The Philippines has gotten through the economic downturn of 2008 and 2009 rather well. With the nation’s economic climate steadily on the rise in 2010, the Philippines real estate industry is growing, too. Right now, property developers have been busy building houses and apartments. There has also been an expansion of high-rise condominiums and commercial structures.
Developers know the value of location, so they would probably build these houses and apartments close to shopping malls and transport areas. Houses in Manila could cost more than houses in the surrounding areas and accumulate in value over time if well-maintained. However, these houses and apartments usually are not limited to Metro Manila only, but are also in nearby areas like Bulacan, Rizal, and Cavite. A lot of houses are now in place rather than fields of rice.
The appeal of Manila is that it is one of the popular cosmopolitan cities in Asia and there are parts still needing to be developed. The real estate industry has set their eyes on OFWs and expatriates residing in the Philippines. The OFWs, making use of their remittances and savings, fuel this country’s economy and they also make up the bulk of people buying houses in the city. A likely scenario among OFWs; they would return home and buy a new house as a possible investment then lease it out to other people. The outcome would be extra revenue for them and their families.
Real estate developers pride themselves with the quality of the houses in Manila. They stick to rigid construction polices set in place by the government, and possible buyers cantake advantage of loan programs from the government. Property developers provide variable repayment terms and affordable prices for these homes. The majority of the great houses and apartments in Manila are typically in villages. These subdivisions have round-the-clock security for the safety of property owners.
The cost of living in Manila is comparatively less expensive when compared to other key Asian cities just like Tokyo and Hong Kong. In Manila, prospective homeowners can get a house which costs a million pesos while leasing apartments in Manila costs even less. People are typically drawn to renting an apartment since it is more inexpensive than owning a house. It might be as low as 65,000 pesos per month or more.
Renting is also 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. Some 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 buying a home less expensive and easier. People wanting to reside in the city can have their selection of homes or apartments in Manila. The year 2010 continues to be a very good year for real estate developers and also for home buyers. Most people are looking forward for the approaching years to be much better for property improvement.