The Philippine real estate market has always been an attractive investment for many Filipinos, especially in its main cities and provincial areas. This is proven by 2023’s real estate data, with Manila as one of the most popular cities for the luxury real estate residential market.
However, it’s not just Manila, but the entire country is also gearing up for expanding its real estate market. Therefore, many overseas Filipinos are looking to invest in real estate in the Philippines.
Expats are returning to the PH
Business districts in Manila and other major provinces see a mini-resurgence in expats looking for homes for themselves and their families. This is due to many Business Process Outsourcing (BPO) firms and multinationals sending expats to the Philippines to manage the business.
Developers and leasing agencies should also be ready with their inventories as there is a rising demand for properties in the country. For instance, many expats are after premium units priced from PHP 670,000 to PHP 750,000 per square meter.
OFWs enter the PH real estate market
The percentage of overseas Filipino workers (OFWs) interested in owning properties increased from 8.1 percent to 11.7 percent in the second quarter of 2023.
Specifically, OFWs are interested in owning condominium units. However, there is one thing in their mind: affordability. According to statistics, OFWs are looking at a price range between PHP 2.5 million to PHP 7 million for a low or mid-income condominium unit.
Why the increase in real estate investment
There are several factors for the growth of the country’s real estate investments. One significant reason is the expanding middle class, which is increasingly inclined to invest in real estate. In addition to that, the government has implemented several affordable housing programs, and financial institutions are offering flexible financing options.
Moreover, urbanization and migration are leading many developers to construct more residential units, resulting in an increased housing supply. All these factors contribute to the booming real estate market in the Philippines.
The Philippine real estate market is rapidly growing without a doubt. This is the perfect time for expats and OFWs to invest in residential properties in the country, as well as commercial and industrial spaces. Favorable market conditions also guarantee sizable returns, so grab the opportunity and grow your investments in the Philippines’ lucrative real estate market!
Source: The Filipino Times
