The Real Estate Market in the Philippines: An Overview
As a country, the Philippines is certainly unique. Nestled between the South China Sea and the western Pacific Ocean, this archipelago is made up of over 7 thousand islands. With a population of over 100 million, this country has been known for its cultural wealth for many years. Recently, this paradise has made a name for itself in the real estate industry, and many investors from all over the world are now purchasing property all over the islands.
There are various classifications of properties here as well. There are residential, recreational, commercial, agricultural, industrial, or memorial properties. From these sub-categories, and depending on your capital, you may start buying and selling real estate properties as a business.
Here are some of the ways to buy:
- Find a bank and get approval in principle
- Find a Real Estate Agent to help you buy a property
- Find a Solicitor for Overseas Buyer
- Create a Deed of Sales Contract
Overall, the kind of process for the real estate industry in the Philippines is very much the same in other countries, and as the economy continues to soar towards this market segment, is it an economical investment for those who are looking for one.
Currently, the market when it comes to Real Estate in the Philippines continued to grow as it expands not only on ordinary housing projects but also towards condominiums and flexible workspaces.
Residential condominium leasing in Metro Manila remains challenging, driven by the influx of new condominium completions in major business districts and fringe locations.
Most developers continue on venturing into residential projects in second-tier and third-tier cities all over the country, where demand primarily comes from end-user buyers. The markets may be smaller compared to Manila but more stable in terms of end-user housing demand.
As for coworking spaces in the Philippines, the profile of tenants varies from start-ups to law firms, Fortune 500 companies, and freelancers. As mobility, connectivity and flexibility become the norm in working in the 21st century Filipinos, occupier demands will also change sharply, requiring more flexible office spaces over the near to medium term. The challenge for the developers is to adapt to the demands of the market to remain competitive in this growing office segment especially as international co-working brands enter the market. Outside Metro Manila, growing hubs for flexible workspace are Iloilo, Bacolod, and Davao.
How to buy a Real Estate in The Philippines?
Acquiring and selling properties is a solid business. In most cases, property appreciates in value. You also have plenty of options; in the Philippines, you can deal in raw land or developed properties depending on your skill and inclination. Real estate is the most durable of assets and they can easily be used as collateral in case you need cash.
There are various classifications of properties here as well. There are residential, recreational, commercial, agricultural, industrial, or memorial properties. From these sub-categories, and depending on your capital, you may start buying and selling real estate properties as a business.
Here are some of the ways to buy:
- Find a bank and get approval in principle;
- Find a Real Estate Agent to help you buy a property;
- Find a Solicitor for Overseas Buyer;
- Create a Deed of Sales Contract;
Overall, the kind of process for the real estate industry in the Philippines is very much the same in other countries, and as the economy continues to soar towards this market segment, is it an economical investment for those who are looking for one.
