PHILIPPINES DEMAND FOR RESIDENTIAL PROPERTIES
The Philippine real estate market is currently in the midst of a bullish, upward swing, especially in the residential sector. The market for residential properties entered a growth curve in 2002 and ended a seven-year drop in prices and volume of transactions.
Philippine residential properties have seen tremendous improvements in design and quality. Residential buyers are seen to be more discerning of these residential properties due to their exposure to the superior standards and architecture in the countries where they came from.
Analysts say that prospective buyers of Philippine residential properties go to developers that:
have a long track record;
build classy units whatever the market level and;
deliver their products on time.
As such, both houses and residential condominium buildings and units have taken on a compendium of aesthetically-pleasing forms that approximate those that are found in First World countries but at the same time incorporating uniquely Filipino flavors.
build classy units whatever the market level and;
deliver their products on time.
As such, both houses and residential condominium buildings and units have taken on a compendium of aesthetically-pleasing forms that approximate those that are found in First World countries but at the same time incorporating uniquely Filipino flavors.
The market for Philippine residential properties is presently very vibrant. Most of the real estate development projects in this sector are focused on middle-to upper-income levels. The following trends are interesting to note:
It appears that the real growth in demand for residential housing is brought about by the Overseas Filipino Workers (OFW) Community. The Philippine government figure puts at least US$1 billion in remittances monthly from Filipinos living or working abroad. Such cash inflow to the Philippines is expected to be used in purchasing new houses for the OFW families, high-end condos or resort homes for their own use.
Noticeably, the second biggest demand for high-rise residential condominium units is coming from U.S. and Canada-based Filipinos and Filipino-Americans who want to acquire some property for use either as temporary residences when they visit the Motherland, as retirement abodes, or as investments.
There is also demand coming from foreigners who have Filipino spouses, and expatriates who want to invest in condos and houses in the Philippines.
Increasingly, the outsourcing business created also a demand not only for business establishments but also for expatriates flocking the country.
Not to be ignored is the rise of the two-income, small family of young Filipino professionals working in the better-paying muitinational corporations mostly located in the industrial economic zones.
Banks have also very recently become more aggressive in terms of offering lower interest rates.
The continuous improvement in quality of products coupled with Filipinos' natural longing for a piece of property to call their own will drive the market to heights never before seen.
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