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Philippines

Tourists eye RP for ‘2nd homes’
Source: Manila Bulletin
Author: -
Date: 0000-00-00
 
THE Philippines is beginning to attract the attention of foreign buyers of vacation houses and condo units.


This develops as foreign tourists come to realize the country’s very affordable real estate, lower cost of living, nice tropical climate, and very friendly English-speaking population.

Thus, some of them end up buying houses in the Philippines after several trips as tourists. Such houses become their second homes since they always retain their residential units in their native countries and usually spend time in the Philippines only during autumn and winter.

Nonetheless, the foreigners with second homes in the Philippines are attracting other tourists themselves as they entice relatives and friends to visit them and experience their new-found environment, culture, and lifestyle.

These visiting friends and relatives are a boon to the local tourism industry since many of them similarly stay in resorts and hotels before eventually buying their own second homes, now getting to be a fad among the world’s millions of "baby boomers", or those born in 1946 to 1964 when birth rates zoomed after World War II.

The number of these highly successful 42 to 60-year-olds runs to almost a hundred million in the US, Europe, Asia and Canada alone.

At present, however, their popular second-home destinations are those tropical countries in the Mediterranean and Central American regions.

But more and more buyers from the North American and European continents are shifting their sights farther away into tropical Asia, where having a second home is now a status symbol.

Among them are those from the temperate northeastern Asia like the Japanese and the Koreans who need a warmer place to fly to during the cold months of winter, and whose nearest tropical neighbor is the Philippines.

As such, there are real estate projects now being developed in the country exclusively for them, making the Philippines contribute to the gradual emergence of tropical Asia as a global second home destination.

This is the reason why the Philippines has been chosen as the venue of the "1st Asian International Real Estate Expo and Conference" (AIREEC) that will bring the global second-home market and industry to Manila.

Slated at the Philippine International Convention Center and the World Trade Center on Dec. 6 to 10 this year, AIREEC will bring business to various property and tourism-related sectors through prearranged one-on-one meetings, network lounges, business matching, celebrity nights, and maximum industry and market exposure to its large number of participants from all over the world – from North, Central and South America to Europe, Africa, East Asia, Middle East, and the rest of Asia.
 

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