Demand from expats and foreign HNWIs for residences in Makati, Taguig and Bay Area heats up
The Philippines’ residential real estate sector is “predicted to thrive” in 2019 on the back of robust demand for upper-mid to luxury homes from locals and international property seekers alike, JLL Philippines reported via Inquirer.net.
Pre-sold units for residential developments are ranging from 80 percent to 100 percent, the consultancy added.
Last year saw condominium supply in the archipelago increase by 35,000 units in addition to existing stock. Total cumulative stock for 2018 hit 338,000 units.
Quezon City led in terms of stock, followed by the cities of Makati and Taguig. Newly completed homes and upcoming units in the upper-mid and luxury segments in Makati and Bonifacio Global City (BGC) enjoyed particularly strong demand.
The demand for office units from business process outsourcing (BPO) companies and online gaming firms is expected to spill over to the residential leasing market in Makati and BGC. Condo rentals are popular among the industries’ many expatriate employees.
Monthly rents in Makati and Taguig have already reached PHP1,800 and PHP1,900 (USD34-36) per square metre, the highest in the country. Strong rental price growth was also observed in the Philippine capital’s Manila Bay area. This includes the cities of Pasay and Paranaque that have seen a proliferation of online gaming companies hailing from China.
Domestic demand and foreign high net worth individuals (HNWIs) drove residential sales, in comparison, JLL noted.
Condominium prices in Metro Manila soared 6.4 percent year-on-year in the third quarter of 2018, according to the central bank.
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