The European Chamber of Commerce of the Philippines ECCP led Retirement and Healthcare Coalition (RHC) highlighted that property developers in the country must do more homework on their products and marketing if they want to appeal to foreign retirees.
Foreign retirees benefit from facilites such as on-site hotels, restaurants, entertainment, and medical centres.
“Sleeping villages”, whereby leisure, entertainment, health, and wellness services are absent are only scarcely available to this particular market, stated RHC executive director Marc Daubenbuechel.
A senior citizen’s residence needs to have special facilities catering to the needs and wants of those who live there, including amenities like a clubhouse, restaurant, grocery stores, swimming pools, activity centres, sports facilities, and on-site medical aid, said Daubenbuechel.
He advised that developers must re-modify their marketing strategy and cater for the needs of this particular market rather than looking for a quick fix sale. In achieving this, he advises that sincere connections or partnerships with tourism or retirement agencies are vital.
In global comparison of retirement projects, Daubenbuechel summarised: “Here in the Philippines, it is mostly focused on the real estate. They are not using tourism marketing tools and the only option in nearly all their projects is buying a property.”
“Foreign retirees that leave their home country do not want to live in an empty village. For them it is very important to be embraced by the new community. Those interested in moving to a senior citizen residence are usually very particular about the community they will be living in,” said Daubenbuechel.
According to the RHC executive director, a successful retirement village will offer and upkeep attractive and specific surroundings for residents who have particular expectations of their new foreign home.
In making the transition more appealing, Daubenbuechel cited a separate hotel or condotel within or nearby a village would offer visitor accommodation or provide an accommodating option for potential residents to use whilst they trial their possible future surroundings.
Long-term leases attract the retirement section which does not wish to make initial concrete residential decisions and would therefore more readily subscribe to a long-term lease.
“For foreign retirees, buying a property means they will be permanently tied to a new country they are not yet very familiar with. Giving them the option to have a long-term lease gives them the feeling of owning a property but at the same time retaining for them the option of moving back to their home country, if necessary,” concluded Daubenbuechel.
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