Top Property Markets In Asia For The Investor And The Retiree
Oct. 17, 2014, Kuala Lumpur, Malaysia: Restrictions are placed on foreign ownership of property in Asian markets, but some still make sense for investment.
Dear Live and Invest Overseas Reader,
A parking spot sold in Hong Kong this year for US$547,000.
Land in Hong Kong is expensive and the limited inventory of parking spaces has driven up the cost to more than that of a decent home in most of the world. Hong Kong, though, isn't typical of the region, and prices on this island shouldn't scare you off the idea of real estate in Asia altogether.
More daunting and potentially intimidating when shopping for real estate in this part of the world are the foreign ownership restrictions. Before entering any Asian market, you want to be sure you're clear on what you can and cannot own as a foreigner.
The Philippines restrict foreign ownership to condos...and in any given building foreigners can own only up to 40% of the units. Still, this country makes sense for both retirement and investment. Real estate prices in some parts of it are unbelievably cheap. Focus on the more active areas where you would have an easier time reselling on the local market. You don't want to be limited by having to find another expat buyer when you decide to resell.
You can find small apartments in Quezon City for less than US$60,000. That would buy you a one-bedroom apartment in a new building.