Philippines property sees a surge in popularity

andres del risco

The Philippines has received a massive property boom as property sales continue into their fourth consecutive year thanks to consistent economic growth.

The property boom in the Philippines has continued for a number of reasons, but Western firms have influenced the growth as they outsource jobs to the Philippines.

The popularity of property in the Philippines is attracting famous names, such as Paris Hilton and Donald Trump.

Antonio Aguino, president of Ayala Land, one of the biggest property developers in the country, said: “It just so happens that today the stars are aligned… we have never seen the economy this bullish.”

Ayala Land is one of the main developers responsible for the extraordinary property boom that continues to transform the skyline of the nation’s cities and capital.

Property consultants CBRE Philippines said in a report that this year the market will see 14,000 residential units and more than 85,000 square metres of office space constructed across the country.

Robbie Antonio, managing director of Century Properties, said: “High-end buyers look for key differentiated features.”

The economy in the Philippines grew by 6.4% in the first quarter of this year, and the stock market has surged 20% to hit an all time high.

A large number of the skyscrapers have been built for workforces and some of the nine million Filipinos who are employed abroad are making large investments in real estate in the Philippines.

An agency informed: “As economies in the West tighten, global companies will see it in their interest to outsource their non-core functions to save on costs.”

Transferring money to the Philippines

If you are looking to invest in the Philippines, think carefully about how you will send money abroad. 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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Philippines property sees a surge in popularity

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