Despite the prospect of an economic slowdown -- the result of an increasingly hostile global climate -- strong growth is expected to continue unabated in the Philippines property market.
On Friday, the Philippines Economic Planning Secretary Augusto Santos said he expected annual economic growth to slow between 5.2-6.2 percent in the first quarter as high oil and food prices hit consumption.
Despite this, property prices in the Philippines are being kept buoyant by a huge housing backlog, low interest rates, friendly payment terms, higher incomes of workers in the growing outsourcing industry, and a rising expatriate population.
In particular, the housing backlog of 3.8 million units has left 70 percent of the country’s 90 million population (approx) without their own home. This is the big difference between now, and the property boom before the Asian crisis of 1997-98. The demand for housing is not speculative; it is not investor driven; but rather end-user demand driven -- a specific demand that is being addressed.
Construction is booming across much of the country, especially in Manila, a mostly low-rise city where dozens of residential towers are beginning to dot the skyline. According to David Stanley Redfern research, at least 38,000 new apartments will be available by 2013 in the Makati financial district and in nearby Bonifacio Global City alone.
One such property in Makati is Lancaster the Atrium Towers. Situated in the heart of the central business district the units are keenly priced and offer substantial capital growth. Off plan prices per m2 in this district have grown by 40% in the last 24 months and the property promises higher than average yields of around 12 percent.
With no let-up in demand, the time to invest is now.
Find out more about Philippines property and buying property in the Philippines.
About DSR Asset Management Ltd
DSR is an overseas property investment specialist, working directly with developers in more than forty countries. All properties are exclusive to DSR , giving an unparalleled selection of resale and new builds.
Please direct all media queries, requests for press information and editorial details, to media@davidstanleyredfern.com
David Redfern is the director of DSR Asset Management Ltd an overseas property investment specialist. David works closely with developers in more than forty countries and oversees the DSR education programme which lectures individuals and organisations on property investment. Advertise Your Private Overseas Property
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