The Emerging Housing Market Trend in the Philippines’ Capital
What’s next for the Philippine housing market? This incessant question is an all important one not only to people in the real estate industry but for home seekers and investors as well. According to “Emerging Trends in Real Estate 2015” by PwC, Manila dropped four notches to land on the eight spot but the sentiment remains generally positive as the expansion and growth of the local economy will continue through next year.
To better understand what would be predominantly paramount with regards to the Philippine housing market, we asked the insight of Ms. Elizabeth Ventura, President of Anchor Land. Recognized as one of the leaders in the development of sophisticated and luxurious residential condominiums, Anchor Land epitomizes steady progress through adversity.
Here are her shared insights about the emerging housing market trend in the country’s capital:
In general, there is still higher demand for housing/units in the Philippines but, of course, there are some areas in Metro Manila particularly that are already quite saturated in terms of residential development. The place that likely has a long range of opportunity for development is the Bay City. It being the grandest tourism development in the Ph
Philippines today, surely will experience continued development for the next 10 and even 20 years. Furthermore, the supply for residential units are very low and yet the demand is very high for residential spaces so developers still continue to develop residential projects in this area of the Bay City.
Manila poses as a great investment prospect mainly for two reasons. First, among in Asia Pacific countries, property value in Manila is relatively low. Second, the prospect of growth development, particularly in Manila Bay area, is very high. Business activity is also high not only being the center of business and trade but most importantly being a tourism corridor of Metropolitan Manila.
While we’re on the subject of tourism, the task of influencing foreign investors to permanently live in Manila may experience a slight obstacle since it’s a well-known fact that there’s an existing law that prevent foreigners from majority ownership of land. It only allows foreigners to own a condominium in the Philippines. But there are other ways to draw them in such as the government’s program for the retirement visa which offers foreigners a worry-free, hassle-free ownership, not only condo ownership but also more convenient stay in the Philippines.
In a bustling city like Manila, heavy traffic is expected though this is not seen as a big deal when investing in a home in Binondo. A majority of people who live in Binondo have their business or work in the area. The solution for most of them is to just take a walk going to their place of business/work or even schools. Traffic is only a concern for people who going to Binondo, not residents.
Investing in Binondo is one of the best financial decisions one can make because Binondo has been, and will continue to be the center of trade and business not only in Metro Manila and in the Philippines and therefore it will continue to attract people from not only from the provinces but also from other countries to live in Binondo. So therefore there will be a continuous demand for housing and residential space in Binondo.
There you have it, right from the astute mind of Ms. Elizabeth Ventura. With her insight, she’s empowered every homebuyer or investor to make the best possible decision in every aspect. Now that you possess the right information, presented in the right way, it’s clearer to see why investing in a big mover like Manila is the perfect route to your success.