First-time Russian overseas buyers are now looking at South-East Asia and particularly the Philippines. Persistent bad weather has also encouraged people to buy homes in places where sunshine can be relied on and prices are a fraction of those in Europe. Real Estates agents in the Philippines sees the next growth market for real estate in the country coming from Russian nationals on the back of the marked increase in first time property buyers from Russia entering the Philippines.
According to statistics from the Philippines Department of Tourism, the country was able to attract some 12,000 Russian visitors last year. When visiting the Philippines, Cebu fell second to Boracay as a destination preference. If Russians can afford $1,500- to $2,500-trips to the Philippines, then give them an opportunity to spend their money on real estate specially Condo Hotel Investments where they can use the apartments for vacations and earn an income when back home, because they are willing to spend more for their stay here, after all, Russians, like the Japanese, are known to be high spenders.
Citing official airline records, experts said that in the last three years, Russia ranks 10th among the world's top spenders on international tourism amounting to $12 billion to $14 billion annually. With that kind of spending power, real estate investments will surely follow in the destinations being made popular amongst the Russian middle class. Moreover, potential, high rates of rental returns in the Philippines, up to 16% per annum, opens up a huge new market.
