Philippines Property Market Enjoying A Boom
News Posted On: 25 May 2011
The property market in the Philippines is currently enjoying a boom, with prices on luxury properties up 3%, and luxury property rental rates up by 8% according to CB Richard Ellis. The economy is flourishing and is currently growing at 7% year which is the highest rate for 30 years, and the remittances from Filipinos living abroad are expected to increase by a hefty per 7% this year.
One of the companies cashing in on the boom is Manila-based Century Properties Group Inc which currently has three projects on the go, including the Milano Residences which are designed and branded by Versace Home. It has taken just two months to sell 54% of the units. This success may be partially attributed to the rapidly growing middle-class who choose to put their money into property.
Century Properties saw their revenue increase by over 35% last year, and Robbie Antonio, managing director of the group is confident that the Filipino market will continue to expand and that there isn't a risk of a property bubble forming. Over half of their sales come from overseas buyers and include Filipinos and investors. The company has seen a lot of enquiries coming from Korea, China and the Middle East, and especially the UK and Italy where there are large Filipino communities.
The World Bank recently rated the Philippines as one of the world's 10 most improved economies for facilitating investment and trade, and the Filipino government is committed to improving conditions for international investors. It has even drawn up a document that protects the rights of people investing in the country which is likely to be passed early next year.
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