Houses Inside The Philippines: Real Estate And How It Can Help The Economy

The Philippines has gotten through the economic disaster of 2008 and 2009 fairly well

. With the nation's economic climate gradually rising in 2010, the Philippines real estate industry has experienced a boom, too. Right now, real estate property developers have been busy constructing houses and apartments. There has also been an expansion of high-rise condo properties and commercial buildings.

Developers are aware of the value of location, so they would most likely construct these houses and apartments in the vicinity of departmental stores and transportation areas. Houses in Manila cost more than houses in the adjacent areas and increase in value through the years if well-maintained. However, these properties and apartments usually are not limited to Metro Manila only, but are also in surrounding areas such as Bulacan, Rizal, and Cavite. Rows upon rows of houses are now in place rather than rice fields.

The lure of Manila is that it is one of the popular cosmopolitan destinations in Asia and there are areas still needing to be developed. The real estate sector has targeted OFWs and expatriates residing in the Philippines. The OFWs, making use of their remittances and savings, sustain this country's economy and in addition they make up the bulk of people buying houses in the metro. A likely scene among OFWs; they would go back home and buy a new house for investment then lease it out to other people. The result would be extra earnings for them and their own families.

Real estate developers pride themselves with the level of quality of the houses in Manila. They comply with rigid construction laws placed by the government, and possible buyers cantake advantage of loan opportunities from the government. Real estate developers also offer variable payment terms and affordable prices for these properties. A lot of the great houses and apartments in Manila are typically in subdivisions. Most of these subdivisions have round-the-clock guards for the protection of homeowners.

The cost of living in Manila is actually cheaper than in other leading Asian cities just like Tokyo and Hong Kong. In Manila, potential homeowners can purchase a house that costs a million pesos while renting apartments in Manila costs even less. People are typically attracted to renting an apartment because it is more affordable than owning a house. It would be as low as 65,000 pesos per month or more.

Renting can be more flexible than owning a house. Renters can also choose if they would want to rent a studio-type apartment, orchoose from one-, two-, or even three-bedroom apartments. Some even have the luxury of being fully-furnished and parking space for tenants who have their own cars.

The Philippines real estate growth has made the purchase of a house more affordable and easier. People hoping to reside in the area can have their selection of houses or apartments in Manila. The year 2010 continues to be a very good year for real estate developers as well as for home buyers. Most people are excited for the upcoming years to be better for property improvement.

by: Naomi Bolton

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