Investing in real
estate and retiring in the Philippines
For many Australians,
Americans and Europeans retirement time is just around the corner. At their
home country, with low interest rates and high cost of living, the prospect of
trying to live on a pension, in old age, is a daunting one unless they are
prepared to substantially downscale your lifestyle. For some, moving to retire
in another country is an option which has been successful in the past with
Spain, Portugal, and Mexico etc. being among some of the more popular
destinations. But in the last years the Philippines has become a country to
consider also.
The cost of living in the Philippines is significantly lower than most other country's cost of living. The exchange rate of Philippine Peso is approximately 41 to $ 1.00 or 53 to 1 euro. Food, Housing and labor costs are very reasonable. A One bedroom condominium can be purchased for less than $ 100,000 or a beach house in a beach side development starting from $ 150,000. Dine out on average at a three star restaurant for less than 500 pesos. A private driver’s salary is approximately 8,000/month, while trained housekeepers earn approximately 6,000/month.
The cost of living in the Philippines is significantly lower than most other country's cost of living. The exchange rate of Philippine Peso is approximately 41 to $ 1.00 or 53 to 1 euro. Food, Housing and labor costs are very reasonable. A One bedroom condominium can be purchased for less than $ 100,000 or a beach house in a beach side development starting from $ 150,000. Dine out on average at a three star restaurant for less than 500 pesos. A private driver’s salary is approximately 8,000/month, while trained housekeepers earn approximately 6,000/month.
Cable Television, Hi-Speed Internet and Satellite Communications are cheap. A retirement income of $ 1500 (php 60,000) can go a long way considering that a provincial Governor’s salary is only about 35,000 pesos per month, and a Presidential Cabinet Under-Secretary earns something like 45,000. So, with a retirement income in the region of $1,500 you can live quite well in the Philippines.
The Philippines offers affordable real estate and good investment opportunities for those seeking a retirement haven. Therefor the Philippines has become a country to consider for retirement also.
No comments:
Post a Comment