Competition for property in the Philippines intensifies

mar bonnin palmer

A flurry of expatriate workers, growing investment from overseas Filipino workers and economic growth has sparked confidence in the property market in the Philippines and has instigated intense competition among investors.

Increasing income from overseas workers, the government’s low interest rate regime and fast growth in the business process outsourcing industry are said to have built confidence with investors.

For example, major investors SM Group indirectly own Metro Manila’s biggest residential condominium builder and the largest shopping mall developer in the Philippines.

According to local media, SM group have purchased a controlling stake in property developer Ortigas Holdings, whose properties include “some of the country’s best residential, business and commercial developments.”

Increased demand for luxury residential condominiums is said to have been fuelled by the growing expat population, according to property developer CBRE.

They added that the increasing need for hospitality accommodation has contributed to the “mini-boom” in the market.

Jose Luis Matti, executive director of CBRE Philippines Asset Services, said: “A luxury condominium is one of the top choices. If it is bought for investment purposes, the chance of you being able to lease it out at a very good rate is high.”

In April, the central bank said monthly remittances increased by 5.8% from the previous year to $1.59bn in February, having risen by 5.4% in January.

Salaries earned abroad are being used more often to purchase properties from low-priced condominium units to more upscale spaces.

Transferring money to the Philippines

If you are looking to invest in the Philippines, think carefully about how you will send money there. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So, if you are sending money to the Philippines – which is probable if you are intending to make a property investment, be sure to compare the market before you buy your overseas currency.

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Competition for property in the Philippines intensifies

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