Uk First Time Buyers Turn To Overseas Properties
Beth Collingz, PLC International Marketing Director
for Pacific Concord Properties Inc's Lancaster Brand
of Apart-Hotels or Condotels in the Philippines
said a recent study published by UK National Savings
& Investments found 84 per cent of 18 to 30-year-olds
believe buying property abroad is a more viable
option than buying in Britain. Young people buying
abroad and renting in Britain are and will continue
to be a growing phenomenon.
They generally look at spending less than £200,000.
This comes on the back of recent reports by Barclays
Bank that revealed the number of Britons keen to
buy property abroad has doubled to 18,000 in a year.
When you consider these facts along
with aging population, increased property wealth,
Self-Invested Pension Plans and leisure lifestyle
aspirations of the populous it is easy to see why
many shrewd property investors are looking for better
lifestyle and hassle free overseas ownership and
why many advisors are looking aside from the traditional
UK buy to let and Spanish holiday let for property
options for Condotel Investments in the Philippines.
Collingz said: "Since the Dollar value depreciated
and UK Pound Sterling hit 96:1 on the Philippine
Peso, my phone has been very busy with buyers from
the UK interested in purchasing investment properties
and holiday homes here in the Philippines.
A lot of this interest is being driven by relatively
cheap market prices in the Philippines compared
to Europe, especially UK Housing prices, and easy
payment options available for our Condotel Developments,
but there are other factors, too. Offshore Property
Investors, Foreign baby boomers as well as overseas
Filipinos, are looking for ways to maximize their
return on investments as they approach retirement,
and so are purchasing second homes, particularly
Condotel Investments where they can use the Condo
for vacations and rent it out through In-House Management
when not using the unit thereby gaining rental incomes
that on today's purchase prices, give a projected
ROI on their investments of some 8-16% depending
upon the mode of payment for the unit"
Collingz, who also runs PLC Global Pinoy, an internet
based marketing network specializing in Condotel
Investments, indicated more than 85% of all sales
in Metro Manila were to international clients. "These
international buyers know it's a buyer's market
in the Philippines right now - there are a lot of
properties available and fewer local buyers,"
Collingz said. "I'm working with clients who
are purchasing their second property with me. We
also have referrals from many of our prior customers
and new clients who have found us through our Web
sites, lancastersuites.com and plcglobalpinoy.com
which include a special section for international
buyers"
Another major driving factor in overseas property
investments from the United Kingdom is UK Tax Payers
taking advantage of tax incentives and Investing
their Self-Invested Pension Plan [SIPP] In Philippine
Condotel Investment Real Estate for Rental Income
and Retirement said Collingz.
A Self Invested Pension Plan [SIPP] is a personal
pension plan but with one very significant difference:
administration is separate from investment content,
giving the plan holder freedom to choose for himself
and change the investments within it. The long-awaited
rules on what savers can include in their personal
pension plans were unveiled in April 2006 by HM
Revenue & Customs. The Guidance Notes confirm
that the Chancellor is permitting Self Invested
Pension Plan [SIPP] holders to invest in hotels
such as the Lancaster Brand of Condo Hotels in the
Philippines. The only stipulation is that SIPP holders
may not stay in their rooms. With more nights available
for paying guests, this not surprisingly increases
the room owners' returns. It is estimated there
are now more than 70,000 plans holding over £14bn.
A year or so ago, few people in the UK realized
that they could manage their Pension Plan portfolios
themselves, and even fewer knew that they could
invest their SIPP retirement money in homes in the
sun which now prove to be among the most popular
potential investments to include in a SIPP
If you're considering using your SIPP to invest
in real estate, there are some excellent reasons
that you should choose Philippine Condotel Investment
real estate to drive your retirement portfolio into
high profit margins. The Philippines is ideal for
this type of investment because a SIPP can establish
title to a property in a country whose legal framework
recognizes trusts - and a SIPP is simply another
form of trust. "Investing in foreign real estate
is neither as risky nor as tricky as a lot of people
would have you believe. While land and housing prices
in the U.K. have soared astronomically in the past
decade, the world real estate market is a far different
story. It's still possible to buy a preconstruction
Condotel suite at Lancaster - The Atrium located
in Metro Manila, Philippines, for less than GBP
£25,000.00"
"The beauty of holding property in the Philippines
is the low cost of property taxes and maintenance.
A GBP £25,000 Condotel suite will only set
you back GBP £100 in property taxes per year,
and maintenance costs are similarly low. When you
add in the tax-protected status of investments made
in your SIPP, annual off plan property appreciation
and the 8-16% returns through rental income through
the Condotel advantage, you have an incredible ROI
on a purchase of Philippine Condotel investment
real estate" enthused Collingz. With preconstruction
property in the Philippines appreciating at some
20% per annum not only do real estate investments
look good but the rental income return in the Country
is in excess of what many Pension Plans offer for
the same or similar investment.
Many new investors are looking to replace failed
pension plans and other future saving schemes with
a solid investment in Real Estate. "Clients
are looking for investments that will give them
an income for retirement as an alternative to traditional
private pension plans that have failed. Most company
pension plans are insufficient as are Government
Pensions. Bank rates for Savings accounts are at
record lows. Savvy investors are now looking for
a more solid investment with potential for monthly
income. Condotels in the Philippines fit the bill"
Collingz said this potential, high rates of rental
returns from Condo Hotel Investments, up to 16%
per annum, opens up a huge market not traditionally
looked at by Real Estate Agents and Brokers whom
all so often run around looking for normal residential
profile "buyers" without looking at the
by far bigger picture of investments, investing
and retirement. "We're here to help our clients
and advise them of emerging investment opportunities
in the Philippines. Self-Invested Pension Plans
and Lancaster Condotels, fit this bill exactly.
Pacific Concord Properties, Inc., Flagship Lancaster
Condo Hotel [Manila] development located along Shaw
Boulevard, Mandaluyong City, Metro Manila, is currently
one of the hottest Condotel Investments in the Philippines.
Lancaster - The Atrium is accepting Reservations
for Studio, One, Two & Three Bedroom Suites
adopting International Standard Escrow Trust Account
"Buyer Safe" Easy Secure Payment Plans.
with 6 year interest free payment terms or up to
12 year "In-House" financing available,
full condo ownership and minimum monthly maintenance
fees, you really should take a moment to look at
this Philippine Condotel Investment Opportunity
encouraged Collingz.
Further info regarding Condotel Investments in the
Philippines, Lancaster Suites currently available
suites, price and terms of payment can be found
on the firms website.
