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The Philippines Real Estate industry was only able to recover from the 1997 Asian Financial Crisis in 2004. Ever since, the industry has been slowly picking up momentum and is now steam rolling towards success. Condominiums are appearing everywhere, demand for houses and office spaces have been on the rise and the price of real estate property in the Philippines, particularly in Metro Manila have also been going up. The demand for properties was the result of several issues and one of them is the increased number of OFWs.
OFWs are looking to spend their hard earned money in their home country in order to create a foothold in the country when they return. It is estimated that 30% of the total income of OFWs is used on housing and other real estate properties. This is wonderful news for developers.
Another key factor for the increase in development of real estate properties in Manila is the success of the Business Process Outsourcing (BPO) industry. Foreign companies have started to come to Metro Manila looking for cost cutting procedures since labor here is inexpensive yet high in quality. Plus, office rentals and other real estate properties are sold at low prices with average to above average amenities. Because of these factors, several parts of Metro Manila have seen a huge increase in development such as The Fort in Taguig City, Quezon City, Ortigas, in the Philippine’s central business district known as Makati and of course, in Manila proper as well.
Companies can find well built office spaces in the Philippine’s business areas. Other than that, they can also find homes, luxury apartments and condominiums at almost bargain prices. These residential properties are often offered with furnishings, the latest in entertainment appliances and complete communication features. Other than that, those planning to stay in the Philippines for an extended period of time can opt to choose from the many apartments for rent in Manila. Real estate brokers can offer a range of options such as studio type apartments. One bedroom, two bedroom and even three bedroom apartments are also available. Safe to say, the number of people staying does not present a huge problem.
Another alluring reason to invest in Manila real estate right now is because the government is continuously investing large portions of their budget in enhancing the country’s infrastructure. This makes it easier to move around Manila, to the nearby provinces and even further provinces.
Foreign investors would also love the fact that the Filipino people are generally good in speaking the English language. Other than that, some of them even know how to speak third languages as well which include Chinese, Japanese, German and Spanish among many others.
With the steady increase in the real estate industry of the country, particularly in Manila, there is no doubt that these properties will become very valuable in the long run. Although foreigners are banned from actually owning properties in the country, this doesn’t mean there is no way for them to invest their money here. All it takes is a knowledgeable and trustworthy real estate broker in. There are several brokers for Manila that can be found all over the internet.