Developers urged to tap PRA to capture retirees

CEBU, Philippines — Real estate developers and brokers are encouraged to partner with Philippine Retirement Authority (PRA-Cebu) to tap the growing number of retirees looking for properties in Cebu.

According to PRA-Cebu officer-in-charge Elma Corbeta, foreign retirees led by Chinese nationals are good market potential especially for residential condominium units in Cebu, as their special resident retirees Visa (SRRV) deposit can be converted to property acquisition here.

A principal retiree applicant aged 35 years old to 49 years old may only need a visa deposit of $50,000 while for 50 years and above with pension is at $10,000 and without pension at $20,000 to secure an SSRV.

This deposit can be used to buy real estate products like condominium units, Corbeta said.

The US$ 50,000 under the current exchange rate of P55 per one US dollar, could fetch to P2.7 million.

Real estate, Corberta said is one of the basic needs among retirees.

As of August 2018, PRA records 57,590 SSRV holders, of whom 3,322 are living in Cebu.

Cebu now is also an attractive retirement destination among Chinese, Russians, aside from the traditional Korean, Japanese and Americans.

The Philippines was named 19th World Best Place to Retire in by International Living’s Annual Global Retirement Index in 2017.