With offices in Thailand and the Philippines we are best able to give you a view from both side of the pond. Speaking to our conveyancers in Thailand and the Philippines makes for interesting comparisons. Buying real estate in Thailand or the Philippines tends to be a tossup when it comes to investment as both markets according to our conveyancers have shown huge growth. As an example which has been stated that in 2008 the average house in Manila has shown an increase in value of more than 13% compared to only 1 year earlier. Even though inflation does take its toll due to rising food and transportation costs, this according to our Manila office was offset by an inflation rate of only 3% during the time period.
Condo units much like Thailand is sought after by expats and locals alike hence the increase in values over the past 4 years. In 2005 the prices had only increased by 3-4 % however the last 2 years has seen that doubling in prices even though core inflation had remained much the same.The main driver behind the property increase is that remittances entering the Philippines from those working overseas have boosted the market.
Buying a condo in Manila is limited by foreigners much as it is in Thailand. Under Philippines law foreigners can normally purchase units in a condominium development as long as the foreign component of the building does not exceed 40 per cent. In Thailand however this rule is 49% which makes it a bit easier. Foreigners can own houses in the Philippines however you may not own the land which is very similar to Thailand. It is however the leasehold agreements which are of interest as in the Philippines you can have 50 year leasehold agreements however in Thailand this is limited to 30 years only. The cost of living in Thailand is slightly more than in the Philippines.
If you are looking at buying property in Asia and need to speak to a conveyancer then speak to any of our staff as we have conveyancers in both Thailand and the Philippines. With this Asian perspective we are best suited to fill your needs for property and commercial investment in Asia.
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