Vibrant and blooming —these two words best describe the state of the Philippine real estate market so far. The booming economy is changing the way people live, or at least the way they want to. Industries are flourishing, which may be due to affordable payment terms, low interest rates, and the Filipino dependency on the Pag-IBIG fund. The industry is rapidly growing, and it will continue to do so in the next few years.
Here are some of the visible trends in today’s Philippine real estate market:
Skyrocketing Condominium Sales With all the typhoons, monsoons, flooding, and other related natural calamities that have affected hundreds of thousands in the Philippines, safer and higher ground is one of the top priorities of modern Filipino homebuyers. This has prompted many developers and buyers to choose locations that are less prone to flooding and storm surges, and many homebuyers are flocking to these areas.
Rising Villages Near Malls, Gyms, and CBDs Living insubdivisions is remains a popular option, but Filipinos are now more discerning and look for those near central business districts and other commercial developments. This shift in the urbanite lifestyle means more people want to experience the live-work-play kind of life, which only communities like Bel Air Village, Dasmarinas, and Forbes Park can offer.
Expanding 24-Hour Cities The business process outsourcing industrycontinues to be a major employer in Metro Manila. It has transformed most cities into 24-hour urban areas. More people are working the night shift, and real estate should be able to support this emerging niche market. With the positive trends in condominium rentals, rising villages, and expanding 24-hour cities, it is a nobrainer that the real estate boom is a fact, and property experts are confident that it is not just a bubble that will burst anytime soon.
Resources: http://www.philstar.com/business/2014/06/16/1335153/more-ofw-families-investing-survey http://globalnation.inquirer.net/news/breakingnews/view/2007052067002/OFW_remittances_fueling_growth_in_real_estate http://www.keystoneproperty.com.ph/search/residential-properties