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 DSR research for property Philippines, 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 property 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 buying property Philippines.
About David Stanley Redfern
David Stanley Redfern is one of the U.K.'s leading overseas property investment specialists. The reasons for this are an incomparable range of international properties spanning 40 destinations worldwide, and unrivalled customer care, which lasts long after the purchase has been completed. Experienced, professional staff and membership to the overseas property market's regulatory body, as well as their stringent due diligence procedures gives buyers the confidence that any purchase with David Stanley Redfern is a safe one.
Media enquiries should be directed at: media@davidstanleyredfern.com
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