Philippines Property: Internal Sales Increase as External Fall
Overseas Property News - Philippines
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According to a Reuters Real Estate report, the number of Philippines properties being bought by Filipinos based in the U.S. and other countries has began to fall because of U.S. economic woes, but development continues to grow, as the shortfall is picked up by increasing sales to Filipino's from within the country. This is a massively important report for the Philippines, because it means that the efforts to resolve issues over the distribution of wealth in the country are beginning to pay off.
Most of the development is happening in Manila, specifically in the Makati financial district, and especially high rise condominiums and apartment hotel complexes.
DSR are ideally placed to comment on sales figures for High Rise apartment complexes in Manila's Makati financial district, and David Redfern, operations manager for the overseas property specialist did just that:
"Our Lancaster Atrium three tower high rise apartment complex is selling like hot-cakes. The first tower was sold out before completion, and having pictures of the finished first tower as visual aides in marketing the second tower, have helped to ensure it has sold just as rapidly. The second tower only has a few of the larger units remaining, and we have started taking advance orders for the third tower."
Mr Redfern refers to the Lancaster Atrium, a development of studio, 1, 2 and 3 bedroom apartments in the heart of the Makati financial district. Studio's originally started at £27,500, but prices increased by 17% last month, making the starting price for units in the development around the £33,000 mark. Given the growth in Philippines property, when the third tower comes on to the market it is unlikely you will be able to get a studio apartment for any less than £35,000.
DSR's research department have predicted sustained growth of at least 24% per year in the Philippines, for at least the next 5 years. Anyone who wants a studio apartment now will need to wait for the release of the third tower, but would be advised to get in as early as possible before the inevitable price rise.
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