SHARJAH: High-end real estate and property development projects or opportunities have been attracting Emiratis and non-Filipino expatriates in the UAE to invest in the Philippines not only for business purposes but for retirement options as well. This is the observation of Gulf Law-Corporate/Commercial Department director Atty.
Michael Barney Almazar who has a legal consultancy licence in the UAE since four years back and whose office has been assisting foreigners keen on investing in his home country.
Meanwhile, Aviareps which is a global entity into tourism, aviation, hospitality and trade promotion representation, inaugurated its Manila branch recently as its 54th international office.
According to Aviareps Group chairman and chief executive officer Michael Gaebler: “The Philippines’ robust economy and growing domestic and outbound travel sectors have made it a market of interest for many of our international clients.”
He said, “The potential of the Philippines is enormous and it is a market that we very much believe in.”
On the Philippine real estate and property development opportunities, Almazar cited that among his clients who, apart from Emiratis, are Britons and Singaporeans, principally from the oil and gas industries and who have Filipino colleagues, is into the development of a $3 million boutique hotel in Palawan located at the West Philippine Sea. They asked about the Philippines from their colleagues.
They visited the country and they now want to go into real estate and property development business because they saw the huge return on investments,” Almazar said, adding that some are thinking of retiring there.
These investors choose luxurious condominiums similar to those in Downtown Dubai worth at least Dhs20,000 per square metre and/or large estate properties in posh and exclusive subdivision enclaves. They do not only buy one condominium unit but by floor or floors.
Some even become one of two owners of a residential building,” said Almazar.
Top options are the areas with lush greenery and farmlands, the sea and the mountains particularly in progressing Tagaytay City (Cavite Province), urban cities like Davao City (Davao Provinces) and Cebu City (Cebu Province), and the rustic Palawan and Camarines Norte Provinces.
He said: “Foreigners can own condominium units in the Philippines.”