WELCOME: Philippine ambassador Wilfredo Santos welcomes Afreeq officers during a courtesy visit at the embassy.
By Peter Alagos
Around 10 top real estate companies from the Philippines are expected to deliver high-level presentations before leading Qatari property developers to promote the Philippines as an investment destination.
The presentations, according to Association of Filipino Real Estate Executives in Qatar (Afreeq) chairman Joseph Rivera, are aimed at enticing companies like Qatari Diar Real Estate Company, Barwa Real Estate Group, United Development Company (UDC), and Al Bandary Real Estate to pour investments in the Philippine property market.
“The presentations aim to invite these companies to invest or forge joint venture investments in the Philippines,” Rivera told Community.
Rivera said the meeting with Qatari property developers will be scheduled after the staging of the Philippine Property Investor Show - Qatar (PPIS-Q) on October 23 and 24 at the Swiss-BelHotel Doha.
He also said leading firms like Qatar Coral for Real Estate Development (Qatar Coral), First Qatar Real Estate Development Company, and UDC will be participating in the event.
“The companies participating in the PPIS-Q want to maximise their stay in Qatar, which is why we have taken the initiative to schedule these meetings with prime Qatari property developers.
“The high-level sales of investment orders or negotiations are usually held after the exhibition making the presentations an integral part or one of the enhanced activities of the PPIS-Q,” Rivera explained.
He stressed that Qatari real estate companies should consider investing in the Philippines, which has the second highest rental yield in Asia, averaging at 8.98% per annum as compared to Taiwan being the lowest at 1.7%
At QR8,666 ($2,379) per square metre, Rivera said property in the Philippines remains as the third lowest in Southeast Asia in contrast to property in Singapore or Hong Kong, averaging at QR133,333 ($36,612) per square metre.
Earlier, Rivera said he 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.
Based on consultative meetings with the business community here, Rivera said Qataris prefer to invest in resort-oriented properties and tourism-related real estate like highland retreats and beach or island properties.
“These types of properties are resilient to economic turmoil. Despite a financial crisis, Greece’s occupancy rate for beach front hotel accommodations hovered at 98%,” Rivera said.
