Rivera: The Philippines is the most affordable place to own luxury branded properties.
By Peter Alagos/Business Reporter
Resort-oriented properties and tourism-related real estate are among investments that appeal to Qatari businessmen eyeing the Philippine property market, an official of the Association of Filipino Real Estate Executives in Qatar (Afreeq) said.
Aside from the numerous residential and commercial condominium developments (both completed and off-plan) available to all foreign investors in the Philippines, Afreeq chairman Joseph Rivera said other “alternative inventories” like highland retreats and beach or island property options “are expected to catch the eye” of foreign investors.
“Recent consultative meetings with Qatari businessmen revealed that a significant sector of the locals would still prefer resort-oriented properties that are tied up to tourism.
“They believe that such properties could always withstand any economic turmoil. Greece is a clear example. All of its beach front hotel accommodations remain to be at 98% occupancy despite the country’s ongoing financial crisis,” Rivera told Gulf Times.
To help revitalise trade between Qatar and the Philippines through the property sector, Rivera said Afreeq is currently finalising preparations for the staging of the first Philippine Property Investor Show in Qatar (PPIS-Q) slated on October 23 and 24 in Doha.
He said PPIS-Q will include lectures and seminars to be led by high-profile speakers from the Philippines. Also, 10 top property developers from the Philippines have already confirmed their participation in the event.
Rivera said Afreeq is also planning to organise a range of meetings and B2B networking events on the sidelines of the PPIS-Q between the Qatar Chamber, the British and Indian business communities in Qatar and the heads of delegations of the developer participants, as well as the dignitaries of the Philippine government agencies that were invited.
“We are optimistic to receive the same cordial response from officials of the Qatar Chamber, as well as those from the Qatar-British and Qatar-Indian business communities,” Rivera said.
Rivera also said Afreeq has also sent invitations to Philippine Ambassador Wilfredo Santos and officials from the Senate Committee on Urban Planning, Housing and Resettlement, the House Committee on Urban Planning and Housing, the Philippine Retirement Authority, and the Housing and Land Use Regulatory Board.
According to Rivera, Afreeq is confident that high-end developments within the Bonifacio Global City in Metro Manila will take the lead in attracting the foreign market followed by Tagaytay, Boracay, and Cebu.
“The Philippines is the most affordable place to own luxury branded properties such as Milano, Versace, Missoni, and Trump. International icons such as Paris Hilton also have signature properties in the country,” Rivera said.
Rivera said the cost of property in the Philippines remains as the third lowest in Southeast Asia averaging at QR8,666 (P104,000) per square metre compared to Singapore and Hong Kong, soaring at QR133,333 (P1.6mn) per square metre.
“The Philippine also boasts of having the second highest rental yield in Asia averaging at 8.98% per annum as compared to Taiwan being the lowest at 1.7%,” he added.
