I read a report this week about who actually owns homes here in the Philippines and I was a little surprised as the overseas Filipinos, retirees remain top buyers in RP residential market – low prices are the big draw and a top official of an international real estate services company said Filipinos overseas workers and foreign retirees remain the most active buyers in the Philippines thus boosting market demand.
Overseas Filipino Workers (OFWs) have long been a lucrative market for residential properties because of their desire to provide a better life for their families and retirees both expat and ex Pinoy have ramped up property spending, mostly from life savings and retirement benefits and want now to see out the years in paradise. and why not?
So many new houses are apartments are being made here in Davao City too and although this is great for the the overall economy I am concerned that the actual population is being priced out of any chance of getting on the housing market by returning OFW and the ex pats. I rent!!!
Real estate companies are evrywhere and are growing not declining like the USA and I get approached daily if I would like to buy a house even when I am in the mall shopping you see many stands promoting new homes at very reasonable prices. Reasonable to us that is!
To address increasing demand by OFWs and retirees, real estate developers are developing affordable housing developments and condominium projects, with investments ranging from PhP1-Million to PhP2.5-Million, according to a CBRE Philippines report.
In the period 2008 to 2013, 28 residential condominiums are expected to rise in Makati City, providing more than 18,000 units. Now that seems to a big difference from what is happening in America and my homeland of the UK.
According to CBRE Philippines General Manager, mortgage rates are hovering in a range of 8.5 percent to 12 percent and another bright prospect for the Philippine residential market is the development and market positioning of retirement villages for expatriate “empty nesters.”