By Nikki De Guzman:
The property landscape of the Philippines has experienced robust growth over the last 20 years. Experts see healthy demand for residential and commercial properties in the country, attributed mainly to strong macroeconomic fundamentals, record-low interest rates and confidence in the government.
Rick Santos, CEO and founder of CBRE Philippines said: “This is a great time for the Philippines; this is the best market I’ve seen in a long time.”
He added that aside from being heavily driven by business process outsourcing (BPOs), the country’s tourism sector has also contributed.
With economic growth standing at 7.1 percent last year, the Philippines is experiencing a property boom like no other, said Santos. This encompasses housing projects, office buildings, hotels and new malls.
Last year, demand for office space hit 425,000 sq m, 18 percent more than the annual average demand of 360,000 sq m documented in 2011.
Despite rental increases in the second quarter of 2012, the capital Manila remains a cost effective office destination in Asia, outperforming other regional business districts.
Meanwhile, the Philippines will likely see sustained growth due to on-going investment upgrades, which means bright prospects for the property sector in 2013.
Fittingly, Asia’s leading property portal PropertyGuru will be organising the Philippines Property Showcase (PPS) 2013 to introduce new opportunities in the country that will appeal to real estate buyers and investors in Singapore.
Featuring developments from top Filipino developers, the event will be held at Level 3 of Marina Bay Sands Singapore on 23 to 24 February.
Image: Makati City skyline (Source: Wikimedia Commons)
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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