No thanks to the restrictions implemented on foreign ownership of local property assets
Formerly the premier location for real estate investments in Asia Pacific, the Philippine capital ranked low on the recent investment sentiment survey as restrictions on foreign ownership of local property assets have become more stringent, reported the Philippine Daily Inquirer.
According to the Emerging Trends in Real Estate study by 2020 Urban Land Institute-PwC, Metro Manila ranked 17 out of the 22 countries in Asia-Pacific based on investment prospects, with a 4.87 “fair” score. In terms of development prospects, the capital ranked 11, with a 5.08 “fair” score.
Despite the low scores, Metro Manila ranked higher this year compared to last year, when it placed in the 19th spot for both development and investment prospects.
As for the 2020 outlook, Singapore is predicted to lead the region in investment prospects, while Ho Chi Minh in development prospects. For both categories, Hong Kong was left in the bottom because of the ongoing political unrest.
“Despite apparently healthy real estate markets, (Metro) Manila continues to languish near the foot of the investment sentiment tables this year, far removed from the third-place ranking in our 2017 survey,” said ULI-PwC research team.
“Ongoing restrictions on foreign majority ownership of domestic real estate assets probably play a role in this, given that office-sector vacancies remain low, rents are rising and capital values continue to grind upwards.”
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