International Real Estate
Hi all,
I have just returned from a trip from the other side of the world. Everytime i go somewhere I take some time to stop and check in to see how the real estate market in that area is. I myself plan to purchase some foreign real estate in the near future, but want to do adequate research before I do. Here is what my thoughts are on my most recent visits:
Hong Kong: Beautiful space, beautiful people and real estate is at a premium. This country continues to grow at incredible rates, but the size of it won’t. If you can afford it, I dont see how you can go wrong investing here. There is no such thing as houses here, as everything is skyrises. An average 2 bedroom condo at 800 sq feet would set you back about 800,000-1 million Canadian so it would take a big investment to get in.
Macau: This city takes in more gambling revenue than all of North America combined. It is a huge vacation hotspot for Asians and thrives on tourism. The city has doubled in population in less than 10 years. However, the vacancy rate is very high, and for that reason, I feel it could be hit or miss. They expect the population to double again over the next few years, but have already built an enormous amount of skyscrapers in preperation. I would say this is a classic boom/bust scenario. You could double your money in 5 years, or you could lose half. It could go either way but I would stray away for something more stable. 2 bedroom 800 sq foot condo runs about 400-500,000 Canadian there.
Borocay, Philipines: The biggest tourist location in the Philipines, this island has it all. Miles and miles of beachfront property, friendly people, and cheap! There are a few (not too many) luxury condos currently under construction, which will run between 200-400,000 Canadian. In my mind this would be a great place to invest before it becomes too popular. There are also many larger islands nearby where you can still enjoy the same amenemities, but at a lower purchase price because its a little further away.
There you have it. If you would like any more in depth analysis on any of these locations, give me a call!
