Expat demand boost luxury housing market in the Philippines
February 10, 2012 - Philippines
Expat infiltration has created a mini property boom in the Philippines. According to a report from the real estate advisory firm CB Richard Ellis Philippines, luxury apartment sales have remained robust.
This constant demand bares no influence on the high prices because they are in constant demand from foreigners.
With an influx of foreign companies, in particular business outsourcing companies (BPOs) contributes to the amount of foreigners buying leasing property as these employees have to be housed.
According to the executive director of CBRE Philippines Asset Services, Jose Luis Matti says the that increase in the expat population has contributed to the surge in demand for luxury residential condominiums, "A luxury condominium is one of the top choices.
If it's bought for investment purposes, the chance of you being able to lease it out at a very good rate is high. A 300 square meter condo could go for around P300,000 (US$7,114) a month in rent so if you look at that in terms of investment, if you bought one of those to lease out, your return on investment would be pretty good," he explained.
In addition to expat population, Matti added that individuals who come from family affluence, prominence and/or those whom have families involved in massive corporations are also the primary buyers of luxury residences within the nation.
Source: Property Report
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