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Philippine Residential Properties
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The residential sector of the Philippine real estate market is currently in the midst of a bullish, upward swing. The market for Philippine residential properties entered a growth spurt in 2004 and ended a seven-year drop in prices and volume of transactions.
Philippine residential properties have seen tremendous improvements in quality. Residential buyers are seen to be more discerning of these residential properties due to their exposure to the superior standards in the countries where they came from. |
Analysts say that prospective buyers of Philippine residential properties go to developers that:
- have a long track record;
- build classy units whatever the market level and;
- deliver their products on time.
As such, both houses and residential condominium buildings and units have taken on a myriad of aesthetically-pleasing forms that approximate those found in First World countries but at the same time incorporating uniquely Filipino flavors.
The market for Philippine residential properties is very buoyant. Most of the real estate development projects in this sector and are focused on middle-to upper-income levels.
The following observations are interesting to note:
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There appears to be real growth in demand for residential housing brought about by the Overseas Filipino Workers (OFW) market. At least US$1 billion in remittances from Filipinos living or working abroad flow to the Philippines each month and is expected to be used in purchasing new houses for their families, high-end condos or resort homes for their own use.
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There is likewise a big demand for high-rise residential condominium units coming from U.S. and Canada-based Filipinos and Filipino-Americans who want to acquire some property for use either as temporary residences when they visit the Motherland, as retirement abodes, or as investments.
- There is also demand coming from foreigners who have Filipino spouses, and expatriates who want to invest in condos and houses in the Philippines.
Analysts monitoring the market for Philippine residential properties say that the continuous improvement in quality of products coupled with Filipinos' natural longing for a piece of property to call their own will drive the market to heights never before seen.
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