Residential costs in prime areas in Manila climbed by an average of 15.2 percent from just 9.6% appreciation in 2006, and 10.9 percent in 2005. It must be noted that the business was badly hit by the Asian financial crisis in 1997 which caused land prices to fall significantly.
The real estate industry was mentioned as one of the significant reasons for the crisis because of the enormous quantity of loans extended by the banks to the industry. The sector managed to gain its momentum to recoup in 2004 only. Learn more about Real Estate business from Expert Real Estate Player.
Besides the requirement coming from the OFWs, the business also gained from the flourishing business process outsourcing (BPO) industry. This industry supplied the requirement for office spaces in the subway which prompted the decrease in vacancy prices.
Additionally, it ought to be noted that the current property development isn’t simply situated in Metro Manila but also in neighboring areas like Laguna, Cavite, Pampanga and large cities like Cebu, Davao, and Iloilo. This gives us a much better picture of their improving confidence in the industry.
Given the encouraging state of the real estate industry in the Philippines, even the average income earner should now take that first step to purchase that dream property.