The Philippines has weathered the economic disaster of 2008 and 2009 quite well. With the region’s economic system steadily on the rise in 2010, the Philippines real estate industry is growing, too. Nowadays, real-estate developers have been busy constructing houses and apartments. We are seeing an expansion of high-rise condo properties and commercial buildings.
Developers are aware of the value of location, so they would most likely build these houses and apartments near departmental stores and transportation areas. Houses in Manila cost more 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 adjacent areas such as Bulacan, Rizal, and Cavite. Rows upon rows of houses are now in place instead of rice fields.
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 business has targeted OFWs and expatriates living in the Philippines. The OFWs, making use of their remittances and savings, sustain this country’s economy plus they make up the bulk of people today purchasing houses in the metro. A likely scene among OFWs; they would return home and buy a new house for investment then lease to other people. The result will be extra earnings for them and their own families.
Real estate developers pride themselves with the quality of the houses in Manila. They follow rigid construction regulations placed by the government, and potential buyers cantake advantage of loan packages from the government. Real estate developers offer flexible repayment terms and low prices for these properties. The vast majority of great houses and apartments in Manila are typically in villages. These types of villages have round-the-clock security for the safety of property owners.
The cost of living in Manila is relatively more affordable compared to other major Asian cities like Tokyo and Hong Kong. In Manila, possible homeowners can buy a house which costs a million pesos while renting apartments in Manila costs even less. Folks are generally attracted to renting an apartment mainly because it is more affordable than owning a house. It might be as low as 65,000 pesos per month or more.
Renting is also more flexible when compared with 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 benefit of being fully-furnished and parking space for tenants who have their own cars.
The Philippines real estate expansion has made the purchase of a house cheaper and easier. People hoping to reside in the area can have their choice of homes or apartments in Manila. This year continues to be a great year for real estate developers and also for home buyers. Everyone is excited for the coming years to be much better for property expansion.