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Philippine Real Estate Overview

The Philippine Real Estate industry is in the grip of a frenetic swirl as widespread construction transforms the capital Metro Manila into a burgeoning world-class metropolis. The outlying provinces and major cities are likewise developing into vibrant economic growth areas that complement the main engine that is Metro Manila.

The industry is just now recovering from the effects of the 1997 Asian financial crisis that brought the Philippine Real Estate sector into a long swoon. The current property boom indicates that the industry has awakened from the slumber and is now on a steady climb.

The residential and commercial/office and segments of the Philippine Real Estate industry have shown remarkable year-on-year growth in terms of the number of development projects, as well as sales.

• The promising outlook for the residential sector of the Philippine Real Estate industry is fuelled by rising incomes due to the steady rise in the Philippine economy for the past several years, as well as massive interest among overseas Filipinos wanting to establish permanent or temporary residence in the country of their birth or ancestry. The increasing number of expatriates in the country likewise contribute to the demand for such residential facilities.

• The similarly rosy outlook for the commercial/office sector of the Philippine Real Estate industry is driven by the upsurge in the number of Business Process Outsourcing (BPO) companies that are setting-up shop in the Philippines. The employment and income boom generated by these companies in turn fuel a consumer boom that has resulted in the take-up of more commercial spaces.

These developments indicate that the Philippine Real Estate industry is now on a growth trajectory that is expected to be sustained in the short to medium-term.

The Philippines is thus expected to emerge from this cycle as a country with bustling metropolitan areas with ultra-modern skylines and picturesque housing estates. These will in turn make the country a better and more conducive place to live and do business in and thus will lay the foundations for future industry growth.