Real estate in the Philippines is booming 1,000%.
We can see for ourselves what real estate in the Philippines has to offer these days. It is now January 2011. If we look around, we will find many new buildings sprouting like mushrooms in every corner; left and right, here and there. We see Eton Properties, Century Properties, Federal Land, SM Development, Antel Land, etc. all around the place building new condos investing billions of pesos in their respective projects. Why would this be so and who in their right mind would spend billions on development if no one would purchase or invest in the projects? It is evident that there is a huge need in condo housing as ever at this time.
The big question now is, why would there be a real estate boom in the Philippines when the world is indeed suffering a Global Economic Crisis affecting many people around the globe?
Some valid reasons for the real estate boom is as follows:
1. As the economy goes down in other countries, a lot of new businesses are being set up here in the Philippines. One major reason for this is that huge companies in first world countries such as the US are looking for lower cost services in third world countries such as the Philippines. More and more call centers, data entry companies, transcriptions companies and the like are being setup each year. So, many businessmen as well as thousands of workers flock to the business districts of the Philippines to join in the bandwagon of this business upsurge. With this convergence of businesses and the workforce, it is but natural that many new office buildings as well as residential condos also emerge.
2. A good number of Overseas Filipino Workers (OFW) also invest and purchase real property in the Philippines. The exchange rate of the dollar to peso is quite large, thus, increasing the buying power of people working abroad. Overseas Filipino Workers usually purchase condos which are now very much affordable with good payment options.
3. We also have Filipinos and foreigners who would like to retire in the Philippines and also purchase homes for themselves.
4. A lot of foreigners from countries like the US, UK, Singapore, Japan, etc. are investing on value properties in the Philippines. A huge amount of Filipinos are buying or investing in condominium units as well. Individuals buy condo units to either have them rented out and earn good monthly income, selling the property later when the value of the property goes up, or simply to live in them.
Again, the Philippines is definitely experiencing an upscale climb in the real estate industry as well as in the economy as a whole right now.