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Philippine residential projects ride high in property boom!
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There is a perceived shift in the dwelling behavior of many urban Filipinos as a growing number of them now seem to prefer living in residential buildings instead of single detached units.
However, Filipinos in the provinces still seem to favor a house and lot and as such, sales of single detached units are still strong in the provinces.
The Philippine real estate industry, which had been in the doldrums since the Asian financial crisis of 1997, has definitely rebounded. An increasing number of Filipino-Americans have also become a target market. |
Overseas Filipino Workers or OFWs are likewise getting in on the action with a larger percentage looking for better quality. Expat Filipinos are now so used to international standards that they are looking for only those projects that approximate the quality of residential houses and condos found abroad.
Philippine residential developers have recently been churning out world-class products and many Filipinos have expressed pride in this growing inventory.
The boom in Philippine residential projects seem to indicate a growing confidence among Filipinos over long-term prospects for their country. Normally, people invest where there is growth and where there is development.
Many seem to share in the belief that the Philippines is a sunrise country and that the prospects for growth is generally higher than in many other places.
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