Demand for property in Philippines boosted by Chinese visitors

An influx of visitors from China helped to boost Philippines foreign visitor arrivals by 6% in the first half of 2009, in turn increasing demand for property in Philippines to rent, and in some cases buy.

The island of Cebu has been the most popular tourist destination in the country, according to the Department of Tourism, with the resort island of Mactan having attracted 321,116 foreign tourists in the first half of 2009.

Toursim levels have been boosted by the China’s strong economy and the introduction of more air routes to key destinations within major international regional tourist markets, such as Shanghai and Guangzhou in China, Busan, South Korea, and Kaschsiung, Taiwan.

John Scott, finance director of Asset Property Brokers, a property investment company specialising in the Philippines, said: "Asian economies, particularly China, are surging ahead and the Philippines tourism is in an excellent position to take advantage of this. The IMF predicts the Chinese economy will grow by a staggering 9% in 2010. This rising affluence has led to the growth of an aspirational middle class who want a relaxing beach holiday abroad, and they find the Philippines an unbeatable destination, helping to boost [property] occupancy rates and yields."

Asset Property Brokers has properties available at Blue Coral Resort and Spa, Mactan Island, within 30 minutes of Cebu airport, the country's second busiest airport.
The five star beach resort has been particularly popular with investors and only a quarter of the 140 units remain, with property prices starting from £52,000.