Condo market is booming due to a significant increase of OFWs and retirees from around the world who are residing or considering residence in the Philippines according to Mike Mabutol, a director at CB Richard Ellis Philippines.
OFWs had long been a lucrative market for residential properties.Condominium developers plan to build a total of some 40,000 units over the next five years.
The data show 28 residential condominium buildings with a total of 18,000 units are expected to rise this year up to 2013 in Makati City plus 33 condo buildings totaling 11,500 units in the adjacent Fort Bonifacio Global City.
CBRE Philippines general manager Trent Frankum said that, Low interest rates and flexible financing terms—with mortgage rates at 8.5-12.0 percent—have helped boost the residential property sector
The company said another bright prospect for the market was the development and market positioning of retirement villages for expatriate “empty nesters.”
So far, the European Chamber of Commerce of the Philippines has made initial evaluation of potential attractive sites in Cebu province, Nasugbu town in Batangas province, Tagaytay City in Cavite, the province of Laguna, the northern resort city of Baguio, the Clark Freeport north of Manila, the Subic Bay Freeport northwest of Manila, and the northern city of Laoag.
Read the news in Business Inquirer
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