foreign buyers trigger mini boom in philippines property market
News Posted On: 09 February 2012
The Philippines property market is doing a roaring trade once more according to a new report from CB Richard Ellis.
During the boom the Philippines became one of the hottest markets in the world; investors and private buyers were drawn by the low priced property, rapid economic growth and sound exit strategy from growing domestic demand. According to most reports the market experienced no crash, not least because the economy continued to grow strongly throughout the financial crisis endured by the rest of the world. Worker remittances continued to flow, and domestic and regional demand supported the market.
Now though, according to CBRE demand is surging once again as foreign buyers create a "mini-boom".
According to the firm massive growth in business process outsourcing companies has led to more companies buying and leasing property to their employees.
According to Jose Luis Matti, executive director of CBRE Philippines Asset Services, the growth of the expat population has fuelled the demand for luxury residential condominiums in the country.
"A luxury condominium is one of the top choices. If it's bought for investment purposes, the chance of you being able to lease it out at a very good rate is high," he said.
"A 300 square meter condo could go for around P300,000 a month in rent so if you look at that in terms of investment, if you bought one of those to lease out, your return on investment would be pretty good," he explained.
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Written by Liam Bailey
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