REAL estate developers and brokers can tap the growing number of retirees registered with the Philippine Retirement Authority (PRA)-Cebu as potential buyers for properties in Cebu.
PRA-Cebu Officer-in-Charge Elma Corbeta said these retirees have special resident retirees visa (SRRV) deposits that can be converted to property acquisition.
Corbeta said PRA can work with real estate professionals and link them with retirees.
She said real estate is one of the basic needs among retirees and that those who will be staying for good would surely look for a decent place to stay.
The Philippines gives out an SSRV to foreigners and balikbayans aged 35 years and above who wish to retire or stay longer in the Philippines.
A principal retiree applicant aged 35 to 49 years old may only need a visa deposit of US$50,000. Those 50 years and above with pension pay a deposit of $10,000 while those without pension need $20,000 to secure an SSRV.
The visa deposit may be converted to an active investment such as the purchase of ready-for-occupancy condominium unit or long-term lease of house or house-and-lot.
Real estate market broker Anthony Leuterio said that besides tapping the local market, they are also actively selling the properties in Cebu to foreign retirees.
Leuterio said local developers should start building more retiree-friendly projects, as Cebu is a ripe destination for this market.
“They should start building projects that are integrated. Retirees would love to stay in a place where all their basic needs are just minutes away,” he said.
Leuterio’s pronouncement was reinforced by research firm Colliers International Philippines.
The firm stated in its report “Cebu Outlook for 2019” that local and national developers should consider building health clinics and retirement facilities alongside hotels to capture the growing number of foreigners retiring in Cebu.
Colliers believes that the concept of medical facilities being built alongside hotels should become more popular in Cebu moving forward, as the island-province’s traditional visitor markets—China, South Korea and Japan—have ageing demographics.
The group cited Maayo Hotel, a 229-room hotel in Mandaue City, that is complemented by its medical tourism facility, Maayo Medical. The latter offers a range of medical services and is accredited by major health maintenance organizations in the Philippines.
About 60 percent of Maayo Medical’s walk-in guests are foreigners from Japan, United States, Europe and South Korea, according to Colliers.
An integrated leisure property also bodes well for Cebu.
Corbeta said retirees do not just spend on food and clothing but also splurge on discovering new places to enjoy their retirement.
Colliers urged developers with undeveloped properties in the Mactan and Mandaue areas to pursue resort-oriented projects.