Phillippine developers ‘spice up’ their provincial portfolios
Phillippine developers ‘spice up’ their provincial portfolios
There must be more than this Manila life
Property developers in the Philippines are innovating on their offerings even as they blaze more inroads into the provinces.
Robust investor confidence, coupled with the growth of captive markets in areas outside of Manila, will convey demand for condominium projects well into the new year, The Manila Times reported.
“On the supply side, countryside expansions, as well as innovative residential developments, are expected to generate new demand as they are seen capturing relatively new market segments,” according to Morgan McGilvary, CBRE Philippines’ director for tenant representation services.
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Positive buying sentiment will in turn be an incentive for developers to “spice up their residential portfolios,” he said.
Investor interest in the Philippines is likely to carry on strongly into 2017 alongside growing real estate splurges by Overseas Filipino Workers (OFWs) as well as the increasing purchasing power of workers in the vigorous BPO sector. The entry of millennials into the workforce is also expected to drive demand.
These factors are all “underpinned by the country’s sound macroeconomic fundamentals,” said McGilvary.
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Source: Property Report