Housing Inside the Philippines: Real Estate and How It Will Help The Overall Economy
The Philippines has weathered the economic storm of 2008 and 2009 fairly well. With the nation’s economy gradually rising in 2010, the Philippines real estate industry is booming, too. Today, real-estate developers have been busy developing houses and apartments. We are seeing an expansion of high-rise condominiums and commercial properties.
Developers are aware of the importance of location, so they would probably construct these houses and apartments next to departmental stores and transport areas. Houses in Manila are more expensive than houses in the surrounding areas and accumulate in value over time if well-maintained. However, these properties and apartments are usually not limited to Metro Manila only, but they are also in neighboring areas such as Bulacan, Rizal, and Cavite. A lot of houses are now in place instead of fields of rice.
The appeal of Manila is that it is one of the most cosmopolitan places in Asia and there are parts still needing to be developed. The real estate industry has targeted OFWs and expatriates moving into the Philippines. The OFWs, with their remittances and savings, sustain this country’s economy and they also make up the bulk of consumers investing in houses in the city. A likely scenario among OFWs; they would go back home and buy a new house as an investment then lease it out to other people. The outcome would be added profit for them and their own families.
Real estate developers pride themselves with the good quality of the houses in Manila. They stick to strict construction polices placed by the government, and possible buyers cantake advantage of loan programs from the government. Real estate developers provide variable payment terms and low prices for these houses. Most of the great houses and apartments in Manila are in villages. Most of these areas have 24-hour guards for the basic safety of home owners.
The cost of living in Manila is comparatively cheaper when compared to other leading Asian cities such as Tokyo and Hong Kong. In Manila, potential homeowners can get a house that costs a million pesos while leasing apartments in Manila will cost you even less. Consumers are commonly interested in renting an apartment simply because it is more inexpensive than owning a house. It would be as low as 65,000 pesos per month or more.
Renting can be more flexible compared to owning a house. Renters can also choose if they would want to rent a studio-type apartment, orchoose from one-, two-, or even three-bedroom apartments. A few even have the advantage of being fully-furnished and parking space for tenants who have their own cars.
The Philippines real estate growth has made the purchase of a property cheaper and easier. People wanting to settle in the city can have their choice of houses or apartments in Manila. The year 2010 continues to be a good year for real estate developers as well as for home buyers. Most people are looking forward for the approaching years to be far better for property development.
Allen Rodrigo is a real-estate expert who knows a whole lot about Philippines real estate. For more information, and to get your own residential or office space options, check out ManilaEstates.com right now.
Processing your request, Please wait....
