The Philippines property market continues to steamroll ahead and shows no signs of slowing down, even as the end of the year gets closer and closer. Statistics show that close to 70 percent of all property loans being extended by the country’s central bank (Bangko Sentral ng Pilipinas) are going towards property developers and contractors who continue to work overtime to meet the incredible demand being presented. And the Residential Real Estate Price Index shows that the value of homes has grown by 9.2 percent compared to this time last year with condominiums showing a 12.9 percent increase in the same period.
As Real Estate Agents and Property Managers in areas like Sampaloc and Quezon City clamor to sink their teeth into this burgeoning market, attention has turned towards other popular areas inside Metro Manila that are experiencing less competition and more opportunities such as Makati and even further afield in areas such as Mandaluyong and Santa Cruz.
The Philippines has received a boost by being named as a location for one of the ‘3 Best Cities in Southeast Asia to Buy an Investment Property’ by Huffington Post, who cite similar reasons to the above. With a low cost of living and low market saturation, experts are recommending areas like this to investors as they are set to increase in value over time as growth continues on its current trajectory.
In particular these areas are seeing an increase in vertical condominium growth which is perfect for foreign investment as it circumvents the restrictions placed by government and law that prevents foreigners from holding land title.
Investing options like these are popular for Filipinos working or living abroad, as well as people looking for a long term investment strategy in a property market. By purchasing in these areas that are not in the traditional hotspots within the Metro Manila area (like Sampaloc and Quezon City), investors can benefit from lower property prices before these areas reach the same level of saturation as their surroundings, especially bearing in mind the explosive growth aware from the traditional spots.
Partnering with someone like PropertyViewAsia would be your best bet here, as you’ll be dealing with a business with ears on the ground in the Philippines with a capacity to serve an international market.