apartments in the twin-tower Lancaster Atrium development are suitably priced to make the most of the Manila boom.

Starting from £28,000 for an unfurnished studio, £33,000 with the least expensive furniture pack installed, that Atrium apartments are "set to double in value in the next 2 to 4 years," according to Liam Bailey Head of International Research for the overseas property specialist, he continued:

"Based on other Asian capitals, now established markets like Bangkok, and those that began their growth cycles before Manila, like Phnom Penh, Cambodia, 25% annual capital appreciation is easily achievable for Manila. The downside constantly mentioned for Philippines property investment on forums is the high Capital Gains Tax, but as I told one person on a forum:

Panama city property prices grew by 50%, between early 2006 and early 2008 putting capital appreciation at 25% per year for the past two years, in Cambodia, many people have bought and sold 6 months later for 12% more than they paid, and bought and sold in a year for 24% more than they paid, putting Cambodia capital appreciation at 24-25% year on year. Manila is showing similar economic growth, and attracting similar new businesses and development as both those cities did at the start of their growth cycles. I'll put myself on the line, if I bought now and sold in four years time I would expect to be left with double what I paid, even after paying taxes."

Operations Manager Jason Killingback chimed in:

"The Lancaster Atrium towers 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. The photographs of the finished first-tower apartments have proven a valuable visual aide in marketing the second tower."

Prospective investors who see the potential of Manila investment property are advised to act swiftly to avoid disappointment.

Find out more about Manila investment property.

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About David Stanley Redfern

David Stanley Redfern Ltd is an overseas property specialist, working directly with developers in more than forty countries. Most properties are exclusive to David Stanley Redfern Ltd, giving an unparalleled selection of resale and new builds. David Stanley Redfern Ltd is AIPP accredited.

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