The Year of the Earth Pig is said to bring in good fortune & prosperity, and this has proven true for the Philippines which has remained bullish as one of the most progressive economies in Southeast Asia.
And if you’re keen on investing in the country’s flourishing real estate market, or just someone curious of what lies ahead, here’s what you need to know about the current state of real estate in the Philippines.
With its stable investment grade ratings, a young and competent population, and a massive infrastructure program, the Philippines is experiencing an unprecedented economic boom in recent years – and investors have taken notice.
Former Budget Secretary and current Central Bank Governor Benjamin Diokno even championed the country’s sound economic fundamentals and sustained investment grading, saying that “these factors are enabling the Philippines to remain resilient.”
After placing just second to China as the fastest growing economy in 2015 and ranking as one of the top three economies in Southeast Asia, the Philippines is a rapidly expanding force in Asia’s economic landscape- and it definitely has no plans of slowing down.
This positive economic growth couldn’t be more evident in Philippine real estate. Thanks to the rising purchasing power of Filipinos and upsurge in foreign direct investments, the property market is projected to see a surge of both office and residential demand from locals and foreign nationals alike.
If you’re looking to invest in real estate in the Philippines, now is the perfect time as yuppies are taking over the country. According to the Philippine Statistics Office (PSO), the population’s median age is now 24 years old – and by the year 2020, more than half of the population will be millennials in their 20s and 30s.
This means two things: an upsurge of young professionals that will account for about half the country’s labor force, and there will be a healthy demand for condo developments as a result.
Because of the urban influx, demand for rental properties is at an all-time high. And with yuppies leading the condo-living movement, those fortunate enough to own a residential property or even a condo unit near bustling business districts have a complete advantage.
Local and foreign high net worth individuals have been leading the demand for the luxury price segment, while mid-income earners and Overseas Filipino (OF) families take up the mid-income segment.
The Bangko Sentral ng Pilipinas (BSP) recorded an 8.0% year-on-year growth of the residential prices index, reflecting the increase in property value as driven by a strong and stable demand for residential units.
This opens up a wide array of options for property owners, whether to have their place rented out for short term (BnB), long term lease, or simply settle down and call it home.
Invest Up North
When investing in real estate, it’s all about location, location, location. It’s best to study your preferred city thoroughly before putting your money in it. One way you could do this is by checking out reports from reputable entities in real estate.
Metro Manila and surrounding urban areas are picking up record numbers in real estate development, and according to industry forecasts, Quezon City is priming up to be the next big thing to hit the market.
According to Pronove Tai International Property Consultants, Quezon City is expected to be the fastest growing property district in 2019, anticipated to deliver the highest supply of real estate at 33% or about 12 million square meters (sqm) of space.
Online property marketplace Lamudi also shared that Quezon City (17% of sessions, 11.5% of leads) topped all other prominent business capitals in Metro Manila as the most searched location, with mostly 25 to 34-year-old yuppies looking for affordable condo units.
Yuppies are easily taking over the property market. They are on the lookout for a place that’s affordable, lets them work close to home, skip long lines and heavy commute, and allows them to come home safe & sound.
Ticking off everything in that checklist, The Residences at Commonwealth by Century is a secure, affordable, and beautifully masterplanned residential development fitted with never before seen amenities, some of which are the:
- Lap Pool and Kiddie Pool
- Kindergarten and Creche
- Arts and Crafts Studio
- Rock and Roll Studio
The condo property is also strategically located near major schools and offices just teeming with young professionals. It’s also conveniently within walking distance (just 500 meters away) from the planned MRT Line 7 station.
More than a secure source of passive income, The Residences at Commonwealth is an investment piece that could serve you even in your retirement years or a place that you could always come home to and call your own.
Are you looking for a real estate property in the Philippines? Call (+63) 917 555 5274 or email firstname.lastname@example.org to learn more about condos for sale and other real еstatе properties by Century Properties.
Source: CPG Blog | March 27, 2019