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Home > Market Information
A Philippine condominiums Market watch is also our obligation to inform buyers and sellers.
Despite the shock over the ongoing real estate plight that is affecting numerous countries, the real estate market in the Philippines seems to be moving along. Recent reports in Philippine’s leading newspapers stated that the country’s property boom is still alive and is on going.
Building and refurbishment boom in Makati City
Makati City, where numerous development or augmentations were approved, is a fabulous city smack bang in the heart of downtown Manila. Included in those is the US$66 million expansion and modernization of the Makati Medical Center, the US$9 million refurbishment of the Peninsula Hotel in Makati City and the US$25.5 million expansion of the -Medical City hospital in Pasig City.
For the past few years, growing tourism has been a dominant factor of boosting the Philippines property boom. With people, having extra money to spend, there is now a necessity to respond to the accommodation and investments.
With several new markets entering the turf, it is very much expected that the growth of tourism will only go uphill in the future. Russia, China and Korea as well as the Middle East, now have more indulgences and luxuries due to their new wealth.
Over three million tourists visited the Philippines and many of them have money to spend. This made last year a boomer year in regards to tourism numbers.
This year sees projected arrivals of around 3.4 million. The total expected revenue to be generated from this influx of tourism is expected to be around US$ 5.8 billion. Other new developments include the US$ 153 million Kingdom Hotel. It is a combined hotel and residential condominium that will rise in Makati City.
Fort Bonifacio and the Bay Area are other promising and busting regions besides Makati City. Cebu and Boracay have always been top tourist destinations in the Philippines and continue to grow. But in Makati alone, there are over 18,140 residential condominium units planned for building between now and 2013. In close by Fort Bonifacio, there are going to be 33 new residential condominium units to be built between 2008 and 2012. This translates to an additional 11,652 units.
According to CBRE research, a total of 731,871 square meters of property in Metro Manila has been earmarked for new offshoring and outsourcing facilities this year, and 189,614 square meters of this is already pre-committed before construction even commences.
To continue its development, many use their strong Euro to invest while the going is good. However, anticipation will make the Philippine property market encounter troubles brewing on the horizon.
With increasing fuel costs and prices on hike, Filipinos will certainly have to look out for their finances too. While those based in Europe can take advantage of the strong Euro, they might also soon see the value decreasing since the central bank is poised to increase interest rates due to inflationary worries.
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